How to save for your biggest financial goals

That’s why it’s important to develop a realistic strategy that’s simple to follow and stick to. Once you’ve got everything in place, you’ll be able to effectively save for your goals, no matter their size.

Saving for small financial items vs larger financial goals

Whether you're eyeing a new phone or saving for your dream home, smart saving starts with a plan. Short-term goals, like a vacation or gadget, are perfect for flexible savings plans that give you quicker rewards. But for those big things, like owning a home, a long-term strategy with consistent saving is key.

Here’s a quick guide to help you understand the difference between small financial goals and bigger financial planning better:

Understanding these differences can help you create a more effective budget plan and achieve your financial goals, whether they are small or large. By tailoring your financial planning to the specific needs of each goal, you can save money more efficiently and make your dreams a reality.

Plan for specific financial goals

Whether you are saving up for retirement, education, an emergency fund, or any other major financial goal, you need to know what you’re working towards. This will determine the actions you need to take, and the clearer you are on the goal, the clearer the path you can create towards it.

Once you know what you’re saving for, you need to be realistic about how much you can save and what the timeframe is for achieving it. Creating a budget plan can help you outline the steps and necessary actions to getting to your goal.

Re-evaluate your spending habits

Saving more means having to spend less elsewhere, and by reviewing what you spend your money on (from household expenses to entertainment), you can be intentional about the changes necessary to free up extra cash.

Use the Money Movements add-on on your Banking App to get a full view of your income and expenses to help you manage your money effectively.

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Draw up a budget plan

Budgeting isn’t glamorous, but it is effective if you stick to it. Saving for a bigger goal requires a longer commitment and consistent contribution, and a budget will help you not only control your spending but also see how you can fit your savings commitment into your finances.

Our innovative Budget Manager add-on makes budgeting a breeze, helping you get to your goals without the hassle.

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Make sure you have the right type of account

Certain savings and investment accounts will be better suited for your needs. If you’re saving for a long-term goal, such as retirement, consider a retirement annuity, which is an account specifically for that. If it’s a shorter-term goal where you need access to the money, then a Fixed Deposit investment account or a PureSave account could be more effective.

When you’re parking your money, ask yourself:

• How will this account help me reach my goal?
• How long will my cash be stashed away?
• Do I need access to this money?
• Do I qualify for this account?

Use our Savings and Investment Product filter to do your research on which accounts are suited to achieving your goals.

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Set up a debit order for your savings

It can be tempting to spend any extra money on something else during the month, so to avoid this, automate the process of transferring your savings into your savings account as soon as you get paid by setting up a debit order.

That way, it’s less tempting to spend the money, but you’ll also know that it’s been taken care of and that you won’t have to ‘find’ the money in your budget later.

Automate your savings

Take control of your savings today with our Banking App. Set up your automated transfers and watch your financial goals, big and small, become a reality, one effortless deposit at a time.

Need more guidance on how to make your financial goals a reality? Speak to one of our financial planning experts about your future, today.

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_{Disclaimer: This article is solely intended for information. It does not constitute financial, tax or investment advice or recommendation. Please speak to a financial advisor or registered financial professional before making any financial decision(s).}

_{Standard Bank, its subsidiaries or holding company, or any subsidiary of the holding company and all of its subsidiaries make no warranties or representations (implied or otherwise) as to the accuracy, completeness or fitness for purpose of the information provided in this article or that it is free from errors or omissions.}