6 Ways to Reach Your Financial Goals

    Published: 06-16-2009
    Views: 18,016
    A financial expert explains why saving money for your future and setting financial goals are very important steps to take.

    Beverly Butler: Saving money for your future and setting financial goals are very important steps to take. Here are six tips to help you be more successful with your saving. First, identify your savings goals, such as taking special vacation, paying for college, or buying a car, or even a home. Second, assign one goal to each of your savings accounts and open a new account for each additional goal you have.

    Third, determine the amount you want to save and the end date for completing your goal. Fourth, monitor your savings accounts every month and make sure you stay on track to reach your goals. Fifth, set aside money in savings every time you get paid or receive extra money from tax returns, bonuses, or gifts.

    Finally, take advantage of compound interest. The amount of interest you earn depends on the interest rate, how long you keep the money in the account, and how the financial institution pays interest. Compounding is a powerful way to make your money grow faster and help you achieve your financial goals.