Let’s talk about some really simple ways to start saving – setting money aside – for a specific event or special goal.
First things first – set your goal: How much by when to accomplish what?
You need to have clear motivation of what the end goal is. Just like training for a half marathon or your first 5 K, you need to have that end goal in mind. As you begin to set money aside you will find motivation by following your progress and maybe find even more ways to reach your goal sooner.
Take advantage of free money first. Think about any accounts or memberships that you already have that offer points and rewards.
Debit Cards – Many times I have accumulated rewards on my debit card and then exchanged them for gift certificates to use for gifts or trips. You are not spending any more out of pocket, only using what you already have.
Rebates, Refunds & Gift Cards – These small things can add up over time. Pay attention to expiration dates and special limitations. Grocery stores, gas stations and pharmacies tend to offer easy rewards over time.
Set up Separate Buckets – One of the keys to saving for a specific goal is to actually set the money aside. By keeping funds separate, you can watch your progress and reduce the temptation to “borrow” against it for anything else. You can set up an account online with Paypal or any of the automated savings apps like Acorns, Digit or Qapital to make it even easier.
Every time you receive income, cash or a gift, make it a habit to automatically set aside at least 5% right away for yourself. Slowly build a “Get Out Of Town” fund to give you the freedom and control to never be stuck in a horrible job or relationship. Putting yourself first means that you will be in a better position to help others along the journey.
I’d love to hear from readers about any tips or ideas on saving towards a goal. Smarter spending. Better saving. You got this!