Step 3: Identify Intentions
With your intentions in mind, it’s time to create some SMART goals for saving and spending:
Attainable
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 and bringing our lunches to work.
Realistic
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!
Timely
Set a timeframe and mark the date on your calendar. Again, be specific, not just “in the next 5 years.” And be realistic. 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.
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Now that we’re focusing more on financial freedom by paying down our mortgage, increasing savings, and investing; we look at overall trends on Mint, particularly our net worth.
Don’t be afraid to take ownership of your finances! The best way to become financially independent is to learn about the different resources and tools. And ask questions!
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