How To Save For Short-term Goals

How To Save For Short-term Goals: It’s good to be ambitious and it’s great to have a fixed set of short-term goals in mind. They help you stay focused and also help establish financial security simultaneously. What’s better than making your dream come true and becoming financially secure at the same time?

All set to take over those short-term goals? Let’s begin!

Money lying idle? Put it to use.

If you have some free cash lying useless, you better put that to use. This doesn’t mean grabbing notes from the secret pile underneath your mattress. Actually, that too, but you also need to look out for other things that are just blocking your money. Not sure where? Unused gym memberships, guitar classes you never went to and all those unnecessary gadgets you never used are a part of it. If it’s a thing you never used (and most probably won’t use in future either), consider selling it off. Before you come up with new excuses, gym memberships can be sold off too. All set to free some cash? Let’s go!

Recurring Deposit to the rescue!

If you want to be a little systematic about the way you save, give Recurring Deposits a shot. They are a sure-shot way to ensure savings. How? A part of your money automatically keeps getting deducted from one of your bank accounts and keeps getting collected in the Recurring Deposit account. So, it’s like once you opt for a Recurring Deposit, you will save (even if you don’t want to). The thought of money getting deducted from your Savings Account every month sounds irritating? Don’t worry! One day, it’ll make you the happiest person on this planet! Till then, just focus on saving for your goals.

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List them down

Before beginning the ultimate game of reaching all those milestones, you need to decide what those milestones are. Duh! We insist you grab a pen and piece of paper and peek into your mind. Hold on! Don’t get lost in those dreams. Remember, the whole point of this exercise is to focus and prioritise your goals. Once you do that, you’ll know exactly where to begin. Differentiating between short-term and long-term goals might be a little difficult (considering you have a lot of dreams), but let’s take baby steps for now. Nothing is impossible, and you’ll surely turn all these dreams into reality one day. But for now, let’s focus on thinking about what we want to achieve in the coming future, shall we? Got your list ready? Great! Let’s proceed.

Invest according to your goals

Investing is the best way to ensure a solid financial future ahead. But before randomly signing up for any XYZ investment plan, you need to think about your immediate goals. Just because a certain investment plan makes sense for your friend, doesn’t mean it’s the best option for you too. Think clearly and plan according to your goals. For instance, if you’re planning to buy a car soon, investing in a long-term scheme might be the worst decision of your life. Not only will that block a lot of money for no reason, but will also stop you from achieving that immediate goal. You won’t want that to happen, will you? So, be smart and explore all options before narrowing down on something.

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These are some ways to save for that short-term goal. If you think that none of these will work in your case, you must consult a financial advisor. They can plan things according to your goal and give you saving solutions accordingly. No matter how small that dream is, you need to fund it, right? You need to save big (unless you have hidden treasures somewhere)!

So, go ahead and take that first step towards your dreams. Open a Recurring Deposit and start saving.