Are you one of those people who say they wish they could do something if only they could afford it? Even though something may seem impossible to achieve, if you create financial goals, plan accordingly, and are disciplined, you are very likely to get almost everything you wish for without getting in a pile of debt. It’s also a good idea to have various plans with different money requirements and time periods. 

Determine What Your Goals Are

Do you want to get married, buy a house or travel abroad? Having a financial goal is essential to get you to save money. It will help you stay motivated, and give you a direction to take. Most people fail in this step, and end up procrastinating. To create an effective goal you will need it to be S-M-A-R-T, which is an acronym for Significant, Measurable, Achievable, Relevant, and Time-Bound.

Calculate How Much You Will Need to Spend Each Month

Now you will need to plan and set a weekly or monthly saving target. The simplest budgeting rule you can use is the 50/30/20, where you save 20% of your income to your financial future, 30% towards your wants, and 50% to your needs. You can use certain apps to keep track of your spending, such as Mint.

Live Below Your Means and Get a Side Hustle

Start cutting expenses you don’t need such as memberships, subscriptions, and takeouts. It’s also a good idea to get a credit card with no annual fee and cash back rewards. You will also need to get extra cash if you want to achieve your goal faster. See if you can get extra shifts in your regular job, or even work part-time in a restaurant, or get a freelance job online, for example. One way to make it easier to save money is by having a separate account for your goal.

Get the Best Place For Your Money

Make interest work for you, instead of against you. Find an investment that fits your needs. Is your goal for short or long term? For short term, it may be best if you left your money in high-yield savings accounts, or in short-term CDs. For longer periods of time you can invest your money in longer-term CDs, funds or bonds or even stocks and peer-to-peer loans. It may be a good idea to consult a financial advisor.