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Are You Setting Intentions For Your Savings?

When you have a specific goal for your savings, you're more likely to stick to your goals when your self-discipline is put to a test. Creating buckets for the most important areas will help you focus on building those safety nets for your future.

Here are some groups you can break your savings into:

  • Emergency savings - this amount should be enough to help you with an extreme financial hardship, like loss of a job. Consider your total monthly bills and how long it could potentially take you to find your next role. If you're not sure, a good place to start is 6 months.

  • Future spending - are you going on a summer holiday? Save up some spending cash for your trip.

  • Goal spending combined with spending history - Are you planning on buying holiday gifts in December? Look at what you spent last year and use that amount as the goal for the upcoming holidays.

Instead of starting a big, long-term savings goal right away, try a small short-term goal. Seeing your savings grow, will motivate you to keep going.

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