Here is the best way to help you achieve your financial goals with weekly savings. Weekly Savings Goals are the proven way to meet your bigger financial savings goals. It is easier to write down your financial savings goals than to actually put in the work to save money.
But I have an old but useful suggestion that I think you should try. You have heard it before but maybe this time you should actually add commitment and action behind those goals.
This is the year that you achieve financial goals with weekly savings.
As you embark on this journey, use one of these Free printable savings challenges to motivate, inspire, and help you keep track of your saving goals. Download and print any savings tracker template you want for free.
How to hit your Financial Goals with Weekly Savings
1. Set a weekly budget.
Most of us set a monthly budget but a month is really a lifetime when you look at finances. It’s easy to fall off the wagon and have zero motivation to get back on track. Research shows that a week after payday, most people are broke.
So instead of a monthly budget, set a weekly budget.
But what does that really mean?
It means you set a weekly budget to buy groceries. Decide how much you will spend every week on groceries and set that aside. This is very helpful because your food does not spoil. You get to buy fresh fruit and meat every week.
The weekly budget also allows you to meal plan. You will only be buying food for meals that you are cooking during that week.
Avoid bulk buying. Just because something is on special, especially for fruits, vegetables, and other perishables, it does not mean you need to buy it. The aim here is to not be wasteful by buying things you will not need this week.
It also means your pantry is not over-stocked with all the non-perishables that you will never use. Yes, I am talking about all the rice and pasta that you keep stalking up but never use.
2. Build a bulletproof emergency fund.
Most of our budgets do not work because life happens. We get hit by emergencies and unexpected expenditures and then what was a great budget crumbles faster than we can adjust.
All this is because we do not have an emergency fund designed to stand the punches that life throws at us.
Take time to stop all financial goals that you have and focus on building 0-6 months’ worth of expenses, in savings. This is the best thing that you can do to protect yourself and your future financial goals.
Yes, the geyser will burst, a tire puncture will happen, someone will pass on, there will be a medical emergency, equipment will break down, etc. These are mishaps in life that will cost you a fortune if you are not prepared for them.
But if you have taken the time to save enough money to prepare for the unknown but certain events, you have won the financial journey.
Not sure where to start, let us guide you to be able to build a strong emergency fund.
3. Join a Stokvel that works for your financial goals.
Stokvel just refers to a group of people who have come together with the same financial goals to save money. I do not have to tell you that there is power in numbers.
There are many kinds of Stokvels that you can join, here is a list to help you out. The idea is to work with a group of honest, respectable and committed people who will hold you accountable and work with you to reach those goals.
Although stokvels may be common among South Africans, the idea can be implemented by anyone.
Having people around you who want to save money means you have accountable partners. As with every goal you plan to do in life, you must get others on board.
Stokvels are about saving money as a group but also about reaching your personal goals. You can work with others to help each other nail those numbers. If you want to achieve financial goals with weekly savings, you may have to be willing to work with others.
4. Live a Frugal life, every day.
If you want to save money weekly you need to allow yourself to save money daily using effective habits. Saving money is all about the little habits that you do every day.
If you are blowing money every weekend you cannot expect to hit those financial goals.
Frugality is not about being cheap or living an airtight or exhausting life, but it is about being intentional with your money. Frugality is a fun and unconventional way of life, but it works especially for those who want to save money.
Here are some basic frugal tips to consider, read more here:
- Avoid the latest gadgets – especially if old ones work perfectly fine.
- Avoid beverages at restaurants – Order tap water with lemon instead or tea
- Limit extended warranties – You do not need all of them.
- No need for Fancy vacations – Look for free things to do around the city that make you happy.
- Do not buy a brand new car – The costs are not worth it, buy second-hand good quality.
- Avoid going to the car wash – Honestly, you can wash your own car.
These are small changes but if you want to achieve financial goals with weekly savings this is where you should start.
5. Avoid getting into more Debt.
If there is one thing holding most people back it’s debt. If you learn to avoid consumer debt like a plague then you have won one financial battle
You will not always afford everything all the time, but you can save up and be able to afford it soon. That is what we call delayed gratification. You cannot have everything you want today, but someday you can.
Release yourself from the shackles of debt, interest rates, creditors, and never-ending stress. Your life and peace are worth more than that.
Many people are imprisoned by debt which means achieving financial goals with weekly savings is impossible. Try not to be those people.
Final Thoughts.
Honestly, just applying these 5 simple steps can be the difference between hitting your goals and watching another month go by with failed targets.
The question of setting and achieving financial goals with weekly savings is huge, but the key is to pick simple steps and follow them. Rome was not built in one day but with one brick at a time. It is now a massive structure.
Never give up, lay your foundation one brick at a time with these steps and you will see a massive change in your financial targets and goals.
For all those passionate about finances out there, please share other ways we can win by achieving financial goals with weekly savings.
