Finance

SMART Savings Goals this Year

After the pandemic, things are not the same, especially in my finances, but I am still trying to do my best to stand again. This includes my savings goals. And to make it more realistic, it’s a good idea to set specific, measurable, achievable, relevant, and time-bound (SMART) savings goals for myself. Here are some examples of savings goals I might consider setting for 2023:

  • Emergency fund: I aim to save enough money to cover three to six months’ living expenses in an emergency. My emergency fund was depleted back in 2020.
  • Down payment on a home: I am planning to buy a retirement home in the future, so I guess setting a goal to save a certain amount for a down payment by the end of 2023 would be very helpful to keep things rolling.
  • Retirement: I am trying to determine how much I will need to save each month to reach my retirement goals. So, I plan to set a target to start saving by 2023.
  • Education expenses: Two of my children are already in college, and one will enter high school next year. I need to set a goal to save a certain amount for tuition and other education expenses.
  • Vacation: I am always planning a trip. I think this is something that I will always have in my savings goal. Setting a goal to save a certain amount for travel and other expenses is always SMART when you want to travel.
  • Debt repayment: I have debt. This is something that I accumulated during the pandemic. I will set a goal to pay off a certain amount by the end of 2023.

Here are my savings goals this 2023, this can be yours, too. Remember to make your savings goals SMART: specific, measurable, achievable, relevant, and time-bound. This will help you stay motivated and on track to achieve your financial goals.

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