Chances are, if you’ve bought it, it was because you saved for it regularly as per a certain plan, and if you didn’t, then it was because you did not plan for it.
If you don’t have a specific goal and a proper plan, something like the savings plan we have already discussed, you will end up spending all your money on whatever is available in front of you. Your real needs and wants will soon be forgotten.
Still, planning is just step 1. It is not enough. You must plan and then track your savings and expenses regularly to ensure that you stay on track. You may even change your plan along the way so that your goal is met. For e.g. if some month you have to spend more, then save more the next month. Or if the cost of the item you are saving for goes up or down, change your plan accordingly.
Here are five essential steps to help you create a successful savings plan:
Plan [plan] - a detailed proposal for doing or achieving something.
Track [trak] -follow the trail or movements of (someone or something), typically in order to find them or note their course.
Here is a recap of how to save for a specific goal:
|Saving duration||26 weeks|
|Amount to be saved every week||₹ 115|
"A goal without a plan is just a wish." ~ Antoine de Saint-Exupéry
"Plans are nothing; planning is everything." ~ Dwight D. Eisenhower
"He who fails to plan, plans to fail." ~ Proverb
"It pays to plan ahead. It wasn't raining when Noah built the ark." ~ Peter Drucker
The idiom ‘best-laid plans of mice and men oft(en) go astray’ highlights the importance of tracking. And the term ‘game plan’ is used for the plan made for achieving success
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Visualising what you want is a great way to ensure that you stay motivated throughout your savings plan period. Imagine yourself buying it, opening it, enjoying it.
Don’t rush this part. This will ensure you succeed in saving for what you want.
All this is really worth the effort, because apart from the direct benefits of getting what you want, you might also feel the additional satisfaction of being in control. This can increase your self-confidence!