Savings Goals

Budget, Budget and Budget Some More

Many consumers that are not saving as much as they want to are underperforming their saving goals because they don’t fully understand their budget. If you don’t have the “full picture” in regards to your finances, and understand your monthly expenditures, it’s very hard to meet your saving goals and improve your situation. This is akin to trying solve a problem that you don’t have all variables for. It’s very hard to do! You can use a budget calculator to help you get started on the right track.

Don’t Wait to “Spend” or “Use” Your Savings

Deciding whether to save vs invest isn't always an easy option well you can do both by “spending your savings” on investments! Inflation is still relatively high right now (although not nearly as high as it was a few years back) and you really ought to make your savings work for you in the current economic climate. If you allocate your savings immediately towards investments, you will feel more instant gratification from your hard work, which in this scenario can actually be a good thing. If your investing in equities, try to put “stocks you want to own” on your wish list/watchlist. If it’s cryptocurrencies or other asset classes, do the same. These don’t have to be risk-on assets or momentum stocks either, dividend stocks will do the job here also! If this works for you it will definitely help you save more. Just make sure you aren’t emotionally attached to any of said stocks or companies (Yes, you can very easily get emotionally attached to stocks).

Openly Discuss Money with Your Friends and Family More

I have noticed that a saving competition among friends can definitely help promote saving, but what is even better is constantly discussing investment ideas with your friends and bouncing them off each other. Subconsciously, if you discuss finances with your friends and family and are always discussing your next investment and talking personal finance together, you will grow together and ultimately save more. Bounce ideas off each other and be willing to open up about money. Simple texts like “Should I go long some TSLA?” or “What are buying today/next week?”, will do the trick. I truly believe those that save and invest together, grow together.

Saving for Something in Particular

Saving is much more fun when you are saving for something in particular. If you are saving for a vacation, make it apparent! If you’re going to Bali, make sure you state this on a regular basis. Tell yourself you will avoid Starbucks for “Bali”. This will keep you highly motivated and help keep the end goal in the back of your mind. Reinforcing your savings goals subconsciously and allowing you to achieve that goal, sooner rather than later.