3 Tips for Hitting your Savings Goals

(NC) Saving looks different for everyone. Maybe it’s putting away every spare money for a major purchase, or saving what you can, and when you can into a rainy-day fund. No matter what your savings goals look like, focus on getting there a little faster with these three tips:

1. Mould your savings to your budget, not your budget to your savings.

Like any habit, saving money takes time and discipline, and unrealistic expectations mean you may be disappointed when you don’t save as much as you were hoping to.

To achieve your goals, don’t make any decisions about how much you want to save until you’ve done a “triaged budget”. That means ranking all regular, monthly expenses from the essential to the “nice-to-haves.” See how much is left over, and if that number feels too small, reassess some of the items that are lower on your budget. This will help you put your goal in context and better set you up for success.

2. Make shopping lists — and stick to them.

Nothing kills your savings like impulse spending, which can also wear away at the good habits you’ve started to build. Combat impulse buying by leaving the house with a budgeted list and staying committed to it. If you want some additional flexibility, factor in some room for impulse choices, so you are prepped and ready when you go shopping.

3. Professional help is a great option.

Nobody has to come up with a financial plan or budget alone. Talking to a financial advisor is the best way to set and achieve long-term savings goals that work for your lifestyle. The earlier in your savings journey you see a financial advisor, the greater impact they can have to get you on the right track.