How do I save up for a goal

Start making saving a habit – and a way to achieve your goals

1. Work out your goal

  • What is your goal? How much will it cost? How long in months do you have to save?
  • Therefore what is the $ per month required to achieve this goal?

2. Understand your net monthly position.

  • What you earn less how much you spend averaged per month
  • Check if this will meet the amount required for your goal
  • If not, how can you earn more or spend less. Do not progress to step three unless this is possible, as short term debt options will end up costing you more in the longer term

3. Once you have enough net monthly to cover your goal, start saving unintentionally

  • Create an account , rename the account with your goal
  • Set up a direct debit from your everyday account to the goal account with the amount required per week (again checking you will not go into debt)
  • Set and forget – until you need it!