https://lnkd.in/eGNj4AZ Consumers have told us that they sometimes find common financial rules of thumb—like “save 10% of your income”—hard to apply to their own circumstances. Don’t feel discouraged, you can decide on your own personal rule to live by that works for your financial situation. Putting away some money on a regular basis—even if it’s a small amount—can help you manage unexpected expenses and emergencies and reach your financial goals.
Instructions: Use this worksheet to create your own personal rule to live by that will help you meet your savings goals. Breaking your goals into small actionable steps will keep you from feeling overwhelmed. Writing down your goal will make you much more likely to stick to it.
1. Decide on a goal, like saving a specific amount for a rainy day fund, a special purchase, or a long-term goal.
2. Plan on where to save your money (bank account, retirement account, etc.). Set up direct deposit so the savings is automatically deposited into a savings account, if possible.
3. Decide how you can cut your expenses or increase your income to save, and how much you can save every week or month.
4. Make a promise to yourself—and take action on your rule.