Question:

How can I gain better discipline in putting away savings for the future?

Setting Short Term and Long Term Savings Goals

At the heart of any good savings plan is setting and meeting goals. If you are trying to build your savings as fast and securely as possible, you will want to set hard and fast goals for your savings.

  • Short term goals are important so that you are always able to see your progress.
  • Long term goals are important because they are what all of your work and short term goals will lead to.

Here are some good short term and long term goals for someone looking to build their savings.

Short term goals – If you are worried about having the necessary discipline to build your savings over time, short term goals are the way to eliminate those fears. Set short term goals of how much you will deposit from your pay, how much you will allocate to investment and how much to savings, and how much you want your money to build over months and individual years. These types of short term goals are easy to set, but if you do not meet them, than they were pointless. Be sure to stand by your rules and you will reach your short term goals.

Long term goals – When do you plan on retiring? If you are like most people, the answer is when you have enough money. Your long term savings goals should be geared around a goal of retirement at a specific ago.

By following your short term goals, you can calculate how long it will take to reach certain landmarks which make up your long term goals. Meeting your long term goals will wholly depend on meeting your short term goals, so again, stick to it. With a little planning, anyone can build savings at a realistic pace. The key is in planning accordingly and meeting your short and long term goals.

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