When both Daniel & I were in school, saving money instead of spending our savings was a huge deal- and very rare. Now we are able to put a little more aside in savings, we have made goals each month for our savings. This is our proccess:
1st- We guesstimate what our earnings will be at the beginning of the month.
2nd- Subtract our fixed expenses (Rent, Insurance, cell phone, Electric)
3rd- We set goals for what our variable expenses will be. (groceries, gas, car maintenance)
4th- Using these numbers, we decide how much we will save. Throughout the month we track our earnings and expenditures to ensure we are on course to meet our goal.
Setting goals helps us to have direction, and save a lot more! If we did not have goals, we would be happy with a lot smaller amount of savings. Setting big savings goals pushes us a little harder to find ways to earn & save money.
Learn more about our Financial Goals and our plans to reach them here.
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