In Part 1 we’ve talked about making a new year’s resolution for 2017 about saving money regularly. Let’s expand on that and look at some of the steps we need to take to achieve this most important task.
Set A Tangible Goal
So what plan should I follow? What goal should I set? Well this can vary from household to household but the key here is to set a realistic goal rather than an exaggerated one. Aiming high is good but in the case of saving money, some may get disillusioned if they don’t reach their overly optimistic goal, so it’s better to set a moderate one that you know you’ll achieve. Then you can increase that goal for next year and so on.
Deciding On A Number
When deciding what number you want to have saved by the end of the year, take into consideration some of the following things: how much will you be earning per month in 2017, how much are you spending on monthly bills on average, how much for groceries and other day to day expenses. Take a pen and paper and mark all of these down. Set a realistic amount you think you can save each month, multiply it by 12 and that’s your goal for the year.
Keep Track Of What You Save
Keeping track of what we save is important as it helps us stay organized, determined and focused on our goal as well. You should have a savings notebook where you write this plan down, with the goals for each month and the targeted goal to be reached by December 31st.
If you have some unexpected expenditures in one given month and you end up saving a little less than planned, don’t despair. This is normal and will happen from time to time. This will be recovered in months in which you manage to save more than the monthly goal.
Save More Than The Monthly Goal If Possible
If you’ve set a realistic and moderate monthly goal as recommended, you’ll notice that once you get the hang of saving regularly, it will become easier and you’ll be able to save more than originally planned. It’s important to keep saving over that threshold when that happens, as this will compensate for the odd month where you have the unexpected expenditures we’ve talked about earlier.
Achieving Your Goal And Beyond
When December 31st hits and you’ve reached your goal, you will have accomplished two things. You’ll have saved a decent amount of money over the course of 2017, and you’ll have developed one of the most useful skills one can develop during their lifetime. It’s now time to apply a similar plan for 2018 and keep growing that savings account.
Make this happen, and you’ll look to a more optimistic, financially safe future for you and your family!