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Identify Your Savings Goals

Identify Your Savings Goals

Establishing Your Goals

If you don’t know where you are going, how will you get there, right?  Starting by identifying your goals requires self-reflection. Develop a list of short and long-term goals. With those goals in mind, consider what you want to accomplish financially to support these goals.

So what do you do once you have identified your goals?  Write them down, keep them visual.  Have some fun creating and planning by creating a vision board.  These actions will help you focus on your goals, especially when you must make tough financial decisions.

Take our Making On the Mark Goals course to start on the path to setting and meeting your goals.

Visualizing an Example

  1. You have completed your budget.
  2. You decide that $100 is going into your savings account to help you buy a new car in the near future.
  3. You hear that your FAVORITE musician announced they will perform in your city, and tickets go on sale tomorrow. The cheapest ticket is (you guessed it) $100.00.
  4. You have used your optional expense money for the month.  So, what do you do?
  5. If you are staring at your vision board with the beautiful new car front and center, it can help you in your decision-making process. You are making a choice. Fun concert now, or achieve the goal of a new car.
The wisest financial decision would be to continue with your plan and deposit $100 into your savings account to be closer to reaching your goal.