Ep #55: In this episode, let’s talk about making a plan for our savings goals. Now if you are starting to cringe because savings is not your love language, I totally hear you. Spending money is much more fun than putting my hard earned money into a savings account and letting it sit there. In fact, if you were to give me $100 right now and give me a choice to deposit it into my bank or spend the entire $100 at Target, I would 100% go to Target and happily spend it. 

We all know that savings is definitely an important part of our financial journey so on today’s podcast, I want to give you some tips on how you can put those savings to good use in 2023. 

What I wanted to talk about today is planning your savings for the entire year. The reason to do this is because it will allow to slowly save a certain amount of money every single month for important life events that happen in the year. For example – birthdays, anniversaries, school uniforms and supplies, family trips, Christmas and so on. Not only does this eliminate the stress of having to come up with the money the month of or the month before the event happens but because you have already budgeted and planned ahead for that money, it will be guilt-free. 

When we started implementing this strategy, it was a game changer for our budget. We no longer felt money stressed during the holidays because we knew we had the money saved in the account. It eliminated the money fights and we actually looked forward to the events instead of cringing because we had to put it on our already maxed out credit card and pray that the credit card company would push the transaction through. It made us excited to take that saved money out of the bank account and freely spend it however we chose. 

So I want to give you four tips on how you can implement this strategy into your budget without breaking the bank. 

The 4 things you need to do to plan your yearly savings goals: 

1.       Make a list of all the events happening throughout the year

2.       Give each event a set amount that fits within your budget (and just know that you can always increase the amount if you make more money)

3.       Add the total for each month and then the yearly total so you’ll know how much you need to put away each month

4.       Store it in a bank account that is separate from your main checking and savings account. This will help you to treat it like a bill and you won’t be tempted to dip into that account. 

That wraps up this episode for our Back to Basics Money Series. Also if you want tips on how to improve your finances this year, you can grab my free guide at https://www.budgetdivas.com/fivesteps. 

It will outline the tips we have covered in our Back to Basics Money Series plus give you quick action steps that you can start doing right now. 

If you have enjoyed this episode, would you be so kind and leave a review on Apple Podcasts? I’d love to hear from you. Until next time, keep moving forward one step at a time. 

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