Goals

Budgeting in action: open three instant savings accounts and name them after your goals

Now that you have a brand spanking new budget what better than to organize your savings by opening three new instant savings accounts to celebrate? This will allow you to keep track of how much you have saved up for each goal and means that you won’t ever get the purpose of which monies are for which goals confused and thereby leaving you short changed for completing a goal.

 

I personally have five savings accounts and they are named:

 

  1. Car Savings (for my insurance, MOT, services and maintenance)
  2. Peter Trip (money to see my boyfriend as we live long distance)
  3. America
  4. South Africa
  5. Website (stay tuned – they’ll be a big redesign next year!)

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Budgeting in action: Finish your life goals budget

Please download Accessible Psychology’s ‘Financial Budgeting Spreadsheet’ below, to take part in today’s exercise:

 

Download “Finance-Budgeting-Spreadsheet.xlsb” Finance-Budgeting-Spreadsheet.xlsb – Downloaded 127 times – 17 KB

 

Life Goals Budget, Part Two
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Budgeting in action: do the ‘Monthly Savings Budget – Five Year Plan’

Please download Accessible Psychology’s ‘Financial Budgeting Spreadsheet’ below, to take part in today’s exercise:

 

Download “Finance-Budgeting-Spreadsheet.xlsb” Finance-Budgeting-Spreadsheet.xlsb – Downloaded 127 times – 17 KB

 

Monthly Savings Budget – Five Year Plan

 

Now you have how much each of your three goals will cost in terms of money you can incorporate this information into your ‘Monthly Savings Budget – Five Year Plan’.

 

First of all, check that the amount you find in the ‘Total Monthly Savings’ column matches the amount in the Monthly Expenses and Savings Sheet – specifically the ‘Budgeted’ ‘Total Monthly Savings’ cell. If it does you can skip the technical bit!

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What to do if you’re not saving enough to achieve your goals (SPOILER: There’s always a way to achieve your dreams!)

How long will it take for you to pay off your debt? When can you start to save and how much will you be saving each month? After doing your life goals budget are your monthly savings enough to fulfill your goals? If not reconsider what you can cut back on so you can save more each month. If you simply want to achieve them but could wait a little extra time to do so you could contemplate taking longer to complete your goals.

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Budgeting in action: research and create a ‘Life Goals Budget’

Please download Accessible Psychology’s ‘Financial Budgeting Spreadsheet’ below, to take part in today’s exercise:

 

Download “Finance-Budgeting-Spreadsheet.xlsb” Finance-Budgeting-Spreadsheet.xlsb – Downloaded 127 times – 17 KB

 

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.

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Budgeting in action: read ‘How to Turn Your Dreams into Reality’ and create three life goals

One of the biggest contributors to long-term happiness is feeling a sense of progress in life and having goals is by far the best way to achieve the happiness that so many of us desire. What do you love to do? What have you never done but would like to try? What do you dream about being possible for you?

 

Once you have your three goals we can then go about budgeting for them to make achieving them even more obtainable – a critical step that many goal setters skip!

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Budgeting in action: create a revised and realistic monthly budget

Please download Accessible Psychology’s ‘Financial Budgeting Spreadsheet’ below, to take part in today’s exercise:

 

Download “Finance-Budgeting-Spreadsheet.xlsb” Finance-Budgeting-Spreadsheet.xlsb – Downloaded 127 times – 17 KB

 

Monthly Expenses and Savings Sheet (Budgeted Column)

 

Last week we entered in our current expenses in the ‘Actual’ column, this week we’ll fill out the ‘Budgeted’ column.

 

When creating a budget it is vital to do your research into how much things realistically cost but also honestly assess what you can cut back on. Do you need to buy lunch? Could you make a sandwich and take that to work instead? Do you need to spend as much on entertainment? Could you perhaps drink before going out and then just top up when on nights out in bars? Would buying a monthly pass for travel be less expensive than paying daily travel costs?

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Why Effective Budgeting Empowers Us

It’s a sad fact that millions of people in the UK have just £100 in savings, with the US not far ahead only having $500 in savings. Living without the stability of having emergency savings (typically advised by financial experts as needing to be six months worth of living costs) can have a huge psychological impact. Anxiety, depression and stress can all be symptoms of being financially insecure.

 

Although budgeting may be a scary prospect considering the state of most people’s savings the alternative is much worse. What if you lost your job? Would you have enough savings to support yourself and possibly your children whilst you look for another?

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