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Managing Money: Make A Saving Plan

Topics on
Managing Money:
Spending and Saving
Needs Vs. Wants
Set Money Goals
Expect Expenses
Track Your Cash Flow
Create A Budget
Make A Saving Plan
Bank It!
IML Money Tips
From the Mentors
Now you have a budget. If you're serious about saving enough money for some bigger-ticket items, it might help to write down a saving plan. First, make sure you know how much the things you want cost. Then:
  1. Make a section for short-term items. Create two columns -- one for the item and one for the item's price:

    Item Price
    Sunglasses $10.00
    CD $12.99

  2. Do the same for long-term items:

    Item Price
    Skateboard $50.00
    Science Camp $300.00

  3. Once you know the cost of your items, you need to figure out how long it will take you to save for them. To do this, check the balance on your deposit and withdrawal record. If you have a $20.00 balance, you know you can buy the sunglasses now and have $10.00 left to put toward the skateboard. But you still have $40.00 to save until you can actually buy that board. How long will that take?

  4. Let's say you get $5.00 a week allowance. In order to figure out how long it will take to reach your goal, divide the amount you need to save ($40.00) by the weekly amount of your allowance ($5.00).

  5. 40 divided by 5 = 8.

  6. The answer is 8, so it will take you 8 weeks (2 months) to save enough money to buy the skateboard.

To figure out how much money you can save up over a certain period of time, try our Savings Calculator.

So what do we do with all this money? Let's Bank It!


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