Please download Accessible Psychology’s ‘Financial Budgeting Spreadsheet’ below, to take part in today’s exercise:
Life Goals Budget, Part One
Now for the super fun part! Research your top three life goals and how much they will realistically cost. Then enter in the amount you will need to save, entering in when you will start saving.
Remember to pay off all debt before saving (this is a goal in itself) and to save for things like six months worth of living expenses, pensions and insurances as well as your life goals.
You’ll finish the rest of this sheet later, once you’ve finished the next sheet – the ‘Monthly Savings Budget – Five Year Plan’ which we will cover next week.
Did it surprise you how much your goals would cost to achieve? Did writing down when you would start saving make you excited to think that you’ll soon be working towards them? Do you think you will have difficulty achieving your goals and if so why? Please share your thoughts in the comments below to gain encouragement, insight and support from our community, we’d love to hear from you.