Set a Savings Goal
You may be tempted to buy an item such as a new phone, a car, or even a house. However, it is important to save up for these items. Below is a process in how you should probably make plans in buying your new item.
Savings Goal #1: A new game console
Cost: $500
Savings Goal #1: A new game console
Cost: $500
Time Period |
Course of Action |
1 Month |
This is not enough time. Give yourself more time! |
4 Months |
Save $125 a month, or about $30 a week! |
12 Months |
Save only about $10 a week and you’ll get that console in no time! |
24 Months |
Two years makes it so you only have to save $5 every week! |
Time determines how much you have to save in how long. If you give yourself more time, you can save a less per time period to meet the whole total. If you give yourself little time, you have to save more per time period.
Savings Goal #2: A semester of college tuition
Cost: $5,000
Savings Goal #2: A semester of college tuition
Cost: $5,000
Time Period |
Course of Action |
1 Month |
This is not enough time. Give yourself more time! |
1 Year |
Even with a year, a semester of college would require you to save about $417 a month. |
3 Years |
With three years, you would need to save about $139 per month for a semester of college. |
5 Years |
With five years, an approximate amount of $84 can be saved per month for a semester of college. |
Time really determines how much to save and how long you should give yourself to save. Save often and save early for the best results!