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:
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.
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. 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 |
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!
(Disclaimer: I haven’t been compensated by Mint, ING, or bankrate.com for this post. These are simply my opinions.)