When you have made up your mind to save for something big like the downpayment for a home or car you now become energized to be a saver and the best way to do this is to create a goal with a time line.

Here’s an example:  Let’s say you want to save to purchase a new home and you need the downpayment.

First, figure out how much this amount needs to be – is it $10,000, $25,000 or maybe $50,000.  Now that you have this number, determine when you would like to have this amount save by.  So if you say, I want to have this saved up within the next five years, that means you have exactly 60 months to save it.  Now we have a little math to do and a monthly budget to create.  Here’s an example.

$50,000 saved to purchase a home in the next 5 years.

$50,000 divided by 60 months (number of months in 5 years) = $834 savings needed each month.

Now that we know we must save $834 every month to accumulate the $50,000 how can we do that?

Well, this is where you need to get creative.  Can you tighten your budget to save this amount every month?

Do you need to get a part-time job to earn this amount?  What expenses can you give up every month to help you save this amount?

Once you determine how you will make this need amount – make sure you save it in something secure, like a high-interest bank account.  Don’t play the market with your savings to try and make money faster.  Saving for something important, takes time, a concentrated effort and a defined budget to do so.

Christine’s Tip:

Remember, the fastest way for you to acquire more money is in your ability to earn it.  If that means you have to work overtime, get a “side hustle job” or cut out frivolous spending – then do it. 

We are a fully westernized country with an economic platform to provide those Americans who want wealth to prosper in a culture and economy that encourages innovation, education, and equality.  You all know that anything important to you, takes a precisioned focus and a dedicated well thought out plan.  So, if you want to save for something big, don’t wait, get started now.