Make Your Spending and Saving Plan
Barbara knew early on that she had to save, even when she made a pretty low hourly wage. Using a spending plan and working with a financial coach has enabled Barbara to meet her goals while still having money left over for her girls’ weekend. Sure, it takes discipline but the long-term payoff and sense of financial well-being is worth it.
- Set SMART goals for spending and saving. Make them attainable and make them based on your current salary and lifestyle. Use the SMART Goals Worksheet to get you started.
- Outline what you will do to reach your goals. Will you set up a spending plan, see a financial coach or use mobile apps to track and analyze your spending habits?
- Monitor your progress.
- If you find that your goals are too easy to reach, you may need to set your bar higher.
If your goals are too difficult to reach, you may need to scale back and focus on what is achievable.
- Find a financial buddy. No matter what the goal, we all tend to do better when we are held accountable. Share your goals with a friend and set specific dates to check in with each other on progress.