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Hear me out. I have been able to save and build a wealth, slowly but surely, by contributingonthly to 5 separate savings goals.
Retirement. Put a percentage of your earnings into an investment account. Utilize compound interest while you’re young, and let your money work for you later.
General savings. Pay yourself 10% of your income every month. This is money to save, not for routine expenses and bills, but for you! This is you paying yourself and taking care of yourself.
Emergency fund. Save it for a rainy day. Put some money away (aim to save $1,000, then build on that) for emergency situations, so you don’t have to dip into your savings account.
Car fund. Cars are expensive, but for most of us this is a reoccurring expense. Plan ahead and start putting some money away for your next vehicle.
House fund. My husband and I rent right now. We are both young and have jobs that could move us, and we love to travel. But one day we know we want to settle down in our dream house, so we’re saving now to make our dreams come true.
Christmas. This is a foreign idea, but why not save for Christmas? I hear so many people whining when November rolls around because they just don’t know how they’re going to afford it this year. Well one way is to plan for it a year in advance, so you can give generously and without stressing about it!
Vacation. Another routine expense that normally blows the budget. My husband and I save monthly and build up our travel fund so we can enjoy the beautiful sites around us and go on adventures while we’re young.
Comment with your savings funds and how planning ahead has helped your wallet and your peace of mind. Don’t forget to follow my blog!