Today, I want to share my very first saving’s goal. Setting not only goals but also financial goals plays a significant role in money management. Goal setting starts with a dream or a want but what makes it a goal is writing that want down and formulating a plan to make it a reality. It’s difficult to make a plan if you have no idea where you’re going. Start by first setting goals and intentions for your money. You can then make a plan on how you’re going to get there.
My family and I were living in Germany—I was around six or seven years old. One day I was flipping through a catalog. (I’ll pause here to explain because those younger than 30 may not know what I’m talking about. Back then the “online shopping” was catalog shopping. JC Penny produced a huge book to flip through. Once you decided, you called in your order or filled out the order form to mail in. Now that I’ve explained that, back to my story.) So I’m flipping through this catalog and find not a fancy toy or doll I want, but a pair of beautiful white gloves. Even better, they were white lace gloves. Yes, I had to have them—I wanted them.
I announced that I wanted the gloves to my parents and they made me a deal. They said they would buy the gloves, but I had to contribute part of the money. Now, I don’t remember how much the gloves were or how much I had to save. But I do remember saving money received maybe it was birthday or Christmas cash gifts. Then my parents ordered me the gloves. I was young, but I remember it being a great feeling to have those gloves. I had pride in what I had accomplished.
Saving’s goals have two parts:
Setting A Saving’s Goal
Whatever it is that you’re dreaming about, a down payment for a car or to pay off debt put a number on it and write it down. Layout a plan or the steps you need to take to make it happen. If that’s one less Starbucks a week or saving all of your birthday money put pen to paper or type it out. Note how much each cash savings is and calculate how long until you reach the amount set as your saving’s goal.
Do The Work
The second part is the more difficult one—following the plan. Meeting your savings goals means doing the work you have outlined in your plan. Here’s where you’ll need to exercise discipline and self-control. If to reach your savings totals, you need to cut out going out to eat or reducing your cell phone plan, then that’s just what you need to do, follow through with what you said. Remember that the sacrifices you’re making are for the greater good and that they aren’t forever—just for right now. And be kind to yourself. If you mess up, no big deal, tomorrow’s another day. You can do anything you put your mind to.
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