At one point or another, you'll want to a make large purchase. Whether it's your first home, a new car or a family holiday, chances are you'll need to save.Fortunately, a little financial strategy can go a long way toward helping you meet your savings goals.
Your first step should be figuring out exactly how much money you need. For instance, if you're looking to buy a home, calculating the cost of your deposit will give you a goal to reach.
MOVO can help you with our free Goal Planner tool. This allows you to work toward your purchase, keeping track of how much you have saved, how much money you ultimately need and when you plan to achieve your goal. Next, you should open a dedicated savings account you can pay into for the specific purpose of meeting your goal.
The easiest way to save is to think of paying toward your goal in the same way you would any other type of bill. For example, the first thing you do after receiving your paycheck is typically make payments to household bills like water and electricity. You may also automatically pay toward outstanding debts, such as credit card bills.
Simply add your dedicated savings account to this list and make sure it's among the first payments you make after getting paid.
There's nothing quite like the thrill of putting your mind to something and accomplishing it. While having your own home or taking a much-needed holiday may seem like the ultimate reward, proving that you can save and reach the goals you set for yourself can be its own special benefit, providing you with the skills you need for smart financial planning in the future..