SIf you checked out my 2020 goals post from last week, you'd know that saving money is one of my big goals for 2020. I want to save 25% of my income, which is a considerable number. Today I want to delve deeper into why I want to save more in 2020 and how I intend to make saving a priority in 2020.
Why I Want To Save Money Consistently In 2020
Saving money is one of my biggest goals for 2020. Before I get into how I plan to save, let's chat about why I want to save more money.
Money For Christmas
While I was able to get everyone in my family Christmas gifts this year, I am not proud of how I did it. I put a bit more than I'd like on credit cards, and that's not something I recommend. I'd love to be able to spend my own hard-earned money next year at Christmas. I am also planning to pay off a bunch of credit card debt this year, so we'll see how that journey goes too.
Money For Vacations
I would also love to have money for vacations. I know we plan to take a trip to Nashville in July as well as have a family vacation this winter with my sister and her kids. It would be nice to save enough money to contribute to both holidays so we can have an excellent time. We are also planning to visit Memphis more in 2020, so having cash for those weekend trips is essential too.
Money For Random Things That Pop Up
You never know what will happen. Sometimes you need extra money, and it's nice to be able to have it. I like to help my family when they need it, so I'd like to have that money set aside for emergencies.
Being Broke Is For The Birds
Last but not least, being broke is honestly for the birds. I haven't made saving as much of a priority as I should have up to this date. I've been pretty bad at saving, and it sucks to admit that. When I bought my new computer in December, it virtually wiped out any money I'd have that month, and I didn't have a ton of savings to fall back on. I was pretty poor for that month, and it's honestly for the birds. I don't want to go through that again next December. Instead, I want to spend the entire year saving what I can, so if I need that income again next December, I won't need to do that again. So, I am going on a year-long savings journey, y'all.
How I Plan To Save Money In 2020
Next, let's talk about how I plan to save money in 2020.
Use An Ally Account
One of the significant parts of my savings journey will be using an Ally account. I have a regular bank, but I don't want to keep my savings there. I have my tax savings in an Ally savings account and my other savings in an Ally checking account. I wanted my savings to be in a checking account because I do plan to use the account for trips and such. It's more like a splurge and save account than just a savings account. Having the money off my card will stop me from spending it as much, though.
Save 25% Of My Income
Next, I want to save 25% of my income. Not going to lie, January isn't off to a fantastic start so far. Most of my money comes at the beginning of the month, with sporadic amounts happening at random times during the month. This month hasn't been very save-y yet, but I still have the month and the year to get on my 25%. I have been saving for taxes, though, so that's great.
Live Below My Means
One thing I have to get used to doing is living below my means. I feel like sometimes my brain thinks I'm rich, and my bank account is annoyed. I am getting better at living below my means, though. It's just taking some time. I want to set aside some money each month for splurges, maybe $100-$200. I don't think I could ever stop spending entirely, but I do want to be smarter about my monthly splurges so I can save more of my money.
Create An Incentive For Saving Regularly
I would love to treat myself to something special at the end of the year if I save regularly. I am not sure what that treat would be, maybe concert tickets or a new iPad. I did buy a new camera this year (but I used Affirm, I am creating a post on that Friday.) It would be nice to have a treat at the end of the year as a big thanks to myself for keeping my savings goals.
Spending Less On Random Stuff
Another thing I want to do is spend less on random stuff. I read a post on Instagram recently about the importance of waiting to purchase something. Instead of buying things on impulse, close the site, and return in a few days. If you still want to make the purchase (or even think to return to the site), it might be something you should buy instead of just a whim.
How Much Do I Want To Save In 2020?
Last I want to share: do I have a monetary savings goal? Not really. If I can save 25% of my income, that would be enough for me. I don't want to put a number on it, because I don't think it needs a number. How much ever I make in 2020, I want to save 25% of that number.
There you have it, my story of why I want to save in 2020. Do you have your own savings goals for the year? Whether you are trying to create a rainy day fund, a splurge account, or an emergency fund, I'd love to know your goals for 2020. I am trying to get serious about my savings, and I'd like us to be on this journey together.