The only way to reach your goals is to identify what they are, when you want to reach them and then create a plan of how you’re going to get there.
Setting goals will motivate you to save more
Once you do that, you can create a plan and timeline to keep yourself on track to reach your goals when you want to reach them.
The easiest way to do it is to have your direct deposit automatically send that cash to a savings account each month, so you won’t be tempted to spend it and you’ll be more likely to stay on track to reach your goal!
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A few goals to consider
Emergency savings
[ See how to get started on creating and building your emergency savings funds. ]
Buying a car or house
When preparing to buy a house, get a rough estimate of how much you think you’ll spend and then set a timeline. To get the best mortgage rate, you’ll want to put 20% down. So figure out how much you’ll need to save each month to have enough cash for the down payment when the time comes — and make sure to fit that in to your budget.