8 Savings Goals Everyone Should Be Making
We're always told we need to be saving money for a rainy day. It sounds simple, but it quickly becomes easy to spend when there is no clear plan for our money. Here is a list of saving goals you should be making to plan for a more stable financial future.
Reach For These Goals To Have A Good Financial Future
1. Have An Emergency Fund
An emergency fund is one of the universal saving goals that everyone needs. When something unexpected happens, it acts as an informal insurance policy, so you don't have to dip into other savings.
The amount you should aim to keep in an emergency fund depends on your financial situation. However, most people agree that you should save anywhere between three to six months' worth of expenses just in case your emergency results in a complete loss of income.
2. Save For Retirement
Contributing to a retirement fund may not seem like one of the saving goals that should be a priority. Depending on your age and financial situation, retirement may be very far off. But you should try making retirement savings a priority.
The interest you can gain over time in a retirement account or investment makes starting early the best choice. While there is no rule on how much you should have saved in your retirement account, setting personal benchmarks can keep you on top of the account.
3. Save For A Down Payment
If you have dreams of homeownership, saving for a down payment is one of the primary saving goals. The more money that you can save before you begin a serious search, the more options you may have available to you.
Experts argue that you should save as close to 20% of your overall budget as you can; however, the minimum requirement is typically lower.
4. Save For Big Purchases
At any moment you might need to make some big purchases with little notice. Your washing machine may spring a leak, or your television may die out, or you need to replace things. High-ticket items eat up a lot of money at the moment, so putting money aside over time makes the purchase less painful.
Saving goals like these are incredibly flexible, but they're things you can plan for. If you keep separate savings for inevitable big purchases, you don't have to dip into your emergency fund or other savings.
Related Content: Avoid The Next Financial Emergency: How To Save Money
5. Save For Children
If you see yourself having a family one day, saving goals surrounding children can be a helpful tool. Children can be expensive; from activities to college tuition, there always seems to be another expense.
We can't know exactly how much money it will take to raise children when you're ready to have them, but estimates right now place the cost at $10,000 to $15,000 per year, per child. So whether you want one or two kids, or a big family, the earlier you start saving, the better.
6. Pay Off Debt
The biggest thing that stands between you and your saving goals is large debts. Make paying off your debt just as important as saving money for the items you want and need. The more you chip away at the debt you have, the more money you'll have free to save.
7. Cut Down On Spending
Unless you plan on making more money to fulfill your saving goals, you need to cut down on spending. Do a thorough audit of your spending and cut out the purchases that are not adding value to your life.
Whether you pick up a library card instead of buying books, buying second-hand instead of brand new, or going on a no-spend, you'll start seeing the results.
8. Cancel A Subscription You Don’t Use
It may seem like you need all the subscription services that you have. Netflix, Hulu, Spotify, and more all add up to a solid chunk of change. If you want to have more serious saving goals, cutting a service you don’t use as much can add some money into your cash flow.
Even if you share accounts with friends, family, or roommates, to help reduce the cost of these subscriptions can make a difference.
9. Get Payday Loans If Your Savings Fall Short
Sometimes, we desperately need money before our savings can make a difference. When you need help to fill the gaps for financial emergencies, you can turn to payday loans.
Payday loans are small loans of $100-$400. Payday loans provide short-term relief that you pay back with your next paycheck.Mississippi Title Loans, Inc. welcomes all credit and we will thoroughly explain the conditions of your loan. The process of applying for a payday loan is quick and easy. All you need to bring in with you is:
- A government-issued photo ID;
- Your most recent paystub;
- A blank check from an active checking account in your name.
Once ready, go to our website and fill out the online form. Then just come to the nearest Mississippi title loan places near me to verify your documents and go through the final steps of the process. Once you’re approved, you’ll receive the money that same day.
Start Making And Achieving Your Financial Goals Today
You cannot expect to get any sort of financial stability without having some solid goals in place. Keep this list in mind when you are ready to start fixing your finances. And if you need emergency cash, fill out the online form for Mississippi payday loans online today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.