Each week, we are sharing a financial wellness tip to help you make the connection between financial management decisions, your overall wellness, and student success. Money touches every aspect of our lives, and a lack of financial literacy can cause unnecessary stress and negatively impact one’s mental and physical health.
Setting Savings Goals
Goal setting related to saving money can be a helpful strategy in achieving financial success. Here are some tips to get you started on setting savings goals:
- Define your savings goals. What would you like to achieve? Be specific - do you want to put away $500 for emergencies? Pay off your car? Or do you want to buy a specific item for yourself? Whatever it is, know exactly how much you need to save first.
- Set a timeline for accomplishing your goal. Create a realistic schedule for reaching your goal, depending on whether it is short-term or long-term.
- Keep your savings separate from your spending money. Keep your savings in a separate account so you are not tempted to spend it.
- Keep track of your progress. By keeping your savings in a separate account, you can watch your money grow which will keep you motivated to keep working towards your goal.
- Be sure your goal is attainable. If you make $50 per week, it is not realistic to save $500 in two months. Break large goals down into small, achievable goals.
- Automate your savings. By setting up automatic transfers, you are ensuring consistent savings and setting yourself up for success.
- Remember, life happens. You may need to adjust your goals based on changes to your income, priorities, or circumstances - and that's okay!
Be sure to follow the Financial Literacy team on Facebook, Twitter, or Instagram for more financial tips throughout the semester!
