Summer is officially here! And, for some of us, the break ushers in a chance to catch up with friends and family, go on a vacation, and take time out of the day to relax. However, during this time, you can also participate in some productive activities. And a great example of that is starting a savings plan.
(If you happen to want to know more about savings plans, you can read about it here.)
And the best part is that the funds can be used to cover a multitude of expenses that you may have to pay for in the future.
For instance, you can use the savings for college, a rainy day fund, a vacation fund, or even put the savings aside for your children.
It can also be helpful to follow a savings plan, if you’re saving for a deposit on a house, car, or even future wedding expenses.
However, you aren’t just limited to using your savings for the areas I mentioned above. If you’re starting your financial journey, you can also use a savings plan as a guide to help you learn how to start an emergency fund.
Why Should You Think About Starting A Savings Plan?
As mentioned above, starting a savings plan will help you to pay for future expenses by actively saving for them now. So, in the long run, using them will help you to learn how to manage your money more effortlessly and efficiently.
Also, following a savings plan instills a sense of responsibility, which can help many individuals stick to it.
Additionally, using this method is a straightforward and easy process (which is likely due to its ability to provide a simple and SMART plan). So, anyone can use it to get started saving!
What Does The Summer Savings Challenge Consist Of?
The savings plan consists of four months (or twenty weeks) of targeted savings goals to help you prepare for any expenses during the fall or winter season. However, you don’t have to use your savings for them.
But, regardless of how you use your funds, you should have a total of $3000 saved at the end of the period!
So, if you’re ready to get started, you can click below to access this free printable.
How Can You Modify The Summer Savings Plan?
If you find that the plan doesn’t work with your current salary or isn’t aligning with your financial goals, then you can try making your own!
But if you need some help along the way you can try checking out The Budgeting Mom on YouTube.
However, if you don’t want to start from scratch, you can try modifying the savings plan. Here are a couple of ways that you can do it.
- Instead of putting aside money for the goal every week, do it biweekly.
- If you want to save more, double how much you are saving each week.
- Repeat the savings challenge every 4 months so that you’ll have $12000 saved at the end of a one year period.
Hopefully, you enjoyed this post!
Let’s get to saving!
Hannah Roberts is the creator of Do. Live. Study. She loves to learn new things and hopes to help others as they go throughout their journey as an adult. You can connect with her below.