Have you ever found yourself thinking of how wonderful it would be if you were to have lots of money? And what you could do with it? You would be able to settle the debts you may have with licensed moneylenders, make investments in many things starting from shares and stocks to real estate. You may also be able to go for a trip around the globe, retire before reaching 40, and blissfully sleep with no worries at all.
Unfortunately, these are only wishes. How are you able to fulfill your dreams and stop wishing?
To start with, one thing you can do is set aside some money with the intention of funding your dreams. However, the amount you come with can sometimes be insufficient to even cover a part of your big dreams.
So, what can you do if you have small savings and big dreams?
Rethink the extras
Have you ever thought about the amount of money that goes to buying coffee every day? There are people who drink about three cups of Starbucks in one day, while others drink just the same amount using the free Nespresso machine available in the office. Each of this coffee will give a boost to your energy levels, however, the former will equally cost you S$20 each day.
This also applies to the ‘occasional’ drinks after work. Though this may seem absolutely necessary since we are all experiencing stress from work. However, when if you are keeping to a set budget and have goals to achieve, it only means that you will have to adjust your lifestyle.
This among the many more yet easy expenses that you can cut back on to help you save more.
Change Your Dreams To Achievable Goals
It may be that it is your dream to own a nice vehicle before you are. What do you do to achieve this? It may be your dream to travel the world and eat at 5-starred restaurants the world over.
How can you make these dreams achievable? Well, to start you will have to stop dreaming and then make these into goals that you can work towards.
This sounds great. However, what can you do to help you reach your goals with the small savings? How can you take that goal that is sometimes so big and change it into a goal that is achievable? Simply put. Follow the next step.!
Dissect Your Goals Into Smaller Ones
When you have a goal to come up with S$50,000 within 2 years, you then have to break it down into manageable and realistic goals. So, S$50,000 will become S$25,000 per each year, S$2,084 for every month and finally S$490 each week.
As you look at this goal in this way, the goal will look a lot easier to picture. Or you could notice that it will be unworkable to achieve since you only make S$2,500 each month. Therefore, being able to come up with S$50,000 within 2 years can be a practical goal only when you are setting aside S$2,084 every month.
Okay, since you now have a workable plan. How will you save more cash when the figures on your payslip still stay the same?
Find Out Your Spending Triggers
Though you may have heard the statement urging you to have a little willpower. But this statement has only served to make you come to expect that it will come naturally for everything you try.
Following the current diet for money management, most people will urge you that willpower is key to success. Well, a “little willpower” can sometimes be difficult to practice. More so when it concerns spending.
Therefore, what can you do in its place? You will need to practice recognizing what prompts you to spend more instead.
For instance, if you often buy online things you do not even need, consider the reason behind your spending. People shop for several reasons, it could be you are bored, maybe you like getting parcels or you could be seeking to impress some people with your new purchases.
Of importance is, you have to determine the reason why you want to spend. When it is due to boredom, rather than shop when you get bored, watch Netflix, go swimming or better yet read a book.
By redirecting the reason prompting the trigger, you will be able to put aside more money as savings.
Have you ever considered going the anti-budgeting way? If you are tired of everybody one urging you to come up with a budget then stick to it, this can be another option for you. Well, for someone who has in the past tried yet failed at budgeting, it may be time to try the anti-budgeting alternative.
The anti-budget, when you have not yet figured it out, is not a budget. What is it then? In practicing anti-budget, all you have to do is fix a savings goal to work towards. Therefore, once you get your paycheque, you can put aside that amount (for example 10 percent) and keep it as savings immediately. #PayYourselfFirst
With the remaining amount, you can spend it however you wish, but you should take it as if you did not have the extra 10 percent set aside at all.
Since you now know how you can convert your dreams into achievable goals, it is time to get working. What if you do not have enough money to cover the goals? What can you do?
As you work towards your dreams, you will realize there are so many sources for funding to cover your dreams. You can consider getting a personal loan by moneylenders to help fund your goals. But ensure you repay it on time and in full.
In such instances when utilized as intended, a personal loan will help you reach your goals and live your dream. Remember that, dissecting your dreams into smaller goals will make your dreams look achievable for you.