Friday, 13 August 2010 16:55
In school, you probably set goals for yourself in academics and/or sports. This principal is also important for saving money.
So, how do you save with a goal in mind? Here are some simple steps to start with:
1) Write down your goal
It’s important to know exact amounts. Want to save for a new phone or computer? Write down exactly how much it will cost you including the phone plan or internet costs.
2) Visualize your goal
Put a picture of the item you are saving for in your locker or a mirror at home. This will help you remember your goal and keep on track.
3) Make a budget
Calculate how much you’ll need to set aside to meet your goal from every paycheck or from your allowance.
4) Put off other purchases
When you are saving for something important, determine what other items can be put on hold. If your friends call you to go out or you eye something at mall, remember your goal and that putting off instant gratification will be worth it in the end.
What are you currently saving for, or what would you like to save for?
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