Published on February 29th, 2024 | by Bibhuranjan

What’s the benefit of sharing your savings goals with a friend?

The way to achieve financial goals is to save your own money. For example, in order to buy an expensive item or to repay a loan on time, you will have to set aside a certain part of your earnings.

By setting a goal, you can achieve much more than just spending. Of course, most modern people prefer to live one day, not denying themselves small pleasures. However, by saving a little bit at a time, you can realize a more global dream: go on an expensive trip, buy a vehicle, an apartment or a house. Saving money is much easier, if you let the following be taken into account:

aiming to make a major purchase in the current year;
planning a trip during the vacation;
what loan you are going to repay;
plans for the medium term;
how much you need to put aside in the long-term future (during temporary unemployment, when you go on a well-deserved vacation, and so on);
the possibility to provide financial assistance to relatives.

Having worked through the above points, it will be much easier for you to achieve the desired result.

Ways to achieve your goals

So, the goals have been set. This is the first important step on the road to self-actualization. Now it is necessary to ensure control over their fulfillment. How to do this? Read more about it below:

Make a note. Write down your plans for the current year. It is better to place the list in a prominent place so that you don’t forget about it. It can be a bedside table, refrigerator door and so on. You can put in a daily reminder in your smartphone. The main thing is to keep the information in front of your eyes every day.
Fragmentation. An expensive goal can at some point scare you off with its unattainability. It is worthwhile to fragment it into smaller expenses and step-by-step approach the dream.
Timing of realization. It can be a short-term loan for the purchase of household appliances. It will not be difficult to repay it. On a longer term perspective should be attributed to the acquisition of a larger scale (car, apartment). This can also include saving for retirement.

It is a good idea to involve relatives, friends in your endeavor. They could control your steps, actions to achieve your dream. Thus, your responsibility will only become stronger. Joint goals with your partner/partner? Great! You can open a joint savings account and save money together.

Saving with friends

Having a close person, friends, it is much easier to save money. That means you’re getting closer to your dream even faster. Build a clear plan of social strategies to improve your own financial situation. Below are some of the most popular solutions:

Competition. Designate a common goal with your friends. It could be taking a trip together or buying an apartment in the same neighborhood. Competition will spur you on.
Shared memberships. It is not at all necessary to spend money on joint trips to a sports club. You have the opportunity to train your team for free on a neutral territory, work sites. In the same way, you can save money on subscriptions to various online services.
Shared hobbies. If you are an avid reader, this is not an excuse to buy all the literature yourself. You can share books with friends.
Joint shopping. As strange as it may sound, with the help of friends, you can even save money on food. Go together to the wholesale store and buy quality products at reduced prices.
Clothing Swap. Want to update your closet? You don’t have to head to the fancy boutiques to do so. Swap clothes with your friends, provided you have the same size.

To pay off your debts on time, it is recommended to download a special application on your smartphone. Debt payoff tracker will allow you to rationally use your own funds.

Cover Image by Freepik

Tags: debt tracker, money savings, savings

About the Author

Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.