4 Steps to Help You Reach Your Savings Goals


Start saving money today!

Saving money can give you peace of mind. Read our tips to help you be successful at saving money!

Toy car, toy house, and pink piggy bank used in The Frugal Housewife's "4 Steps to Help You Reach Your Savings Goals."

You know you want to save money but you really aren’t sure how or where to begin.

One place to start is the personal finance blogs on the web. There are a lot of good ones out there but most of them will tell you the same thing —

  • “Make a budget.”
  • “Spend less than you earn.”
  • “Pay yourself first.”
  • “Clip coupons to save money.”
  • “Don’t buy books, go to the library.”
  • “Create an emergency fund.”

This is all great advice, but for some, it is still hard to save money. 

Why?  You have to take a couple more steps and make a decision to save money and then become determined to save money.

Here are four steps to help you get started.

4 Steps to Help You Start Saving Money

Change the way you think about saving money.

Start looking at your savings account as a tool to help you achieve financial freedom and peace of mind. If you have a savings account and have an unexpected emergency, such as your car breaking down or a trip to the doctor, you don’t have to worry because you have the money in the bank to help you cover those expenses.

Set saving goals.

Setting saving goals can be daunting at first. Why? Because you will need to figure out how much money you have available to put into your savings account. This means you will need to set a budget for your household. The budget will tell you where all your money is going each month.

Eggs painted gold with words "house", "educator", "wedding", and "car" used in The Frugal Housewife post "4 Steps to help you Reach Your Goals."

Once you know how much money you have available to put toward your saving goal then you can figure out what you want to save money for. Here are some saving goal ideas to help you get started.

  1. Start an emergency fund for your family. 
  2. Take Mom on a very nice vacation.
  3. Buy a new car or make some car repairs on your current car. 
  4. Pay cash for Christmas presents.   
  5. Replace your old washing machine and dryer.
  6. Remodel your kitchen.
  7. Buy a new house.

Hint — You can have more than one savings goal. A good way to keep track of each savings goal is to have separate savings account for each one.

Make a plan for reaching the money saving goal.

You’ve got your saving goal set and the amount needed for each goal. 

Now you have to make a plan to reach the goal! One of the first steps is to decide out how long you want to save for your goal. Is it a long-term saving goal or a short-term saving goal?

Suggestion: If you have never set saving goals before, why not start with a short-term savings goal? Short-term saving goals could be something like saving for a new computer or saving for a new television. Setting smaller goals and accomplishing them gives you confidence to keep going forward in setting saving goals.

Once you decide how long you want to save, then you’ll need to take the goal amount and divide it by the length of time to reach the goal. This will give you how much money you will need to put into savings each month to attain the goal.

For example, in January you decide you want to save up $900 to pay cash for Christmas presents this year.  You want to start shopping at the beginning of November.  You have ten months to save the money.  So to reach that goal, you will need to save $90 a month.

This post may also help you reach your saving goals.

Stick to the plan.

Become determined to accomplish your goal by sticking to the savings plan. Here are ideas to help you.

  1. Pay the savings account each month just like it is a bill.  If your bank has automatic transfers from your checking account to your savings account, set it up.  Make sure the money is in the checking account each month on the transfer date.  Before you know it, the time period for your savings goal will be over and you will have the money saved up.
  2. Put any extra money, such as a gift, a tax return, a bonus from work, or some other way that you receive money over and above your usual income into the savings account.
  3. Cut back on your expenses so that you can save more. These expenses could be the cable, eating out, phone apps, whatever. Don’t forget to move the money you are saving by cutting those expenses over into the savings account. You’re defeating the purpose of cutting back if you don’t put it in savings!
Glass jar with $100 bills and a white label across the front "Saving".  The photo was used in The Frugal Housewife's "4 Steps to Help You Reach Your Savings Goals."

A Savings Tip — It’s a big temptation to take money out to use for something other than the goal you have set for it.  If it is too much of a temptation to do that, set up a savings account at a different financial institution than your regular bank.  This way you are not seeing the balance every time you check your bank account.

Change your mind about saving money.  Then become determined and dedicated.  Break down your savings goal into smaller, more manageable amounts, which will help you stay motivated to reach your goal by sticking with the savings plan.

It does take some time to save money.  Just think about how good you are going to feel when you accomplish your goal.   There is another benefit of reaching your first savings goal.  It will become a habit to save by the time you reach your goal and will be easier the next time!

Originally published on January 5, 2018. Updated December 29, 2020.

Written by Jen T. Locke

Owner/Writer The Frugal Housewife

Jen T. Locke is a God fearing, Jesus loving wife, mom, and grandmother
who loves to share her love of Jesus and money-saving tips and ideas with you.

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6 thoughts on “4 Steps to Help You Reach Your Savings Goals”

  1. I am all for budgeting, saving, travelling and living a balanced life. These are some great tips which are also practical. Thanks for sharing.

  2. I love how straightforward this is. I find myself overwhelmed with the huge list of steps most articles recommend to build savings, but this seems simple and do-able!

  3. Saving really can be hard. You have to set goals and stick to the plan. I like the idea of $90 a month. It’s super doable.

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