Setting Goals

Putting your goals in writing not only helps you keep them top of mind but also helps you to create a game plan for how you’re going to accomplish each one.

Basic goal types

There are three basic types of savings goals, short-term (one year), mid-term (one to five years) and long-term (five-plus years). For short and mid-term goals you can use the cost of the item, minus the amount you have saved so far and divide the number of months you have to save. Longer-term goals are little more complicated because you can deposit your savings into an appropriate investment vehicle that may earn interest and help you reach your goal more quickly.

How much should you save to reach your goal?

Our financial calculator can help you figure out how much you should save each month in order to accomplish your goals. Always remember to be specific about your goals and make sure they’re attainable. For example, wanting to save for a $15,000 car is specific but wanting to be rich is just a wish.

Don’t give up

If the amount you planned to save doesn’t leave you enough room in your budget, don’t give up all together, instead adjust the length of time you’ll save or the amount in which you are planning to save. There are many moving parts and pieces to your budget with unexpected expenses so you have to remain flexible when you are reaching for your goals.

Get started with VACU savings options

We’re here to help you reach your financial goals with our automatic savings options. Check out Change Jar which automatically rounds up the amount of any purchase you make with your debit card and deposits the extra “change” to your savings account. You can also set up automatic deposits to your savings account from each paycheck to help make saving a habit.