What do buying your first car, upgrading your phone, and taking a road trip have in common? They all cost money—and sometimes a lot of it. But saving money isn’t always easy, and often the hardest part is just getting started. This is where a savings plan can come in handy.
If you’re ready to start saving, but you don’t know where to begin, here are three steps to get you off on the right foot. Use this fillable pdf as you go through the process!
1. Define your goals
Take a moment to clearly define your financial goals, whether they are short- or long-term. Write down each goal and assign a specific dollar value to it. This will help you stay motivated and prioritize your saving efforts. These goals can be large or small: the latest iPhone phone, your first car, a big trip, or a new video game.
2. Create a plan
Now it’s time to work out the numbers and create a plan. Start by tracking your expenses and identifying any regular or upcoming payments. Then, calculate your income by adding the money you currently have and any expected earnings. This will give you an idea of how much you can save towards your goals. You can use SELCO’s online savings calculator to help do the math and set your timeline.
3. Track your savings progress
To effectively work the plan you’ve created, it’s important to track the money you’ve saved specifically for your goals. Always track your savings separate from your spending money. This makes it easier to see the progress you’re making and guides you to continue saving for the things that matter most to you.
4. Review and adjust as needed
Occasionally, review your savings plan to make sure it still fits your goals and needs. Have your priorities changed? Maybe you need to save more or less each month. Remember, circumstances evolve, so it’s important to stay flexible!
Reaching your financial goals requires discipline and commitment, but it’s far from impossible. Stay focused, monitor your progress, and make changes as needed. You’ll get there, and we’re here to help however we can. You’ll get there!