May 2023


Setting And Tracking Saving Goals: How To Monitor Progress

Saving money is an extremely important thing in anyone’s life. It is something where you save a small amount of money from your monthly income for your future investments. For building a powerful financial foundation, saving money is crucial. But sometimes we struggle to do that, like where to start and how? Then, making a plan and strategies can help you find the answer to your question. So, stay tuned with us.

  • First, choose any saving goals.

As it is the initial part of starting your savings journey, you have to choose your goal first, whether you are saving for your child’s education, vacations, retirement, or a down payment on a home. It’s important to know how many goals you are setting. Online payment options provide flexibility in managing your finances. It’s making it easier to save for your specific goals

If you are saving for multiple goals, you have to make a plan accordingly. And save money towards each of your saving goals every month. If you are still confused about how to choose then you can take help from an online payment app, with the help of apps you can easily allocate the funds to different goals.

  • Set a goal that you can fulfill.

Setting goals is important, but setting a goal that you can fulfill is much more important. So never set a goal that is too high and or too low. If you fail to fulfill that, it can demotivate or fall short of your target. It’s important to keep in mind your current monthly income. Because of that, you are saving for your plans. If you need any help, take help from budgeting apps and tools, and it will let you know how much you can save each month. Also, use online payment methods to make it easier to manage your finances.

  • Setting deadlines for your goals.

It is something that everyone needs to follow. Setting deadlines helps you stay focused and motivated toward your saving goals. For example, you have decided to buy something next year. It can be a car, a home, or anything. It might be a shorter term, but investing in retirement planning, it’s way too long and an ongoing process. So make a plan for weekly and monthly contributions for each goal.

  • Go for the right saving account:

Just as choosing the right savings goal is important, just like that choosing the right saving account is also crucial. A right saving account means having a high-interest rate and low fees. Each account has its terms and conditions, and Some bank accounts might require a minimum balance, and some accounts have withdrawal restrictions. For example, if you have a small bank account and, according to your bank policy, you can only withdraw 10,000 per month. You can use a reliable payment app to manage your savings.

  • Break goals into smaller parts:

Let’s understand with an example. Suppose you are saving for a down payment on a property. And, it is worth around 1,000,000 rupees, and you have to pay interest in 36 months. You have planned to save around 27,778 rupees per month for down payment. It may seem challenging. So, you can break it down to a weekly saving goal of approximately 6,427 rupees, which can be easier to achieve. Breaking financial goals into smaller fragments can help you stay on your toes.

Bottom line:

Setting saving goals and achieving them is an extremely important step toward anyone’s future financial stability and security. It will ensure that one has the money for stuff they want. And after setting the right savings goal, choose the right saving account. One can move towards the next crucial step, which is tracking money. It’s extremely important to track all your progress each month.

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