8 Step Plan to Saving for Your Money Goal

By Frank Conway

Founder, MoneyWhizz

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It is important to allow time to achieve your financial goals

It’s never too early to start planning for the things you want to achieve in life. And depending on what those plans are, some will require more planning than others. In fact, the following 8-point plan could be used to prepare to run a marathon as much as to prepare and buy a car, or fund further education or even start your own business. So here goes:

  1. Set your personal goals and make a plan – Studies prove that goal setting and planning are incredibly effective are delivering positive results.
  2. Recognize your limits – in the case of money, recognize your limits but be prepared to maximize your potential (like reducing wasteful spending and redirecting your financial resources).
  3. Increase your financial knowledge – this will empower you to make informed financial decisions.
  4. Start early – The longer you wait, the more difficult the first step becomes.
  5. Save & invest on auto-pilot – Set up automatic savings deductions as money you never see is rarely missed.
  6. Learn and adjust – if you start to earn more money, increase your savings (and reverse it if your earnings reduce). Remember, life will have ups and downs and your plan will need to have some flexibility if you want it to be a success.
  7. Avoid minimalism – If your plan is to save a certain amount of money, try and over-save a little as a buffer in case things can go wrong later.
  8. Stick to the plan.

Remember, patience is a virtue when it comes to any plan and the longer the plans is for, the more patience you will require. But if you have the financial capacity then the rest is very possible. So best of luck with your plan and achieving your money goal!

MoneyWhizz is the leading financial literacy provider in Ireland and publishes engaging content for primary, secondary, third level schools and colleges.

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