Define a goal:

Establish a clear and concise purpose, give it a name, what do you want to save for? If you don't define a goal you are more likely to forget to allocate resources to achieve it.

Set a time frame to achieve your goal:

It can be short (2 to 6 months), medium (1 to 5 years) or long term (5 years or more). This will allow you to make a plan and identify the economic requirements you may have during that period of time.

Break your goal into small actions:

Identify everything you need to achieve your goal. This way, you can take it one step at a time and achieve small goals more easily.

Generate a budget:

Identify and plan all the economic resources you will need. This way, you will be able to see the variable and ant expenses that you can stop doing and for how long. For example, you can reduce your trips to the movies, vacations, restaurants, clothes shopping, etc. Remember that unforeseen expenses can come up, so it is good to have a line item in your budget for emergency expenses.

Keep in mind that you can use all of your variable income to achieve this purpose faster. For example, bonuses, Christmas bonuses and vacation bonuses.

Stick to your budget:

This is the most difficult stage and requires a lot of patience. You are one step away from achieving your goal, many situations may distract you from achieving it, but your commitment and effort will help you stay on track.

Translated by: A.M