How do I save for a goal?
Ayn Rand says “money is only a tool, it will take you where you wish but does not replace you as the driver”. This is our philosophy when it comes to life and managing your money. This means to set goals and allow your money to help you achieve them.
In order to do this, you need to consider the following key steps:
- What is your goal and how much do you need per month and over what time period?
- Given your Money Position can you set aside that amount each month? If yes, continue – if not, consider ways to increase your income or decrease your spending until you can achieve your monthly amount.
- Unintentionally save intentionally, or in other words – automate!
- Choose the right solution for your circumstances
- Label the solution with your goal to keep it front of mind
- Automate weekly transfers from your everyday banking account into your goal solution weekly to maximise the compound interest
- Make sure this is all done without going into debt!