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Home » General » Money Tip: Save towards a goal

Money Tip: Save towards a goal

April 27, 2010 Paris B 23 Comments

Hello lovelies! 🙂

In the financial quarters, the rumblings will be about how each company is faring after the 1st quarter of the year. On a personal front, how are your finances faring? Are you finding it hard to put aside money for savings? Its hard to save for something intangible like “old age” or “a rainy day” right? So try putting aside savings for something tangible.

  • Save

Our money tip today is to save money towards a goal. Its always easier to save when you have a goal in sight. Be it something small like a new lipstick or a new foundation. Or perhaps you’d like to get a nice haircut and colour to get you over the 1st quarter blues.

Or perhaps you are aiming for something bigger – your own house or car? Or even a nice holiday. Its always easier to set aside savings, knowing you have a goal in sight.

I try to have a goal in sight when I set aside savings because its nice to see something come out of all that scrimping 😉 For this, I have different “funds” that I keep track of. Here’s how I do it:-

  • Identify the goal – the item you want
  • Identify the cost or price of the item
  • Work out when you want it by e.g. 2 months, 6 months, 1 year
  • Divide the cost or price of the item by the length of time you have
  • Set aside the amount monthly until you reach your goal

Identify your goal or item

This is the easy part. You already know what you want. Best not to choose something limited edition or something that is only available for a short time because that can really put a spanner in the works. Big items like cars or houses can be more daunting too but can ultimately be very satisfying.

Identify the price of the item

If its a holiday, try to work out how much you are willing to spend because this is more intangible. If its a tangible fixed price item, its easier to fix the price.

When do you want it by?

So, when do you plan to get your item? By your birthday? Christmas? As a reward for completing a project? Don’t give yourself too short a timeline or this method won’t work. I work it out by months because for many of us, our salaries come in monthly. Its always easier to put aside savings as the money comes in.

Divide the price/cost of the item by the time

To work out how much you need to save each month, divide the cost of the item by the time you have set. Then set aside this amount every month until you achieve your goal, before you go and buy it.

You too can buy an expensive item

By saving towards a goal, you will find it easier to buy something that is more expensive. Perhaps you have been eyeing a leather bag from Coach that costs RM2,000. If you start now (April) and give yourself till Christmas you will have 8 months to set aside money for it – RM250 each month. Or perhaps you’d like to pick up a Chanel Rouge Coco lipstick at RM95? Target to purchase it in 3 months and you only need to set aside RM32 a month.

Isn’t that more manageable (and less of a shock to the system) than having to take out RM2,000 or RM95 at one go without first having saved for it? 🙂 You can set this money aside in your separate bank account or just track it in a spreadsheet.

Saving towards a goal is what I do when I want something badly enough or if its a big ticket item. Its always easier and it gives me the sense of having “earned” it because you’d have had to work for it over the months you’re saving up for it and thus I derive more satisfaction from it. It also gives you the chance to contemplate if you really want it after saving up for it 🙂

Is this a money tip you already practice? If you don’t, will it be something that you might want to put into practice? What are you planning to save up towards? 😉

Paris B

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23 Insightful comments ... Read or JOIN THE DISCUSSION

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About Paris B

Paris B is a 40-something beauty and skincare enthusiast with a practical and very critical view of beauty products and the world of beauty. Her mission on My Women Stuff is to deliver clear, honest reviews and facilitate discussions about beauty trends and life, tempered with a healthy dose of humour. Let the buyer's remorse be ours not yours! When not testing the newest skincare creams and lotions, or playing with makeup, find her testing her culinary skills in the kitchen at Chez PB. Read more about us here or leave a comment below or connect with us on social media at Instagram, Facebook and Twitter!

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23 comments ... Read or JOIN THE DISCUSSION

  1. Nikki says

    April 27, 2010 at 1:04 pm

    Saving for another vacation with hubby! I really wanted to go to Seoul and Tokyo , this year or next year!!! One step at a time girl!

    Reply
    • ParisB says

      April 27, 2010 at 2:00 pm

      I’m thinking of going to Seoul soon too! But we’ll see how things go – one step at a time! 😉

      Reply
  2. Jenn says

    April 27, 2010 at 1:07 pm

    Great writeup Paris!! 😀 Personally my finances took an all time low this year with the new house and car, but this is a great reminder that i shouldn’t stop saving because of that! 😀

    Saving towards a goal gives one something to look forward to too!! Me wants my 2.55… hopefully before i reach 55!!! Hahaha!! 😀

    Reply
    • ParisB says

      April 27, 2010 at 2:01 pm

      I know how it is with houses and cars! They take up a huge chunk of our savings but are ultimately so fulfilling right? 😀 As for the 2.55 I was thinking of it, but I might pass 😛

      Reply
  3. Hanny says

    April 27, 2010 at 1:25 pm

    Eeeee… I want my Studio Fix Fluid…. Hehhehheh. But I’ll have to finish my other stuff first. Feh. ^.^

    Reply
    • ParisB says

      April 27, 2010 at 2:01 pm

      That’s a good point too – to finish up consumables before getting more 🙂

      Reply
  4. Connie says

    April 27, 2010 at 1:54 pm

    I do that and I end when i finally get enough money, I’d change my mind and think that I’d want something else more… :p
    It’s a good system nonetheless. I bought my camera from money saved

    Reply
    • ParisB says

      April 27, 2010 at 2:02 pm

      HAHA! I do that all the time! Save up and then decide I don’t quite want it as much as I thought (which allows me to continue saving up for something more expensive hehe)

      Reply
  5. rinnah says

    April 27, 2010 at 2:03 pm

    This is going to sound nuts but I started saving this year for none other than the photography costs for Project 10. And I opened a separate bank account for that purpose. Crazy much? 😛 Hurhurhur.

    Reply
    • ParisB says

      April 27, 2010 at 4:37 pm

      Not crazy – just wondering if there is already a candidate for Project 10 that caused this 😉

      Reply
      • rinnah says

        April 28, 2010 at 10:36 am

        Er… there was a candidate in mind when I started it… but two months after I did, everything went down the drain… the superstitious part of me wonders if I jinxed it by starting the fund. 😛

        Reply
        • ParisB says

          April 28, 2010 at 10:43 am

          Oho! Candidate! 😉 Chin up it might come round yet and if it does, your fund is in place!

          Reply
  6. LeGeeque says

    April 27, 2010 at 4:49 pm

    I do that too! And it’s tucked away in a separate account away from my grimy fingers 😛 I only xfer over the amount after I’ve bought something errr.. *shifty eyes*

    Reply
    • ParisB says

      April 27, 2010 at 5:21 pm

      I do that too! Transfer over money to cover my expenses LOL

      Reply
  7. Sugar says

    April 27, 2010 at 5:10 pm

    I want to pay for a vacation for my parents to go to Paris. flights, hotel room, allowance, all expenses paid. no tour group. at least 4 star hotel. for 1 week. =( how much is that gonig to cost me. i will work for it, because it is my dream. =)

    Reply
    • ParisB says

      April 27, 2010 at 5:22 pm

      That is so sweet of you Sugar! Corny as that might sound 😉 I’m sure you’ll get there soon enough 🙂

      Reply
  8. Isabel says

    April 27, 2010 at 9:41 pm

    I have something slightly different that I do…

    Every time I get hold of a 50sen coin, I toss it into a money box. It’s quite amazing how much you can accumulate that way. Then come Christmas, I empty it out and use it to buy myself something completely random – a “surprise” gift for myself so to speak. Christmas shopping is a lot more fun when you get yourself a little pressie too!

    Reply
    • ParisB says

      April 28, 2010 at 9:57 am

      That’s a great tip Isabel. Incidentally, you pipped me to it hehe… it was coming up in a later post but yes, saving loose change can really add up and Christmas is a great time to spend it because there’s so many pretty things out there!

      Reply
  9. Eli says

    April 27, 2010 at 10:46 pm

    I love Isabel’s idea with 50 sen coins. Genius! But like Connie, I’ll save and realise at the end that I don’t really need/ want it after all.

    Once a month, Mum will sell all the old newpapers and odd pieces of paper to the “sau kau po chi” man and keep the change in a box. At the end of the year (or a few months, depending on how heavy the box gets), she will count up all the money and go splurge on her Chanel lipstick.

    Reply
    • ParisB says

      April 28, 2010 at 9:57 am

      That’s a fun way of saving up and recycling at the same time. Unfortunately I don’t buy papers (principle) so I can’t do this 🙁

      Reply
  10. Tine says

    May 5, 2010 at 7:24 am

    I empty my wallet everyday of coins everyday into this round tin I have (it used to hold love letter biscuits :P). And when it’s full (usually after 3-4 months, provided that I didn’t dip into it for odd coins for a takeaway), I bring it to the bank, drop all the coins into a loose change machine, and voila! I get about $400-$500. That will go into a new bag, makeup, etc 😛

    What’s good about that is that I don’t feel the pinch of saving (even though I still do). I mean, why carry all that loose change with you? 😛

    Reply

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Welcome to My Women Stuff, a beauty blog based in Malaysia, written by veteran blogger, Paris B. What you can expect is honesty, critical views & a healthy dose of shared life lessons sprinkled amongst beauty product reviews. What you shouldn't expect is a page filled with unnecessary narcissistic photos. MWS is a blog for those who love to read, because we love to write! Read More about MWS and Paris B

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