Start Saving, Adjust on the Fly
Two Paths, One Outcome
If you want to achieve your financial goals, you to need a plan to determine what to do when you start saving. There are two paths come up with that answer. 1) Decide what you want, and determine what is required to get it. 2) Decide how much you can save first and then see what that can get for you. Either way, you probably won’t hit the target on your first try. Likely, the amount you’re saving won’t achieve all of your goals, or the goals you set initially will be unrealistic.
If you start with a wish list of goals, and the required savings seems unachievable, you’ll need to make some decisions. Decisions about what’s a need, and what’s a “nice to have”, until you reach equilibrium between goals and savings.
Once you start saving, you’ll want to see what that will get you. If you’re unsatisfied, you’ll need to ratchet up your savings to improve what you get for your savings. This infographic will help you with this. It shows how saving for multiple goals is more achievable than you think. The WeVest App will predict the benefits of paying off debt, reaching other savings goals, and paying that money forward into other goals, calculating the benefits to you of using the investment waterfall.
Start Now, Adjust as Necessary
Whether you start with a fixed savings amount, or by determining what you want to achieve, start now. It’s going to be impossible to monitor and judge your progress if you don’t know what you supposed to be doing. Once you start saving, you’ll know whether you are on target or not. Either way, you’ll be moving in the right direction. You’ll also have a better understanding of what you need to do to succeed. Ignorance is bliss in many cases, but never when it comes to your finances.