How to Save Money for Your Big Financial Goals

“I love saving money. I love it because it feels good to put money away for the future, and I also love it because of how much more you can do with your money when you save up first. But to be honest, I don’t always feel like saving money—there are so many other things that I want to spend my money on!”

However, if you don’t have savings, then there will never be any room or opportunity to make big financial moves. That’s why having goals around what you want to achieve financially is important. They keep your mind focused on making the right decisions when it comes to time to save up some cash. In this post, we delve into how exactly one can start saving small amounts each month so that they have enough saved up by the end of the year.

1. Decide on your financial goal.

Before you start saving, it's important to decide on your financial goal. It's also a good idea to make sure that the goal is realistic, achievable, relevant, and important to you.

It can be tempting to dream big and set goals that are completely out of reach—but think twice before doing so! If your savings plan is going to leave you struggling financially at the end of each month rather than help you achieve your dreams faster, then it might not be worth pursuing it in the first place.

To help determine if a particular financial goal is realistic or not (and thus possibly something worth pursuing), ask yourself these questions:

• Is my earning potential sufficient? Will I have enough resources available when this happens?
• Do I have any existing assets that could help me meet this financial goal earlier?
• Would achieving this financial goal improve my quality of life? Or would it just make me feel like I'd finally achieved something after struggling for so long without achieving anything worthwhile?

2. Work out how much money you need to save every month.

You need to figure out how much money you can afford to save every month. You can use a savings calculator to calculate how long it will take to reach your savings goal.

For example, if your goal is ?1,000,000 and you are currently saving ?5000 per month, it would take about 17 years to reach the target amount. But if you increase your monthly contribution by ?50,000, it will take you only 1 year, 8 months.

3. Work out how long it will take you to reach your savings target.

If you want to save for a big financial goal, you first need to figure out how much money you need. Once you have an idea of the size of your savings target, divide it by 12. This will give you your monthly savings goal. For example: If you want to save ?1,000,000 in five years or less.

There are 60 months in 5 years. Divide 1,000,000 by 6 and this gives you about ?16,666 per month (or ?17,000).

4. Break down the big picture into smaller goals.

Smaller goals are easier to achieve and more motivating than one large goal, so they can help keep you focused on what is most important at any given time. They also make it easier for you to stay on track with your savings plan because they allow you to see clear progress each month as well as celebrate your achievements when they happen! You don't want anyone else to celebrate this kind of thing except YOU!

5. Set a reminder to make your first payment.

Set a reminder on your phone, computer calendar, watch, laptop or tablet. You can do this by going into the app or program you use or clicking on the calendar icon in your web browser. Then click "new event" and add all the details about what you're paying for and where it needs to go (e.g., ?Save 20,000 in AXA Mansard money market fund account).

6. Set up a standing order: If you're sure that you want to save a certain amount every month, it's a good idea to set up a standing order so that your money is transferred into your savings account automatically.

7. Saving little by little can help you meet any big financial goal.

Saving a little bit every day, week or month is the most important thing to do if you want to meet your financial goals. The good news is that saving can be easy when you start small. You don't have to save thousands of Naira all at once—even if it feels like it! Even if you just throw in ?2,000 or ?5,000 every time you get paid, that adds up fast!

Conclusion

Saving money can be a challenge, but it’s worth it to make your dreams come true. If you follow these steps and keep working hard, you will get there. Start a life savings plan today or open a money market fund account to save towards your financial goals.