If you are like me then you have probably figured your future out. I like to sit down and write about what I want my future to be like. And as they say, achievers achieve by doing and not just planning. I have opened a goal savings account with a local bank that has helped me save for all my dream goals. I don't want to live with the hustles of mortgage and rent for my whole life. Saving in a goal savings account is easy because you choose the amount you want to save and for how long.
Savings is one virtue everyone should thrive to have for it is necessary if we have both short-term and long-term goals to pursue in life and it is also a good idea for a married couple to save since it contributes to the growth of the family. However, it is not easy to save as you outlined above on your post considering the fact that human wants are unlimited at a particular point in time. These wants of man put him in a state where if care is not taken, he ends up spending everything he gets in an hour, day or month to satisfy those wants. That is the reason I said that saving for the future is really a virtue everyone needs. Back to your plan, I am thinking towards that direction of saving a percentage of my income on monthly basis considering the fact that I don't get paid hourly for my work. I am planning to open such an account where I will save and dare not to use the money I save there in order to ensure that it grows bigger over time. However, my savings won't base solely on building my dream house but also on making an investment in any huge opportunity that presents itself in the future. On that note, I think everyone should have the drive to save for the future is somewhat unpredictable. That is to say, that to have a brighter future, we all need to save.
@Barida saving towards new investments is also ideal savings plan but you also need to save for personal growth. You could better still divide your monthly savings where one portion goes to investment and another to other personal goals like the one I outlined.
Oh! then we are still saving the same thing just that you said it in a way that one can now separate goals of saving for a particular purpose from another which is still not bad. I think that is also a good idea so as to track expenses made from savings as well. What was I saying is what if someone does not have the time to maintain such accounts like three different account, what happens? saving in a single account for a multiple of goals is also possible, but one needs to be careful not to make savings in things that are not priorities such as buying a new car.
When I was younger, we saved money for downpayment in buying a house. We were renting at the time. However, it seemed that we couldn’t save much because extra expenses kept on coming – social and occasions, medical expenses, etc. And then the big break came when my office offered me a bank loan. I grabbed the opportunity and we were able to buy a home where we live now. This is not to discourage people from saving but you have to be bold enough to get a mortgage because that is the fastest and best way of owning a home.
Its a great idea but the problem is I am a little eccentric so I just don't be regular when it comes to saving money and listing down my future plans. I pity myself for being like this but I am trying to be responsible as far as possible. I will try to open a goal savings account like you said and try it out. Thanks for sharing and good luck.
