Best way to save money with short-term goals

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Best way to save money with short-term goals

Set savings goals. For short-term goals, this is actualy very easy. If you want to buy a video game, find out how much it costs; if you want to buy a house, determine how much of a down payment you’ll need. For long-term goals, such as retirement, you’ll need to do a lot more planning (figuring out how much money you’ll need to live comfortably for 20 or 30 years after you stop working), and you’ll also need to figure out how investments will help you achieve your goals.

To save money for short-term goals, I like to have my paycheck direct deposited with a certain amount already going to savings. I find that if it goes directly to my savings account I am less likely to spend it.

I think it is a good idea to plan your savings with long term goals, and to allow yourself some treats along the way with some short term ones. Without goals there is little incentive to save money apart from a vague idea that "some day" the money is needed. Knowing when it will be needed and roughly how much money will be required will enable you to set a savings plan or stick to a budget that will allow the right amount of money to be available when that day comes.

It's always helpful to have a plan, I agree. People tend to work and move aimlessly most of the time, and I think it does get us in hot water sometimes. If you can form a plan, that's one step closer to visualizing it and attaining it. Of course, the hard part comes after.

Whether it's short term or long term goals, the biggest mistake I keep seeing people make is dipping into whatever savings they managed for non-emergency uses. For some reason the mindset seems to be "oh well, I'll be able to replace this" but it doesn't often happen that way.

There's also a perception problem about just how much money will be required for retirement and most people end up under estimating by a huge amount.

Best way to save money with short-term goals | ConsumerFu


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