Establishing Savings Goals
After you’ve discussed your financial desires and goals for life, set some savings goals. If you and your partner are not accustomed to working together toward a financial goal, start with something relatively small like saving for a new couch or your next short vacation. You can usually reach these goals within six months to a year, and so you get a fairly quick return on your savings investment — and an opportunity to reinforce the value of working together toward a savings goal.
After you’ve seen that you can work together toward small goals, start working on long-term goals like retirement and the kids’ education. One way to set up a savings plan is to set aside a small amount of money in a special account from each paycheck until you’ve reached your short-term goal. Keep a big jar on the dresser, where you can empty your pockets and purse of loose change.
It’s entirely possible to finance a long weekend at the ocean with just the change you throw into a jar every day. Seeing a successful example of how easy it can be to reach a savings goal can be just the thing that many spendthrifts need to give second thought to their impulsive spending habits.
