A big part of taking control of your finances is having clear savings goals that are aligned with your financial values. While the goal defines where you want to get to, it is the strategy that you implement that will make it happen. There is no one-size-fits-all approach when it comes to savings strategies — you may find automation works best for you or you may need to set more engaging challenges to stay motivated and bring out your competitive side. No matter the strategy, what matters most is that you stay consistent and transform the strategy into a subconscious habit.
BREAK IT DOWN
The most straightforward and common strategy is to break down your savings goal into smaller chunks that can be realistically incorporated into your monthly budget. It can be overwhelming thinking about how you are going to save a huge chunk of money, and this can make you feel deflated before you even start. By breaking the target goal down, it feels more realistic and achievable. For example, if you are wanting to save $5000 in 12 months, you need to set aside around $417 each month or $97 per week. The overall goal now feels more manageable as you are instead focusing on saving $97 consistently each week. You can also easily keep track of your progress as you hit milestones along the way.
AUTOMATE
With all of the other things we have to worry about ...
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