How many people say they will save $XXXX this year but fail to? The reason for that failure can be attributed to the lack of clear [saving] goals. Someone whose intention is just to save money will at some point start asking themselves what they are saving for and their resolve to continue saving might waver. That's why it's very important for anyone who is saving money to have a goal which they work towards achieving. For example saving enough money for a vacation can be motivate you to save enough for your trip. Even simpler, you could ask yourself this question: why am I saving money this year? Write down the answers and each time you feel like spending extra money on impulse purchases take a look at your answers and you'll overcome that impulse.
I couldn't agree more. That's exactly the problem. People always set out to save a "definite" amount and end up abandoning that goal after a period of time. Why can't they just go ahead and save? Or if they really want to be "specific," why not provide a range instead like somewhere between $XXXX and $XXXX. That way, they're more flexible.
I have some pretty clear savings goals, aligned to different areas in life, although admittedly they will be partly based on my earnings goals as well. By having these types of goals at least you have a bit of structure in your life, even if you don't actually achieve the notional figure. Otherwise you're just going into life pretty blind and hoping things turn out well. "Hope" isn't enough for getting ahead.
No clear target yet but I recently started on the 52 week money challenge. In addition to that, I readied my jars for my coins and I redid my budget plan for the whole month. My classes start next week and I can't wait to receive my allowance so that I can start saving again
Yes I do have some saving goals this year and I know I'll accomplish them all. One of my goals is to save so that I can pay off my student loan and I'm going to pay it all off. Another goal of mine is to save for a big emergency just in case something comes up and I really need the money right away.
This year is going to be a big one for me. I want to earn enough money to turn a dream that I have had for years into reality. In the last 6 months I studied hard to earn certain qualifications that will enable me to get the kind of jobs that I want and need to accomplish my goal. I am totally focused on money right now. I have a clear idea in my head of how much I want, and how I will be able to get it. It will probably take me a year to get there. I know that I can do it.
Well, I've learned this saving tip recently and I am doing it now. Say hypothetically I make $20,000 a year, so regarding the savings plan I learned, every month I require of myself to start saving $100 dollars a separate "investment" account "I do not touch," and after a month or few months [depends on how much one makes and what is left over after monthly debts are paid] I will double the amount I save into this particular account [$200], and do this so on and so forth. I'm thinking a three month plan to double is the most reasonable for me to begin with, so that would equate to me saving for the first year up to $4500 dollars saved if I continue this process - that's 22% of my yearly earnings saved if I earn $20,000 a year and have paid off all my debts month after month. Yeah, it's gonna be hard to do, but what isn't difficult for a man or woman to do?! Everything is hard to do, but once one gets the ball rolling it will get easier.
Good tip. I think I should follow that. I have a tendency to buy things on impulse and that would be ok if I'm rich, but I'm not, so I really should be saving instead of spending. After all, I have important goals in mind for the year.
Good tips thanks. I'm trying to save up for some items I want to buy and that's about as far as my plan goes. I'd like to get a new laptop and a few more gadgets that I think I could have fun with. I may also need a new phone but so far I'm choosing to focus on something more tailored to my own taste as a smartphone is more or less wasted on me.
Something I've realised recently is that most of my unnecessary spending is on food - snacks, takeaways, meal-deals from shops when I could have made a much cheaper packed lunch at home, etc. I do love food, but in 2015 I'd like to cut down on the amount I spend on it, so I'm going to be making a real effort to ensure that a significantly higher proportion of my food intake is non-processed stuff that I've put together myself.
