Some financial advice is perennial. One recurring nugget is to set goals for saving so that you feel like you're working for something rather than just depriving yourself.
I have a whole bunch of savings goals. On my current income, they are unattainable taken as a whole. But I figure that I might be able to meet some of them at some point. My priorities shift over time, so the item that tops the list changes too. I’d like to save for
- Three month’s expenses.
- Trip to Florida with BFF (I will have to pay for little more than airfare).
- Trip to Europe for family wedding.
- Our wedding. We’re not engaged, but I think it’s in the cards and I know our parents won’t be able to pay for it. Our wedding will probably involve helping some people travel to the U.S. from Far Off Land (where my boyfriend is from) or us going there to celebrate with the folks who can’t make it to America.
- Potential gap in employment and moving expenses after we graduate, plus deferred student loans that will kick in soon enough.
- Travel after graduation. We’d love to spend some time in Far Off Land, maybe 2-3 months. This is something of a fantasy.
- Down payment on distant future house.
- Retirement.
So my goals range widely in amount and time frame. It helps to have these things in mind when I put money in the bank instead of spending it on something I want now.
What are your goals? Do you find that having goals helps your discipline or does it make you feel discouraged?
2 comments:
My main goal at this point (joint with my husband) is to save for a down-payment on a house. Having such a goal is not discouraging- it helps to keep things in perspective. Really expensive pretty top from J. Crew vs. not having to rent anymore? I am getting old and don't want to have to ask permission to drill a hole in the ceiling or to have a pet.
Overall having a goal is encouraging for me, in the sense that it helps keep me focused. Its easier for me to say "Okay Psyc Girl, you should not get sushi take out for dinner tonight. Remember you're saving for X?" than to say "You shouldn't get sushi take out for dinner tonight because you should save the money."
Sometimes though, it can be discouraging, especially when I realize a goal is going to take me much longer to reach or I can't make as much progress toward it as I want to. I'm feel kind of discouraged about my big financial goal today, in fact :(
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