Short Term Savings Tips

Do you have an item on your bucket list that exceeds your savings balance? Instead of scratching it off your list, or moving it to the bottom, take these steps to increase your short term savings balance and make it a reality.  Delayed gratification and working towards a goal can be tremendously satisfying. Having cash on hand for your goals will allow you to forgo the hangover of debt after the fact. Follow these recommendations to ramp up your short term savings account.

The first step in realizing your savings goal is to have a specific dollar amount you’d like to save. Write this down. Put it in a visible place. Hang a photo of your bucket list item in a spot that you’ll see several times a day. Your phone screensaver photo is a great option! Pinpoint a date by which you’d like to have this sum. Divide the savings goal by the number of months between now and the date you’ve identified. This is the amount you need to save each month. There are two ways to achieve this. The first way is to spend less. The second option is to increase your earning through part time employment. Consider child care or warehouse work on a short term basis and ear mark your earnings towards your savings goal.

There are several simple ways to reduce your discretionary spending. Daily cups of designer coffee and lunch with co-workers can add up to a whopping $200 a month. Movies, pizza and dinners out can easily add another $200 a month. When shopping, consider taking advantage of the awesome deals offered by Groupon coupons and enjoy the savings and selection on styles from J Crew. From professional to weekend wear, they have just about all the styles for the season. Consider taking your clothing that’s in great shape to a consignment store for extra cash.  Look closely at your main credit card. Does it offer cash back?  This can add up quickly if you use the card for everyday purchases. Cash back is only a benefit if balances are paid in full each month.

Follow these steps and you’ll soon be on your way to meeting your savings goal. Congratulations on electing to delay the purchase of your bucket list item. Knowing it’s paid in full will make it even sweeter! Enjoy!

Comments are closed.