How To Save For Your Short Term Goals
Not everyone has huge savings goals. For some, it might be a much shorter-term goal like a holiday, a fancy handbag or for a special birthday. You might be saving for a few different short term goals. Or you may be saving for a holiday alongside something bigger like a car, wedding or house. But to save for your short term goals doesn’t need to be too difficult.
If you’re trying to save for your short term goals you may not want to commit to big changes in your lifestyle. Or you may not want to miss out as much. As you know you’re only saving for a short period of time. But here are some easy ways to save for your short term goals.
Save for your short term goals by saving a little money as soon as you get paid
Once you’ve worked out how much you need to save each month based on how much you want and how quickly you want to save it you can save a little money as soon as you’re paid. Chances are you won’t be able to save the full amount without having to compromise on your monthly lifestyle or budgets. Although if you usually have a lot of disposable money you may find it easier to save a lot each month.
Just putting in a small portion of your monthly saving goal straight out will get you on track for continuing to save. You may find that adjusting your budgets slightly or making a small change like taking lunch to work rather than spending £5 a day on lunch will help you be able to save more. If you choose to make a change like this save what you would have spent each week. Then you’ll see your savings grow. Plus you’re more likely to stick with it.
Start some side hustles to earn a little extra money
If you’re trying to save for your short term goals then boosting your income is a great way of adding extra money to the pot. There are loads of things you can do such as taking on a secondary job. This could be dog walking, babysitting or even an evening or weekend job. If you have a skill utilise it, you may be great at web design or candle making. Whatever it is you’re good at you may be able to sell y0ur skills to others who struggle. This is a great way of starting up a side business to help you continue to make money.
You can choose to try and earn extra money by filling in surveys, completing 20 cogs (I made over £150 through them), mystery shopping or taking part in market research. All of these things can add a little supplement to your income.
Alongside my love for writing I did start my blog as a side hustle. I knew eventually over the years I may be able to make some money from it. So for me if I want to earn more money I put more time into pitching for my blog/
Use the Monzo round-up function to save for your short term goals
I talk about Monzo a lot as I love it and it’s massively helped me become more focused with my savings. And easy way to save for your short term goals is to use their round up function. What it means is everytime you spend on your card the transaction will be rounded up to the nearest pound. This difference will then be saved. So if you spend £2.10 on a coffee the extra 90p will be saved.
The roundups go into a seperate pot and you can use this as your savings pot for your goal. I love that the roundup is taken straight away so you always see a neat number in your bank account.
How do you save for short term goals?
17 responses to “How To Save For Your Short Term Goals”
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Rhian Westbury
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I do try and put a little bit of money away each week to save up for things I need. But it can be hard when the bills are forever coming through.
I have savings set up as a standing order so I don’t have to think about it and I also have the halifax set to save the pennies too
Yeah if you make it regular you almost learn to forget about that money x
We have a standing order that goes out each week adding a little into our savings. As well as transferring extra bits over from when we have sold things on Facebook/eBay etc.
Yeah if you’re just surviving on the earnings from a full time job and nothing else it can be so tough x
These sound like some really great tips – I have to admit to being AWFUL at saving it is something I am going to try and get better at this year *fingers crossed*.
I am really not good at saving but don’t really have much disposable income at the moment but I have recently started doing a few side bits to earn a little extra and I plan on putting that money straight into savers before I get used to having the extra spends. I haven’t heard of the Monzo app before, this might be worth having a look at for those extra few pennies as it all helps
yeah the round-ups and little things like that can make a huge difference without you noticing x
Rounding up is a great idea for getting a little bit put away, because it all adds up. It’s easy to do.
It really is easy, and you don’t end up noticing it x
I’ve started saving a little as soon as I get paid – it really does make a difference even though you wouldn’t think it would! Hopefully seeing better savings from myself this year!
I use the Monzo roun up as well and it’s amazing how much money I have saved over the past year. I could easily book a nice holiday with what’s in that pot.
I usually have a short goals fund on the go for holidays and the kids’ birthdays but I can be hard with bills and not dip into it when emergencies happen and I need money fast.
The Monzo round up function looks like a great way to add to your short term savings goal. You won’t even feel like you are saving! I will check that out too.
That sounds like a great way to save money as you really wouldnt miss it
I love saving and I always have something in mind that we need to save for. I have a direct debit coming out of our ‘wages’ account as soon as we get paid so we don’t miss it at all.
That’s the best thing to do, have it come out as soon as you’re paid so you get used to not having it x