How are you all doing today? I’m doing well.
Yesterday, we discussed that goal setting is the first crucial step in saving money.
Today, I would like to share with you goals you might want to consider before you start saving money. This will help get your brain juices flowing when setting goals.
What are they?
- Having money when an emergency arises– Let’s say your car is having issues. You take it to the repair shop and they tell you that it will cost $500- $1,000 to get it fixed. It could hurt you financially if you didn’t have the money saved up. You might not be able to take care other expenses you need if that happened. If you use a credit card and pay it off little by little, you will end up paying more money for interest (I will share with you guys a recent scenario I went through tomorrow).
- Being prepared for the Holiday season- As we all know, the holiday season is coming around the corner. If we don’t plan ahead now, we might be either broke or paying off credit cards for the next few months once the holidays are over. With saving money ahead of time, you might be able to give people high quality items for the holidays and have enough money for the food consumed during that time of year.
- Paying off debt– Student loans seemed like they were going to be the life of me for a long time. It took me months to have the money saved up to pay them. As of last month, I had enough money saved up to pay them off. Now it’s $50 a month that can go to something else.
- Going on the vacation of your dreams- Some vacations can cost a fortune. For example, a 7 day European vacation can cost thousands of dollars. If you start spending less, you might be able to put some of that savings towards that vacation. Over time, you will be able to afford to go on that experience of a lifetime.
- Purchasing a major item- Kitchen appliances usually have to be replaced sometime down the road. If my old refrigerator is about to go out, I would have to buy a new one (because newer ones last longer than older ones). However, most new refrigerators usually cost several hundred to a few thousand dollars. That sounds like a lot of money to for over at one time. If I decided to save money over a period of time to get one, I would have enough money to get the new refrigerator (that might less likely cause issues).
Of these, I’m using the goals having money for emergencies and paying off debt.
Do you have any financial goals that saving money can help accomplish? If so, please comment on this post. I would like to hear your thoughts.
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Thank You and Have A Great Day,
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