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Our Guide To Setting Clear Cash Goals For The Future

by Louise W. Rice

Throughout our lives, there will be various milestones we will need to save money for, whether that’s an event in the short-term, like a deposit for a house or a wedding, or saving long-term for retirement. Saving isn’t easy, especially if you are on a low income, or you’re not sure how to manage your money correctly. Payday loans online can help you to cope with emergency expenses in the short term but knowing how to reach your savings goals for the future is advantageous for improving your finances overall.

Read on for our guide to setting clear cash goals to benefit you no matter what you’re hoping to achieve.

Why set cash goals?

Setting cash goals for the future means that you can reach your target by being consistent and you will be able to build up your overall financial health. Knowing how to manage your money correctly means that your bank balance will benefit and having a goal in mind is key so that you have something to keep you motivated, and work towards.

It doesn’t matter whether it’s a small goal, like saving for a new item of clothing, or it’s a larger goal, like a deposit for a house or your retirement, you can save for the short or long-term by setting yourself clear and comprehensive goals. So, what do you need to do to set goals and work towards them?

How to get started?

If you have a goal in mind that you’d like to save for, there are a few ways in which you can go about this to keep you accountable and on track. Here are a few ways that you can get started.

  • Make a note: You should write your goal down, whether that’s physical with pen and paper, or keep it as a note on your phone – anywhere that is easy for you to refer to when you need a bit of motivation. You could stick post-it notes around your desk at work, on your mirror or your fridge. Keeping your goal at the forefront of your mind will help you to stay focused.
  • Be realistic: Make sure that you stay realistic when setting your goals – you can save for anything, but just make sure that the amount that you’re saving is in line with your budget. Put a sum of money to one side each month that is affordable for you and your income, this way, you’re more likely to remain consistent.
  • Deadlines: Giving your goals a deadline means you’re more likely to stay motivated and reach the amount you’d like to save. If your goal is a long-term one, you could break it down into smaller sections so that you feel like you’re on track. This can help you to stay focused and consistent.

How to achieve your goals?

So, once you’ve decided on the goals you would like to achieve, you’re going to have to think about how you’re going to reach them in the time frame that you’ve set out. Below, we’ll look at a few common goals and how you can achieve them.


Creating a budget is crucial when it comes to achieving your savings goals – not only can it help you to manage your money, but it can also help you to stay on track with your savings. You should work out your income over the month and subtract any monthly expenses like mortgage or rent payments, insurance, and other bills. The money left over is how much you’ll have left to spend on other things for the rest of the month. You should make sure that you include your savings in your budget so that you can regularly put a portion of your income to one side to go towards your goal.

Emergency funds

Having an emergency fund is crucial as we get older, and many of us save so that we don’t have to worry if we’re faced with an unprecedented expense. Things like car troubles, a broken boiler and even medical bills could be necessary at some point – and we never know what’s around the corner, so having the funds available as and when we need them is essential. Start your emergency fund by choosing an amount that is most suited to your income to put into a separate savings pot each month, a little goes a long way, and you can watch your money mount up, so you’re ready for anything.

Pay off debt

When trying to reach your savings goals, debt is only going to hold you back from accomplishing what you want to achieve. Maybe your savings goal is to pay off your debt! Either way, making a start and chipping away at your outstanding debt means it will be paid off more quickly, and your finances will have more flexibility. Once your debt is paid off, you can focus on savings for other short-term and long-term goals.

Spend less

This is one of the most obvious ways to achieve your goals, spending less means you can save more! Creating a budget will make you more aware of how much you’re spending in the month and can help you to work out if you’re spending too much in certain areas. This way, you can cut back on your spending and put your cash towards your savings goals.

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