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having a goal before saving - why important
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[QUOTE="King bell, post: 272287, member: 75687"] It is important you have a goal in mind before saving. A goal will help you budget, set a timeline for your goals, and give you something to work towards. For example, "I want to be debt-free by the end of 2018" or "I want to buy my first house in 5 years". A goal is important because it will help you budget your money better than if you were just throwing it out there without a plan. For example, if the goal is "saving for retirement", then maybe contributing 10% of your salary (or other income) on a monthly basis with an 8% rate of return would be enough. This could be done through a 401(k), IRA, or other retirement plan. If the goal is to buy a house, then maybe saving 3 months of expenses (which could be $20,000) would be enough. This could be done through some type of savings account. Whatever it is you want to do, having a goal gives you something to work towards and gives you less of an excuse not to save. Having a goal will help you budget better because now you have something to work towards and it keeps your mind on track. [/QUOTE]
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having a goal before saving - why important
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