Make Saving Money Easier – Aim For The Target

saving and spending

To say you are going to save every last penny for the house of your dreams might seem like a daunting task. A more realistic goal is saving for a healthy down payment. Then there is saving for a car, new flooring in your home, a family vacation, a new computer, or an emergency or rainy day fund. One way to make saving money easier is to set up these types of targeted savings goals. When you have a target or goal in mind, it can be easier to stay motivated to put away cash instead of buying that quad shot mocha latte. Additionally it’s always easier to see how far you’ve come if you actually know where you are going.

Decide what you want or need to save for, and then make a plan to achieve it. Break down your goals as this helps you create plans to help ensure that you don’t get overwhelmed saving for that healthy down payment on that dream house. Break down all of your savings goals down into manageable chunks.

Think about a goal or goals that you want to reach. Take for example; do you want six months of expenses in your emergency fund?  Think about how much money you need to reach your goal, and then determine your time frame. Do the math to see how much money needs to go in the pot to reach that goal.

Let’s say you want to save $2,500 in nine months for a family vacation, you’ll need to save $277.78 a month. You can look for ways to cut out unnecessary expenses to help you reach your goal. Maybe more time might be needed to reach that goal, if so, don’t be disillusioned by the time it will take because we all know time flies and you’ll reach your goal sooner than you know it if you keep to your plan.

In some cases, you can even be contributing to different goals at once. As long as you stay organized, and you are sure about what you want to accomplish, you should be able to use various targeted accounts to help you save for specific goals. Just remember to keep the money being saved manageable and comfortable for your budget. Also, don’t get disheartened because one or two months savings went to an expected expense or bill, just get back on track and you’ll be there soon enough.

What if you really don’t have short term or long-term savings goals in mind? Or you already have the emergency savings account? Then take it to the next level! For example, when it comes to your car. You know you might need to pay for repairs, or for a new car, so adding to the “car fund” provides a target for your money, even though it isn’t exactly specific or a major repair might not be needed at the time. Then, your money grows, while at the same time providing you with something that you can draw on when you need it. Sometimes you never know when you will need the money, but even so, you can prepare yourself for some of the bumps in the road.

Here at the bank I work for we have savings accounts that can help you with these “targeted savings goals”. You can set up multiple accounts, one for the “car fund”, the “family vacation”, or the “emergency fund”. Or we can help you set up just one savings account that you can manage and you’ll know how funds are being allocated for the goals you’ve set. Give me a call and let me know how I can be of assistance.


Branch Manager that has worked in the small to medium sized business lending field. I have experience in all types commercial lending and I'm here to provide insights from a lender's point of view. I hope to impart some knowledge that can take your business or profession to the next level. I currently work as a Branch Manager at the 10th & Bannock Office for Banner Bank in Boise, Idaho.

Posted in Finances, Goal Setting, Money
One comment on “Make Saving Money Easier – Aim For The Target
  1. […] Make Saving Money Easier – Aim For The Target ( […]

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