6. Set goals and save for them

Once you’ve set your goals, start saving for them to pay for your future purchases in cash and not take on any debt.

Tip 1: List your goals and determine how much you need to save for them.

This includes your next car, vacation, furniture, kid’s college, etc.

Listing your goals within a budgeting tool helps you track your progress and see the amount you’ll need to save for each goal.

Set up Goals and Budgets

Tip 2: Open a savings account.

Separate your emergency savings from your goals-based savings to know when you’ll use funds for specific purchases and planned events.

Explore Savings Accounts

Tip 3: Rename your accounts to keep your goals visible.

Put a name to your savings account like “My Next Car” or “Our Wedding.” This will keep your momentum going by visualizing what you’re working towards alongside your expenses.

Rename Your Accounts