The first thing I do is go month-by-month and write down on my calendar every major holiday. My schedule helps me determine which holidays or special events I need to prepare for and it gives me an estimate of how much I need to save. So how do you develop specific savings goals? I use a monthly calendar to help me map out the entire year before it begins. Not going into more debt or using my credit card, is the motivation that keeps me on track with my spending and savings goals. I think for most people, and for me especially, I save cash, so I don't feel pressured to use my credit card. Not only does saving have to be a regular part of your routine, but there has to be an underlying motivation on why you are saving. For me, I save money almost every single week. Saving has to be a regular part of your spending plan for it to become a habit. You can only form new habits when you adopt specific behavior patterns. In fact, I determine my savings goals for the entire year before it even begins.
YEAR SAVINGS PLANNER HOW TO
Read: How to Save Money for Upcoming Holidays and Eventsįor me, I have many savings goals.Check out CIT Bank Savings Builder account. A good way of making savings part of your lifestyle is by automating it. You have to develop the habit of saving, and you can only do that if saving becomes a part of your lifestyle. Saving is difficult, but spending money isn't. If you have never saved money on a regular basis, it can be hard at first. It's never easy to develop a new habit or start a new routine. Here's how I prepare and create an effective savings and spending plan. If you live paycheck-to-paycheck, are trying to pay off debt, or have income restrictions, it only takes one unexpected or forgotten expense to derail your budget. If you are only thinking about saving for retirement or huge life events, you're missing a part of the bigger picture. You will always have moments where you come up short or feel like your budget failed you. If your budget does not include an effective spending or savings plan for upcoming expenses, it's not complete. If you don't know how much you are spending or where your money is going month-to-month, or even for the entire year, you will fail and have a higher chance of falling behind. For example, if you have five birthdays that you spend money on during the year, and spend about $50 for each one, that's $250.Ĭould you cover that cost today without using a credit card? It's only $250, but for a lot of people, not being financially prepared for these types of expenses leads to debt.īudgeting and saving have a lot to do with numbers, but they also have to do with organization. When you go to the store to buy a $50 birthday present, you don't realize how much you spend throughout the entire year on birthdays. This allows you to track your savings over all 52 weeks.If I were to ask you how much you need to save to cover all of your expenses for the new year, would you be able to tell me?ĭo you know how much you spend on birthdays? How about Christmas? Do you spend money on back-to-school shopping? Do you cover any of these expenses with a credit card?īefore having a solid financial plan, I had no idea how much I really spent on forgotten expenses. The last page is another savings tracker but with more detail. A lot of times I like to make my kids save their allowance for an item they want to buy, like a new toy or video game! This is a great way to visualize your progress 52 Weeks of Savings This allows you to pick a goal amount you want to save and what you are saving for. The second page is a simple savings tracker! This is perfect if you have a second job and you’re putting that towards your savings. Then you can write down all your bills, the day they’re due and how much you owe! The best thing is you can easily see if you were over or under your budget on each item! Simple Savings Tracker This allows you to track all your income from various sources so you can total what you are working with for the month. The first version is a monthly budget tracker.
YEAR SAVINGS PLANNER FREE
Here are the free printables: Monthly Budget Planner
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