Guides
How to save money with savings goals
Saving “whatever is left over” almost never works, because nothing is left at the end of the month. Saving with goals does: when you know what you are saving for, how much you need and by when, it is much easier to keep the habit.
Set a concrete goal
A useful goal has an objective, an amount and a date. “Save $6,000 for a holiday in December” beats “save more”. Start with a single goal so you do not spread yourself thin.
Work out how much to put in each month
Divide the goal amount by the months left. If you need $6,000 in 10 months, your monthly deposit is $600. If that number does not fit your budget, extend the deadline or lower the amount: a realistic goal beats giving up.
Save first, spend after
Make the deposit the same day you get paid, before spending. Treating it like one more fixed expense stops the money from going elsewhere. If you can, set up an automatic transfer.
Build your emergency fund
Before other goals, try to gather three to six months of basic expenses. It keeps you from going into debt when the unexpected happens: a repair, a health issue or a drop in income.
Watch your progress to stay motivated
Seeing how much you have and how much is left is what helps most to not quit. Celebrate milestones (25%, 50%, 75%) and review the goal every month in case it needs adjusting.
How to do it with FinGest Pro
In FinGest Pro you create goals with a date, record your deposits and withdrawals and see your progress as a percentage. You always know how much you have saved without doing the math.