Do you have an item on your wish list but don’t quite have the cash together to make the purchase? Whether you’re planning a trip to an exotic location or are determined to redecorate a space in your home, the benefits of developing a sound short term savings strategy far outweigh the debt hangover that will certainly be the result of pulling out a credit card to use as additional income. Take this advice from the professional financial advisors and money management gurus to develop a short term savings goal that will put you in the right financial position to make your purchase or take your trip.
Determine the true cost of the item you wish to purchase or the trip that is on your bucket list. Set a date for when you would like to save this sum of money. Divide the sum by the number of months, or weeks, remaining from today until your goal date. This is the sum of money you need to save each week or each month. This savings can be accumulated in two ways. You can opt to reduce your discretionary spending and earmark the savings towards your goal, take on a part-time, seasonal position and earmark those earnings towards your savings, or you can elect a combination of the two.
Think twice about that designer cup of coffee you purchase each morning and expensive lunches with coworkers. Small amounts can quickly add up. Forgo impulse shopping where you’re most likely to overpay and take advantage of the awesome deals offered by Groupon coupons and shops the values and awesome styles available from Agaci Store. Earmark these savings towards your ultimate goal. Short term savings requires self-discipline and a modicum of sacrifice but realizing your goal is always worth it.
Review your nuisance fees. These are the small fees that are deducted from your account each month for social media, moving streaming and magazine subscriptions. Put them on hold until you’ve reached your short term savings goals. Break down your goal into smaller increments and you’ll be pleasantly surprised at how achievable it can be. Best of luck to you in reaching your short term savings goal!