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Short Term SMART Goal:
Save $1000 before August for a shopping trip. -
Step 1
Work More Hours- To save up more money, I need a larger income. I will work in between 12-15 hours weekly. -
Step 2
Set up that my bank automatically puts 25% of my deposits into my savings account. This was it is more difficult for me to access this money and I will be less likely to spend it. -
Step 3
Don't touch savings account. It may be tempting but keep larger goal in mind. If in need of money, work more hours that week instead of touching savings. -
Step 4
Spend less money day-to-day. Don't spend money on little things, only on needs. Eat at home more often. -
Step 5
Keep all Receipts- keeping all receipts will allow me to evaluate what I spend money on and what I can cut down spending on. Cutting down what I spend money on, will allow me to save more money, faster. -
Long Term SMART Goal:
Stay under $50,000 in debt for college. -
Step 1
Cheapest Living- living in a dorm will save me a lot of money vs renting an apartment near/on campus. -
Step 2
Don't go out all the time- resist the urge to go out and spend money. Instead, invest more time into education or free activities like reading, going on a run, or biking. -
Step 3
Save more money than I spend- it will be hard but for these 4 years of my life, I will only allow myself to spend money that I earned that week and not go over. Resist the temptation of buying a lot of material stuff and invest saving into my future. -
Step 4
Payback 20% of income to loans right away- 20% of what I earn will go directly into my loan to payback. -
Step 5
Work 20 hours a week all throughout college- it will be a huge time comitment but it will keep me out of trouble and create a better future.
