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If you’re reading this, you probably already have a budget or are learning to manage your money better. It feels good to know how much you’ll have left to spend after bills—but that leftover isn’t automatically free to spend. I thought the same way until late 2012, when I began planning exactly how much I would save. That change in mindset made a huge difference.
Along with exploring side hustles like selling services on Fiverr, I started setting specific savings goals. The strategies I used work for saving for a house, a car, retirement, or a wedding. Here’s what I did:
1) Open a Holiday Club account
My husband and I put $20 a week into a special account for Christmas. By year’s end we have $1,040. We use some for holiday gifts and the rest for birthdays during the year. Having this money earmarked prevents holiday overspending and January buyer’s remorse.
2) Save for pet emergencies
My dogs are family, so we set aside $20 a week—$10 per dog—strictly for emergencies. This fund is not for food or routine vet visits; it’s only for unexpected procedures.
3) Figure out your emergency-fund target and schedule
Decide whether you want one month, six months, or a year’s expenses saved and when you want the account fully funded. For example, if your goal is $5,000 in one year, you need about $417 per month (or about $96.15 per week). I’ve already hit my emergency goal, so I now contribute $50 a week to keep momentum while tackling other debts.
4) Save now for a future car
After a small accident last winter, I decided I needed a safer vehicle. I’m planning to buy an all-wheel-drive SUV and am saving now so I won’t need a loan later. I’m setting aside $90 a week. Depending on your income that may feel big or small, but it’s easier to skip a $90 impulse purchase than to scrimp for a loan payment later. I treat that money as already spent—kept separate and not counted as available—so I don’t touch it.
Do you have planned weekly savings goals? What do you save for?
