Times are different in 2020 for many people, and a lot of people are experiencing financial hardships, or working with a smaller budget than what they are used to working with. But that doesn't neccessarily mean that you can never have the things you want. I've got some tips to share on saving for a goal, and my hope is that these tips can help you out!
How can you start saving for a goal?
Saving for a goal may be easier than you might think, and the tips below may be just waht you're looking for. Whether you're saving for a new car, a dream vacation, or even something smaller like a new TV or living room furniture set, these tips are worth checking out.
Calculate your savings goal
Using a savings goal calculator is one of the first things that you should do when you want to start saving money for something. With a savings goal caluculator, you'll add in your goal, current savings (if any), savings account APR if applicable), how frequently you will contribute to your savings, and how many months or years you plan to save for your goal. The calculator will figure out how much money you will need to set aside each week or momnth, and start from there. When you build your budget around intelligent, quantifiable goals, you can achieve them faster.
Save that spare change
If you ever use cash to pay for things, stick the change in a jar. Don't dip into that jar and just keep saving it. This is something that I have done for years, and sometimes I even toss dollar bills in there, as well as the occassional 5 or 10 when I can. You will be surprised at how quickly saving your spare change can build up and give you a little bit of extra cash to spend.
Cut your spending
This could potentially be the biggest way that you could save money. Most of us tend to have at least one or a few bad spendings habits, so make a list of yours. Perhaps you grab fast food every day for lunch, or a coffee from the coffee shop. Maybe you're a smoker, or like to have afew drinks here and there. Perhaps you have a shopping habit, or like to spend money on frivelous things.
Take a long, hard look at your spending habits, and see which things that you can either cut out completely, or spend less money on. Rather than factor that unspent money into your monthly budget, set it aside, or put it in a savings account.
These are the things that I do when I want to save money; however there are so many more ways to save money. In fact, here is a list of 54 ways to save money, that is definitely worth checking out if you're serious about saving.