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How to Set Goals for Saving Money in the New Year

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How to Set Goals for Saving Money in the New Year

With the New Year comes New Year's Resolutions! In 2020, why not think about eliminating your need to borrow money online with a goal to save more? Today we want to help you come up with a strategy for how you can enter the new decade prepared to achieve your financial milestones.

Everyone thinks that in order to save money, you have to spend less and make more. However, things aren’t always that simple in reality. Chances are you don’t have the ability to do either of those things simply because you want to. That’s why saving money starts with having a specific goal in mind that's adapted to your circumstances.

Create Smart Goals

First, think about how you can set a goal you’ll stick to. For example, stating that “you want to save money” can seem daunting and vague at best. Rather, think about what you specifically want to accomplish, by when, and how.

Creating SMART goals, is the best way to make sure you create a goal and stick to it. That means creating something Specific, Measurable, Attainable, Realistic, and Time-Bound. Without those factors, your goal is not nearly as likely to succeed. Think about something like, “I want to save $500 by July of next year.” Maybe you want to take a small vacation, save up an emergency fund, or do some repairs on your house. Either way, making it a realistic goal for your lifestyle will help you to make progress and eventually achieve it.
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Simplify Your Tracking

After you set your goal, it’s imperative to make sure that you will have an easy time sticking to it. That’s why you should set up processes now that will guarantee success. For example, find better packable lunches so you can take your meals to work without temptation to spend money. Set up auto transactions to your savings account whenever your paycheck comes in, or do it immediately by hand.

In addition, make sure you’re tracking your progress towards achieving your goal. Trackers like Mint can take record of how much you’ve spent and how much you need to save to remain on target. The easier you make it to reach your goal, the more likely you are to keep trying to reach it. This will motivate you to create new financial goals in the future by demonstrating how simple it can be to achieve them.

Accept Failure & Improve

Sometimes you won’t be able to save money. In fact, failure is likely to some extent. Yet, that doesn’t ruin your chances of ever achieving your goal. It’s important to remember that all you can do is try your best and understand that sometimes you can't act perfectly according to plan.

When something comes up that causes you to spend more than you had planned, work to move past it and rebound. If you sulk or give up, then that’s when you will no longer stand a chance of reaching your goals about money saving.
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Actively Watch for Alternatives

After a while, you may reach a consistent level of saving and become complacent. If you want to not just reach your first goal but every goal after it, you should always look for new ways to save. For example, if you’re spending money on coffee shops each week, think about spending some of your savings money on a coffee machine.

Better yet, forego the coffee for a week and put that money into your savings. Think about ways you can spend a little to save a lot. After all, money makes money.

Get Help When You Need It

Sometimes, you might need to get an online payday loan even if you've been rigorously saving it. When you're trying to slowly build up an emergency fund, it can be draining and demotivating to have to use a majority of it on bills or last-minute repairs if you haven't yet reached your target amount.

If you find yourself in a scenario where you don't yet have the funds to pay for an emergency, try taking out a short term loan with iCASH. Our revolutionary lending platform offers quick approval and an e-transfer in under 5 minutes.

Don't let life get in the way of your financial goals - get the money you need today!

Ramona Glanville

Ramona has been a regular contributor to some of Canada's top wealth-management editorials for over 30 years. She strongly believes in good saving habits, reducing financial clutter, and red wine.