If you want to achieve your financial goals you’re going to need to do some planning to determine how what you want matches up with what you can save. There are two paths come up with that answer: decide what you want and see how much you need to save for it, or alternatively, decide how much you can save first and then see what that can get for you.
If you start with a wish list of goals, and the amount you need to save seems unachievable, then you’ll need to make some decisions about what’s a need, and what’s a “nice to have”, until you reach equilibrium between goals and savings.
If you start with an amount that you believe you can save, 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. The WeVest App will help you with this. What’s more, the WeVest App will predict the benefits of paying off debt, reaching other savings goals, and paying that money forward into other goals. This infographic we’ve put together shows how that works to lower the amount of money you might think you need to save when trying to juggle multiple goals simultaneously.
Whether you choose to start with a fixed savings amount or start by determining what you want to achieve, the important thing is that you 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.