buying a house
Personal Finance
June 11, 2019

How a Savings Chart Can Motivate You To Stash Cash

Written By Mary Beth Eastman
Last updated June 11, 2019

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Sometimes the best way to stay motivated to meet a financial goal is to put a visual aid in a prominent place in the home or office. This is very helpful when trying to save enough money for a major purchase. A constant reminder helps you meet goals such as a down payment on a car or home, or a yearly vacation or a new appliance. A savings chart is convenient and easy to create and customize based on your needs.

As the name implies, the chart can be a simple poster divided into time increments with a running tally of the amount of money that has been put aside. You may find it more convenient to use daily, weekly, or monthly increments depending on the size and duration of the goal. Artistic? Decorate the chart to help keep your attention. People who are more interested in technology may want to keep their chart in a spreadsheet or other digital format.

A basic way to stay on target is to divide the chart into smaller goals. Divide the total amount into percentages or noteworthy dollar amounts. Reaching smaller goals keep you from getting discouraged.

Many of us have a competitive nature that is manifested in various kinds of self-improvement. Keep in mind that your financial health is just as important as other aspects of living that you invest a great deal of time and energy into. By creating reasonable, realistic goals on the chart, you may be surprised at how quickly you can meet your goal. You can  become quite disciplined with a visual tool that helps you stay focused.

Whether putting aside money for emergencies, purchases, investments, or necessities, everyone can benefit from learning how to get better at budgeting and saving. It’s an important life skill that will help eliminate unnecessary expenses and avoid future financial problems.

Once you’ve mastered the skill,  grow your money in an investment brokerage. When you open an account online, it’s easy to get started with investing. Here’s a list of the best online investment sites.

Getting into the habit of charting your progress is one of the easiest ways to improve your financial awareness and consistently meet goals.

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