Four steps to setting New Year’s savings goals

28 December 2015
Author: Chloe Stanois
The New Year is right around the corner. Have you made any New Year’s resolutions yet? If you’re looking for ideas, you may want to resolve to save more money in 2016. Saving demonstrates good financial management, especially if you’re saving towards a goal like, an emergency savings fund, a car, education, or a family vacation. 
 
Saving money has the positive benefit of giving you a sense of accomplishment. No matter how small the amount, developing a savings habit means you’re more likely to continue saving, even after you’ve achieved a particular savings goal. But saving money can often feel stressful without a savings plan. 
 
To create your own savings plan, follow our four steps to New Year’s goal setting: 
 
1. Define a SMART goal: Your savings goal should follow the acronym SMART. SMART goals are:
 
Specific: When your goal is specific, it is easier to manage.
Measurable: If you can measure your goal, you will know when you are getting close to it.
Achievable: Set a goal that is within your power and ability to achieve.
Realistic: Setting unrealistic goals can be discouraging. Make sure your goal is realistic for you.
Time-bound: Give yourself a clear deadline to achieve your goal.  
 
2. Outline the steps towards your goal: Write down all the steps you will need to take, big or small. This will give you a clear path toward your goal.
 
3. Look at the challenges and think of strategies for dealing with them: There are often road blocks on the path to achieving our goals. Think about what some of these might be. What resources or knowledge do you have to overcome them?
 
4. Stick to it: You won’t reach your goals right away, so be patient and stay committed to what you plan to achieve in 2016.
 
To help you set and reach your own savings goal, try using our goal-setting chart that will help you commit to a plan that fits your own lifestyle. 
 
For more tips, visit our Financial Literacy Facilitator resources and see module one on exploring your relationship with money and module five on saving.

THE AUTHOR

Chloe Stanois is the Marketing and Communications Officer at Prosper Canada. Chloe is passionate about using storytelling to share Prosper Canada's vision and connect with others. She has a communication studies and sociology degree from Wilfrid Laurier University, and a corporate communications and public relations post-graduate certificate from Centennial College.

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