Skip to main content

Book A Meeting

Farrall Wealth

  • Farrall Wealth Process 
    • About Us
    • Team
    • Community Support
    • Jobs
  • Products and Solutions
    • ETHICAL Investments
    • PERIL Plan
    • RETIRE Plan
    • EDUCATION Plan
    • OPTIONS Plan
    • CAPTIVE Plan
    • GUIDED WEALTH PORFOLIOS
  • Business Services
    • Business Valuations
  • Insights
    • LPL Research
    • Videos
    • Books
    • Outlook for 2022
    • Join Our Newsletter
  • Second Opinion Offer
  • Media
    • Money Matters With Greg Radio
    • Money Matters With Greg Blog
    • Speaking Bureau
    • In the News
    • Farrall Wealth Magazine
  • Client Login

    You are here

  1. Home
  2. Blogs
  3. How do I Save for a Goal?

How do I Save for a Goal?

Submitted by Farrall Wealth on January 25th, 2021
  • Share on Facebook
  • Facebook Like
  • Tweet Widget
  • Linkedin Share Button

The goal for your saving plan is up to you. Some people enjoy travel or the latest electronics. Others may save for school or a home purchase. While there are a thousand ways to spend your money, there’s only one way to save it — stick to the plan.

Specific goals are important, so be sure to define your goal. Once you know how much you need to save, it’s a lot easier to put together a plan, a timeline, and the definition of success. Retirement is a goal without a specific dollar-value attached to it, but you can set a starting goal without knowing all of the details. Plans can change over time (working longer, moving to part-time, etc.) but it’s always best to start with a specific goal in mind. Whether it’s the price of that new car or a rough idea of the down payment you need for a new home, be sure to set a goal and write it down.

After the goal, you’ll need a timeline. Setting yourself up for success means a plan and a schedule. Want to buy a new car next year? Now is the time to figure out your monthly (or weekly) contributions to your savings goal. Timelines can be simple (“I start school in September”) or complex based on changing circumstances, like retiring when you feel “ready”. No matter what the goal, put a timeline on it.

Once you have a goal and a timeline, you can put together a strategy. A monthly savings goal is easy to integrate into a spending budget. Don’t have a spending budget? Check out some of the online budgeting tools to get started. It’s so much easier to save when you track your spending. Knowledge is key to carving out monthly savings to put toward your goal. Try to find “extra” money in your budget and be prepared to make sacrifices. Takeout meals, expensive coffees, and weekend vacations may be casualties of your effort to save. Remember to keep it all in perspective, and be self-aware when it comes to your monthly spending.

Once you get the ball rolling, saving money can become addictive. It’s fun to watch your savings pile up as you make contributions over time. Don’t be tempted to spend it — consider locking away your savings in an account unlinked to your credit and debit cards. If you are saving over the long-term, it’s worth considering investing your savings to earn money while you wait. If you plan to spend the money in the next few months, keep it liquid. If retirement is your goal, consider seeking professional financial advice for ways to pursue your goals.

Saving for multiple goals can make things tricky, but it’s easy to keep up with your contributions using preauthorized deposits. Consider breaking down each saving goal into an account (car, house, vacation, new iPhone, etc.), and tell your bank to deposit a portion in each account on every payday. You can always tweak the amounts or move funds between them if need be.

Good luck with your savings plans and be sure to treat yourself every once in a while. It’s great to save, but remember to spoil yourself and “cheat” on your strict budget here and there.

*Investing involves risks including possible loss of principal

*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2020 Advisor Websites

 

Subscribe to Our Blog

 

Recent Blog Posts

  • Life Lessons My Parents Taught Me
  • The Top Mistakes Plan Sponsors Make: Part 2
  • Wishing You a Happy Mother’s Day! (And a Fun Gift Idea)

Archived Blog

  • June 2022 (1)
  • May 2022 (1)
  • April 2022 (1)
  • March 2022 (2)
  • February 2022 (2)
  • January 2022 (1)
  • December 2021 (1)
  • November 2021 (3)
  • October 2021 (2)
  • September 2021 (1)
  • July 2021 (1)
  • June 2021 (1)
  •  
  • 1 of 4
  • ››

Categories

  • business sale (1)
  • COPID 19 (2)
  • COPID-19 (1)
  • coronavirus (6)
  • COVID-19 (4)
  • education (4)
  • elder care (1)
  • Financial Advisor (1)
  • insurance (1)
  • July 4th (1)
  • Long term care (1)
  • LTC (1)
  • LTC insurance (1)
  • markets (1)
  • OIL (1)
  • selling a business (1)

Contact Us

Don't hesitate to get in touch with us.
We would love the opportunity to become your trusted advisor.

Phone: 219 246-2516
Fax: (219) 246-2210
Toll Free: (877) 261-5428

Email: greg@farrallwealth.com 

105 Lincolnway Suite 205, Valparaiso, Indiana 46383

 

     

Get Directions

 

  • Sitemap
  • Speaking

Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/ SIPC.

The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

 

 

© 2022 Farrall Wealth. All rights reserved.

Website Design For Financial Services Professionals