When you think about saving money, what’s your motivation? Is it something long term like early retirement or home ownership? Maybe it’s something smaller like a new coat, or some gifts for the upcoming holiday season. Regardless of how far ahead you are planning, it’s important to have goals. Saving money is a good thing on its own, but it can be extremely helpful to have some specific goals you’re saving for.
The next time you walk past a store front and see that perfect pair of shoes or that cool new smartphone, think about one of your goals. Think to yourself, “do I want to delay my goal for this purchase?” The answer may very well be yes. But more often it will probably be no. Combine this frame of thinking with our 10 second rule and you’ll find yourself making more frugal decisions that will pay off down the line. Goal-oriented saving is a great method to change your spending behavior and start saving for your future.
Want even more help with saving for a goal? Check out ACCC’s Saving for a Goal Calculator