El enfoque SMART para ahorrar
¿Cuál es su próxima gran meta de ahorro? Ya sea un viaje a las montañas, un pago anticipado para un nuevo hogar, o ahorros para un mes de emergencia, siempre es buena idea tener un plan de ahorros "SMART" para mantener su presupuesto encaminado. Cada enfoque SMART debería ser:
Specific • Measurable • Attainable • Relevant • Time-Bound
Specific
Perhaps you want to build your emergency savings. Instead of having a general goal, such as, “I’m saving more for emergencies,” it’s helpful to get specific.
Use the “W” question-words to guide you. What is the dollar amount, when do I want to reach the goal, and why is this goal important? As an example, a goal could be: Save one month’s expenses in two years to be more prepared for unexpected emergencies.
Measurable
If your goal has a dollar value and is in a separate savings account, it’s measurable. Let’s say you’ve already begun saving or have a lump sum you can contribute toward the goal. Set those funds aside where you can track your progress and won’t mix those funds with other savings and expenses. Plus, you can give your savings account a nickname in digital banking as a helpful reminder of your goal!
For all kinds of savings goals, check out share certificates. You can choose from flexible terms to earn dividends at a great rate. Learn more at visionsfcu.org/sharecertificates.
Attainable
Be sure that your goal is achievable! This means building your budget with the following steps:
- Determine the monthly savings needed to reach the goal by dividing your goal amount by the remaining number of months. For the example of an emergency savings, you might aim to save $4,000 in 24 months, or about $167 per month.
- Determine your discretionary income by taking your total monthly income and subtracting fixed expenses, such as loans, utilities, and housing costs. What remains is how much income you have available for savings and other expenses.
- Pay yourself first by setting aside your savings before considering any other expenses. If the remaining discretionary income is enough for your financial needs, the goal is attainable!
Then, you can set up automated recurring transfers into your designated savings account. It's easy to do in-person or online. Explore ways to deposit or transfer funds at visionsfcu.org/deposits.
Relevant
Some financial goals may seem like nice ideas but won’t motivate you to stay committed in the long run. A savings goal that’s relevant should also motivate you by supporting your bigger objectives, needs, or desires in life. Try bringing the “big picture” into focus, perhaps by discussing your savings goals with family or close friends, to explore which financial goals are most relevant or meaningful for you to pursue.
Time-Bound
Not only should you have a clear end date for your goal but also checkpoints or benchmarks to evaluate your progress. That way, if you’re offtrack, you can course-correct. You might even discover that you can increase contributions toward your goal.
Annual check-ins may make sense for some goals, while others might benefit from more frequent reviews. Either way, you can use your transaction history, Alerts, and eStatements in digital banking to stay on schedule. Learn about these free features and more at visionsfcu.org/digital.
With a SMART plan and Visions in your corner, you’ll have everything you need to pursue your savings goal!
If you run into any road blocks or need assistance along the way, we invite you to check out the free Wallet Wellness portal online. You can print our budgeting worksheets, learn from online resources, or connect with confidential one-one-one financial counseling at visionsfcu.org/walletwellness.
This article first appeared in MoneyMatters Magazine. Click here to continue reading our current publication!
