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While this may sound about as fun as cleaning out your sock drawer, it’s really as easy as asking yourself: “What’s most important to me?”
Treat it like a thought exercise. What’s the first thing you think of? The second? The third? It could be providing for your family, owning your own home, freeing yourself from debt…the list goes on!
Once you’ve thought it through, decide which are most important to you and what savings goals are associated with them. For example, providing for your family could mean saving for children’s education. And owning a home comes with saving for a down payment and future expenses.
If your company offers Goldman Sachs Ayco Financial Wellness as a benefit, connect with your coach for help prioritizing.
Keep your priorities in mind as you map out a budget for yourself. Having your savings goals written out—whether on paper, in a spreadsheet, or however works best for you—can help you stay accountable.
Be sure to put in specific lines for saving, and remember: It’s not about fully funding your goals in one fell swoop. Small amounts saved regularly over time can have a big impact in the long run.
As you refocus your financial thinking, saving for your goals will become natural. There are a number of savings strategies that can make it easier. One way is by “paying yourself first”.
Consider establishing a specific savings account for your goals. That way, the funds are earmarked for a specific priority and you’ll be less likely to dip into them for other expenses. You can also set up a direct deposit to make saving even easier.
As you take this journey, keep in mind—the best way to become a saver is to practice!
If you have Goldman Sachs Ayco Financial Wellness as a company benefit, register or log in to learn more about this and other financial wellness topics.
Updated for tax year 2022