1.5.4 Budgeting for your goals

Budgeting to reach my goals

Choose one of your goals. Enter the cost. (If you already have some money saved for the goal, enter the amount you still need to save.) Enter how much time you have to save for it. Divide the savings amount by the time to see how much you need to save each month. If you wish, enter more than one goal, and add up the total amount you will need to save each month to reach them all.

Goal Cost Timeframe
Monthly savings
$0.00  ÷ 0 = $0
$0.00  ÷  0  = $0
$0.00  ÷ 0 = $0
$0.00  ÷ 0 = $0
Total savings I need per month: $0.00

Now take a look at your budget. Add the monthly savings amount to your budget. You can enter it under "Savings" or you can add a special category for that goal, such as "New York trip."

When you add that amount to your monthly expenses, do you still have a budget surplus, or does the adjustment put you into a deficit? If you no longer have enough cash flow, you will have to:

  • find a way to increase your income
  • find ways to decrease your other expenses
  • adjust your financial goal.

If you already have enough money saved to pay for the current goal, you can allocate your monthly savings amount to another goal. But don't forget to save money for an emergency fund to meet unplanned expenses, and to balance savings for long-term goals as well as short-term ones.

Remember to put money aside each month for your financial goal. Little by little, you'll get there!

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