Payment Plans for Savings

Do you want to save more, but are having a hard time getting started?  Put yourself on a payment plan! Start by identifying what you are saving for.  Specify the amount and how long you are willing to wait for that item. 

Example: 
GOAL:  Emergency Savings of $300
TIME:  10 months
MONTHLY PAYMENT:  $30 each month or $15 each payday (300 / 10)


Are you saving for holiday
purchases?  Now is the time to get started if you haven't already. 

GOAL:  Holiday Spending (gifts, food, travel, decorations etc)  $500
TIME: 7 Months
MONTHLY PAYMENT: $71.43  (500 / 7)

Savings goals with timeframes allow you to break them down into attainable steps.  Try it for your goals!

No comments: