How To Save For Your Short-term Goals

By BankBazaar | November 27, 2019

No matter how big that dream is, here’s how you can fund it right.

Have your eyes on that latest SUV or want to travel to your dream destination? No? Some other short-term goal in mind, perhaps? Whatever it is, one thing that you definitely need is—money! If you already have kept a good amount aside (thanks to your awesome planning skills), great! In case you haven’t, don’t worry! We’re here to help you plan better.

Additional Reading: Here’s Your Year-End Fiscal Checklist

It’s good to be ambitious and it’s great to have a fixed set of short-term goals in mind. They help you stay focused and also help establish financial security simultaneously. After all, what’s better than making your dream come true and becoming financially secure at the same time, right?

All set to take over those short-term goals? Let’s begin!

List them down

Before beginning the ultimate game of reaching all those milestones, you need to decide what those milestones are. We insist you grab a pen and piece of paper, and peek into your mind. Hold on! Don’t get lost in those dreams. Remember, the whole point of this exercise is to prioritise your goals.

Once you do that, you’ll know exactly where to begin. Differentiating between short-term and long-term goals might be a little difficult (considering you have a lot of dreams), but let’s take baby steps for now. Nothing is impossible, and you’ll surely turn all these dreams into reality one day. But for now, let’s focus on thinking about what we want to achieve in the coming future, shall we? Got your list ready? Great! Let’s proceed.

Money lying idle? Put it to use

If you have some free cash lying useless, you better put that to use. This doesn’t mean grabbing notes from the secret pile underneath your mattress. Actually, that too, but you also need to look out for other things that are just blocking your money. Not sure where? Unused gym memberships, guitar classes you never went to and all those unnecessary gadgets you never used are a part of it. If it’s a thing you never used (and most probably won’t use in future either), consider selling it off. Before you come up with new excuses, gym memberships can be sold off too.

Invest according to your goals

Investing is the best way to ensure a solid financial future ahead. But before randomly signing up for any XYZ investment plan, you need to think about your immediate goals. Just because a certain investment plan makes sense for your friend, doesn’t mean it’s the best option for you too. Think clearly and plan according to your goals.

For instance, if you’re planning to buy a car soon, investing in a long-term scheme might be the worst decision of your life. Not only will that block a lot of money for no reason, but it will also stop you from achieving that immediate goal. You don’t want that to happen, do you? So, be smart and explore all options before narrowing down on something.

These are some ways to save for that short-term goal. If you think that none of these will work in your case, you must consult a financial advisor. They can plan things according to your goal and give you saving solutions accordingly. No matter how small that dream is, you need to fund it, right? You need to save big (unless you have hidden treasures somewhere)!

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