So with this extra time, have you created a vision? Have you taken a closer look at how you're spending your money? Have you identified spending strengths and weaknesses? I hope so because this week is all about setting specific goals and intentions.
Step 3: Identify Intentions
|Print from MursBlanc Etsy shop ($20)|
With these items in mind, as inspired by Lauren, and with the help of Mint, we've implemented a SMART savings plan. Our plan is:
Your monthly savings goal should be reasonable. Set yourself up for success. No need to drive yourself into the poor house trying to save for something enjoyable (i.e. European vacation). To stay motivated, set aside an amount that’s not too far out of reach. We’ve cut out a few extra frills by dining out less frequently.
At the same time, your goal should be a little bit of a reach so that you’re willing to work towards it. That makes accomplishing the goal even more worthwhile. So set the bar high enough for a satisfying achievement!
Set a timeframe and mark the date on your calendar. Again, be specific, not just "in the next 5 years." And be realistic. Unless one of us wins the lottery, we probably won’t have a 20% down payment in 3 months. Automatic transfers are another way to stay timely. Schedule transfers for once or twice a month so you won't forget to stash the cash.
|Purchase print from Ork Posters for $18|