If you desire to create/expand your emergency fund or to save for a financial goal, consider these actions:
1. Identify a specific goal. You should have both a why and a what for your savings goal. A specific amount should be determined. Too general of a goal often results in failing to follow through.
2. Track your progress. Start by budgeting an amount each month (or week) for your savings goal. This will help you move forward. Next, use a chart or a graph (or a money jar for young people) to see your progress.
3. Visualize the result. Photos or other visuals showing your vacation location, new furniture, or other item can help keep you focused. Or write down the importance of an emergency fund, and read it out loud each day.
4. Obtain help from others. Sharing your goals with a family member or friend can help you stay accountable. Talk about the excitement when you reach your goal. Others can offer encouragement, savings tips, or information on buying an item at a discount.
For additional information on successful saving, click here.
- Have students talk to others to obtain suggestions for identifying and achieving a savings goal.
- Have students create a visual that might be used to monitor progress toward a savings goal.
- Which actions in this article would be most beneficial to you for achieving your savings goals.
- Describe your experiences related to achieving a savings goal.