Reach your savings goals

Savings are a central component of your financial health. But it can be difficult to stay motivated to set money aside, and many find themselves struggling with this. Fortunately, setting clear and achievable financial goals can make the process less painful and help you hit your targets sooner.

Why goals matter

Saving money is the foundation to growing any sort of wealth. On paper, saving seems pretty straightforward – simply spend less than you earn and put the excess aside for later. 

Sadly though, this rarely happens organically – a few unexpected expenses, like medical bills or a friend’s birthday party (that you got a little too enthusiastic about) can throw your savings off track.

It happens to everyone, but it can be disheartening to get to the end of another month and see your bank balance has barely grown from the previous month. 

That’s why everyone should set themselves goals – by having clear and achievable targets to work towards, you’ll find it easier to stay motivated.

Here are three reasons to set goals of your own:

1. Money these days can feel like an intangible thing. The numbers you see in your statement are hard to relate to or understand because they exist only through a screen. By setting yourself a goal, like being able to pay for a holiday or buy a home, those numbers become more meaningful – they represent something real.

2. ‘If you don’t know where you want to go, it doesn’t matter which path you take’. Those famous words, uttered by the Cheshire Cat in Lewis Carroll’s Alice in Wonderland, are just as true when it comes to saving. With no real target in mind, it’s hard to know if you’re saving enough. Setting a goal will help you keep track of your progress and stay motivated.

3. Finally, having a goal can keep you accountable – you’ve set yourself a standard to strive for and will know unequivocally whether you’ve done well or need to try harder next time.

Not all savings goals are equal. To get into the habit of setting meaningful and productive savings goals. Remember, every little bit counts, and the journey towards financial security is just as important as the destination.

How to get started 
The first step is to get started. Find out how an Essential Saver account with Health Professionals Bank can help you get started with your savings goals.