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When you make specific goals, you’ll find saving for them comes more naturally and you’ll be more likely to achieve them. While saving money and being financially self-sufficient are goals that many people have, not everyone achieves them. This is partially due to lack of clear focus. Defining specific goals for financial savings helps you achieve them more quickly and also manage your wealth better.

Where to Start

The first place to start is to look at what you wish to achieve and why you are saving and investing. Do you want to put a down payment on a house? Do you intend to pay for your kids’ college education or your own? Are you aiming to create a nest egg for emergencies and any possible scenarios you may need to weather down the road such as illness, layoffs and more? (For more, see: 6 Budget Must-Haves.)

Investing often requires sacrifice. You are making the active decision to forgo some immediate pleasure by saving money you could have spent right away. By having clear goals, you are able to proactively manage your investments effectively, knowing the exact purpose of your investment. You can create different accounts and also separate your savings, according to your specific goals. As you achieve each goal, you will gain more confidence and be motivated to save more for your next goal.

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