Most adults know that they need to have a savings account and that they need to be saving for “the future.” At the same time, many adults have a really hard time saving for the future when the here and now is so expensive. This is partly because “the future” is such a nebulous idea. If you really want to be successful at saving, you need to have a specific goal in mind. Here are a few goals that are worth saving up to achieve.
Have you always wanted to go back to school (or to go to college at all)? Giving yourself a college education (or continuing that college education) is one of the best goals you can set for yourself, especially in a professional world that has started to equate the undergraduate degree with the high school diplomas of a few decades ago.
There are a lot ofthat are worth working hard to save up to get. There are also college savings accounts that will allow you to save up more money in a shorter period of time and can even help you pay quite a lot less in tuition than you might have originally forecasted. Talk to your bank about these options if you want to go back to school.
New Home/Fixing Up Your Home
Do you love the home you live in now? Do you want to stay there forever? Or have you started to outgrow your current space? Maybe there are major repairs that need to be done. Saving up for a new home is a perfectly respectable goal and provides you with a lot of incentive to work hard and set aside as much money as possible. To increase your chances of success here, go out there and find your dream house—it doesn’t matter if it is actually for sale or not. Find it and then find out how much it would cost you to buy it. That should be your starting figure for your savings goal.
If you’ve been following the news you’ve undoubtedly heard about the Fiscal Cliff. If you’ve been learning about the Fiscal Cliff you’ve probably read about how things like social security, Medicare, etc are hotly debated topics. Some people in Congress are gung-ho about privatizing them or doing away with them completely. If they succeed, your retirement is going to be far more expensive than you thought. Even if they are defeated, retirement is not cheap. Talk with a retirement counselor at your job and at your bank to figure out what kind of numbers you need to shoot for to be able to live comfortably when you decide to stop working full time.
These are just three of the things that give you concrete goals to meet so that you’ll have an easier time beefing up your savings account. Other worthy goals include moving to a new city, buying a new car, taking a year to travel, etc. What do you really want to do? Figure out how much that costs and then start putting aside a little bit of money every week so that, eventually, you’ll be able to do it! It’s much easier to save when you’ve got a definite goal you want to achieve.