We’ve talked about the importance of having a savings goal.
As you get older, there may be more than one thing you want to buy.
So how do you decide what to save for and how do you plan to achieve multiple savings goals?
Saving for multiple goals at once
Knowing what you’re saving for is always important. If there’s more than one thing, they’re probably going to cost different amounts. You need to choose which one you want first and when you want to buy it.
That way you can make sure you’re putting enough away each week or each fortnight to reach that goal.
Staying motivated to reach your savings goals
Keep your targets achievable, especially at first, so you get into the habit of putting money away regularly. Then, you won’t think twice about doing it for a longer period if you want a more expensive item, like an electric bike or a new computer. These items could take months or even a year or more to save for.
Printing out a picture as a visual reminder is a good way to help yourself stay on track. Even if you change your mind, you’ve made a good start on saving for something else!
Sparkie
Again, you can use the Greater Bank Savings Goal Calculator to figure out how much you need to save and how often, and to see how interest payments will help you reach your goal even faster.
Track your savings goals
It may not seem like it at first, but if you stick with it, the rewards will come. You’ll also learn some good habits that will help you be a successful saver in the future.
