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Short Term Savings

short term savings, savings, budgeting, personal finance

finlitgal
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Short Term Savings

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  1. Short Term Savings www.lifethenfinance.com

  2.                         Saving isn’t only for the distant future. www.lifethenfinance.com

  3. What Are Short Term Savings? Short Term savings are for special purchases that may take you from a month to a couple of years to save up for, such as: • Family vacations • Special celebrations • Expensive electronics • Flat screen TV www.lifethenfinance.com

  4. Techniques to help you reach your intended goal: www.lifethenfinance.com

  5. Reaching Your Goal – Step 1 Find price of desired item Step 3 Your Plan Step 2 Step 1 www.lifethenfinance.com

  6. Reaching Your Goal – Step 2 Decide when you’d like to buy the item Step 3 Your Plan Step 2 Step 1 www.lifethenfinance.com

  7. Reaching Your Goal – Step 3 Price divided by the Number of weeks until purchase gives you… Step 3 Step 2 Step 1 www.lifethenfinance.com

  8. Reaching Your Goal – The Plan ...How much money to put aside each week Step 3 Your Plan Step 2 Step 1 www.lifethenfinance.com

  9. Reaching Your Goal - Tip Mission Accomplished! Tip: The more prepared you are, the better! Step 3 Implementation of Your Plan Step 2 Step 1 www.lifethenfinance.com

  10. The Power of the Change Jar CHANGE www.lifethenfinance.com

  11. The Power of the Change Jar • At the end of each day, put your leftover change into a container and leave it there. • Let the container gradually fill up. • Roll up your coins and take them to the bank to trade them in. www.lifethenfinance.com

  12. Put Off Superfluous Purchases Delaying unimportant purchases will make it easier for you to reach your goal – and your reward – that much sooner! www.lifethenfinance.com

  13. The Electronic Change Jar • Many banks have implemented automatic transfer programs similar to the change jar. • Any debit card purchase triggers a transfer of the difference up to the next dollar to your savings account. • Some banks will even match a percentage of your savings at the end of the year as a bonus deposit to your savings account. www.lifethenfinance.com

  14. The Electronic Change Jar Example: A $5.85 purchase would round up to $6.00, and $0.15 would be transferred to your savings account. www.lifethenfinance.com

  15. Self-Reflection Questions: • What would I like to save up for and how much does it cost? • In what time frame would I like to buy this item? • What am I willing to do to save without feeling deprived? www.lifethenfinance.com

  16. Action Tips: • Find a jar or container to store your extra change. • Delay unimportant purchases until you reach your goal. • Come up with a plan to add to your short-term savings while staying within your budget. • Put aside a set amount of money from each paycheck to contribute to your goal. www.lifethenfinance.com

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