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hi I'm Sam welcome to my channel today I'm gonna be sharing some tips on how to reach multiple saving goals at the same time this is a question I had in my smart twenties community Facebook group I want this video to be super super practical so I've included an example as well there's very very very little math involved so please don't worry and I'll be going through it with you as well this is literally if I have multiple saving goals to achieve this is exactly how I figure out how much to save each week and at the end I also share some saving tips if you struggle to save money so make sure you stick around for those at the end as well so the first thing you need to do in order to reach multiple saving goals is to actually know what those goals are and to have them be extremely specific goals that are really vague aren't motivating at all so if you're saving for a house deposit what kind of house do you want where do you want to live what do you want the interior to look like a go on Pinterest and figure that out if you want to go on vacation if you want clothes if you want makeup I don't know what you're trying to say for whatever it is make sure you know and that it's really really specific once you know what goals you want to reach it's really important to know the total that you'll need to reach each goal I'm gonna give an example just so that we have some tangible numbers to work with and that you can actually work through this process yourself if we just keep it too vague this won't be as helpful as I know it can be but it's really important that you have a dollar figure or whatever currency you're in that might require some research but it's really important to have that number for the example I'm gonna do we're gonna have a holiday or a vacation or some people call it a house deposit and a new camera you can do this with as many saving goals as you want or it could just be - or for anything that you want to save for at all these are just an example so that we have something to work with the totals for each just for the sake of an example and to use figures that I feel would be about right if you're in Australia we're going to say that we need 20,000 dollars for a house deposit 3000 dollars for a vacation and $1,000 for a new camera so the next step is to figure out how much you can save from your current income of course you could always increase your income and there are a million ways that you could do that like asking for a raise changing jobs doing something entrepreneurial and that would be a totally different video so in this one I'm just gonna be chatting about how to save your current income to do that you would have a look at your current income your non-negotiable expenses such as rent and food and then your discretionary expenses you'd list them all out so you get a really clear idea of how much money you potentially have to spend for this example I'm gonna be saying that we have four hundred dollars per week to save that might be close to your situation that might not it doesn't really matter it's just for the sake of me being able to work through a proper example with you and if you really struggle to save I'm going to give you some actual tips the ones that have worked the best for me at the end of this video so make sure you stick around for those if you have trouble saving money but for now just figure out like in an ideal world not too ideal like you don't want it to be unrealistic but you do want it to be like if you were being your best self what do you think you could save so at this point we have our three savings goals we have a house deposit a vacation and a new camera and we know how much we need the next step is to figure out a deadline for each of those in the example we're gonna use is two years for a house deposit six months for the vacation and three months for the new camera also if you're thinking more in terms of like I want to go on a vacation in summer 2018 then there's a website I love using I don't know the name of it for the life of me so I will put it below but you can just type in today's date and that date and it will calculate the number of months and weeks and days and minutes and seconds until that day so you don't need to like get out your camera and camera get out your calendar and count three you can just type it in this website so now that we know how long we have to achieve that goal it's time to figure out if we could actually achieve all of those goals for my example I'm gonna work in weeks because I don't know I I just always feel like weeks are the easiest for me to work in whenever I'm calculating budget kind of stuff but if you're getting paid monthly or every two weeks and that makes more sense to you we're figuring out how much you're going to need to save essentially from each pay or per week or whatever you end up choosing and then what we're gonna be doing is dividing the total amount we need to save by the number of weeks this is not complicated math I know some people like I wasn't expecting to do math but this is really simple math it's literally the total you want to save divided by the number of weeks I'm even gonna do it with you so that you have a proper example that you can follow so for the house deposit I said I want to save twenty thousand dollars in two years time so that is a hundred and four weeks I looked that up before I didn't actually know that I could have figured that out the vacation I said I want to do that in six months time so that means I have 26 weeks and the new camera I want in three months so that's only twelve weeks away and then all I do at this point is divide the total I need to save by the number of weeks so I divide 20 thousand dollars by a hundred and four weeks to get a weekly total of 193 dollars and something-something cents that's how much I need to save every week towards a house deposit if I'm going to reach that goal by that date to figure out how much I need to save per week towards my vacation I divide 3,000 which is the amount that we said I want to say for a vacation divided by 26 weeks which is a hundred and fifteen dollars and something since I did these calculations before I don't know the message over my head and the final one is that I want my one thousand dollar camera in twelve weeks time so to figure out how much I need to save per week towards my one thousand dollar camera I divide one thousand by twelve and the total is 83 dollars per week so at this point in time we've got all the different totals that we'd need to save per week in order to reach each of our goals and we also had before the total amount we have available to save so now what we need to do is add up all the little bits that we need to save each week to reach each of those goals and then compare it to the amount we have available to save and see if that'll fit in it so actually when I was making up this example before I film this video the figures that I made up worked perfectly with the amount of money that I had to save so everything together came to 390 dollars and 68 cents and I said that I'd have 400 available to save so that's the ideal situation where you end up really close if you end up that the amount you'd need to save per week to reach each of those goals is way more than you've got to save then this is where you need to tweak either the deadlines or the amount of money that you want to save so you're going to have to have a play around with it and see whether there's some adjustments you can make maybe you'll go on a cheaper vacation or you go a little bit later maybe you'll get your house a little bit later but this is where you play around with it it's really important as well to know which of these are your priorities so if your house deposit is your biggest priority then don't move that and have a fiddle with the other two but if a new camera is your biggest priority fiddle with the other two it's just a matter of doing this a few times but you're trying to get as close as possible to the real amount that you have to save it because you don't want to create such a crazy saving goal that it seems so overwhelming and so intimidating that you don't actually end up saving any money at all because it doesn't feel like it'll make a difference now that I have the figures that I would need to save towards each goal what I would personally recommend doing is setting up a bank account for each of those different goals so if you're in Australia like me there are heaps of different bank accounts you can open with no fees and I have a million bank accounts and I actually got a call from my bank a few weeks ago like near the end of financial year and they said you know we're cleaning up our accounts and we just wanted to see if we can close any of these accounts you have and I was like no leave them all open like I'm not using them all at once but I love having little like buckets for each each different goal I love having a different set of money that I can look and say like oh that's my money for my house and that's my money for my blog and all of that kind of thing I love having it separate I find that when I lump it all together it's so much easier to just dip into things because it's vague there's no real attachment to anything and then I just end up slowly taking that money whereas if it's for my house deposit if I'm trying to take money away from like well do I really want to take money away from my house deposit no so I think it's really important just to bring those goals to mind every time you're saving money to have separate accounts if you possibly can and once you have these amounts and you have the bank account set up my biggest recommendation and this is what worked so so well for me when I was saving a lot of money to study abroad in Montreal a few years ago was that I paid myself first so I didn't save the leftovers and I know that's so tempting to do and that's often the trap that we get stuck in but I paid myself first so I had an automatic transfer set up and actually I didn't the whole time sometimes I just did it myself as soon as I got paid but when my paycheck came in I would immediately transfer the money to my savings account I did actually have the savings with another bank so that when I logged into my normal day-to-day banking I couldn't even see it so I wouldn't try to dip into it and you had to wait like two days to transfer the money back so I couldn't impulse spend it on anything which was also just another little added thing that I did to make sure I really saved that money my tips for saving money if you have struggled the first is the one I just said to pay yourself first and I think that it can really be helpful to have it not be a really dramatic amount at first like when I started doing it I was saving like fifty dollars a week and then I'd increase it like a few weeks later to a hundred dollars and then a few weeks later to two hundred because I was slowly decreasing my day-to-day discretionary spending and I'm never ever ever ever ever ever going to tell you to stop buying coffee or to stop doing those little things that you love like I am when people say like oh you know how to save money just bring lunch to work and stop buying coffee a when most people do that they don't actually have a plan for that money so they just end up spending it on other but normally there's a lot of things we can cut before it comes to that that aren't actually having that much of an impact in our life but the little things like if you love coffee or you know you love having brunch with your friends on a Saturday morning like don't cut the things you love look for the things that you like yeah like you know that's nice to have if I'm earning a bit more but if I really want to go on a vacation and have a bit more financial independence in my own house then I'm willing to give up like a Netflix account that I watch once a month like I was paying for Netflix and I realized I was hardly watching it just because we have shitty internet connection in the room that we watch it in anyway so you're just having to look at things like that where you couldn't really care if you're spending money that much don't cut the things that you love I know everyone says bring lunch to work and don't buy coffee but there are better ways to save money than that I also highly recommend following some Instagram accounts and making Pinterest boards that will inspire you to stay motivated with your goals so Pinterest definitely the best but if you're on Instagram all the time you're on Facebook it's nice to also have those constant reminders of your goals and I think it's also great to have a weekly or monthly or whatever increment you want to work in goal so that it doesn't feel so overwhelming particularly with the house deposit and wanting to save an amount like twenty thousand dollars it can seem like so much that a small amount won't make a difference and that's what you get in the trap of thinking oh you know I'll just buy this one new foundation and it won't make any kind of difference because it's you know fifty dollars out of twenty thousand dollars it's not that big a deal but then you fall into that trap time and time again and that's how it all adds up I really love to think of it in terms of a weekly goal so if I am spending $50 on a foundation and my weekly goal is only $190 it's like oh well I probably don't want to be spending that money on that foundation so I can achieve my goal instead of like this big $20,000 kind of like at the gym if your goal is six-pack abs and that's really far away for you you're not really gonna care if you have that delicious halloumi burger because it feels so far away that it won't make a difference but if you make it a lot more tangible and a lot closer to the present then it really is going to just have a different impact on the way you think about your goals and the way that you spend money and the last thing I'd say that it's really important not to slip into an all-or-nothing mentality with this a lot of readers of my blogs are perfectionist which if you haven't heard me talking about perfectionism before basically means that you have a fear of rejection a fear of disapproval and then that fear is really strong and it guides a lot of your behavior and one of the ways that perfectionists deal with that is having an all-or-nothing mindset so we tell ourselves it's only worth saving for a house deposit if I can save that 190 dollars every single week if something happens and I can only save a hundred or I can only save 50 there's no point and I'll just look like an idiot for doing it half-assed and it's so important not to get into that thinking especially when it comes to this stuff because every bit does make a difference and if you do put even this fifty way that adds up and it creates momentum and the more your money grows the more you're going to want to keep growing it and the more that you're going to create that really amazing financial habit and that's gonna help you save so much more money and just be smarter with your money in the future as much as you can don't get into the all-or-nothing thinking and I like to do that by keeping the goals weekly or as small as possible and to just remind myself that every bit does matter and it's better to put something in instead of nothing so I hope those tips have helped you thank you so much for watching this video if you haven't yet please make sure you subscribe just hit the button below I share lots of videos and we'll be doing four videos every single week so make sure you're subscribed so you don't miss anything and I would love to have you as part of my smart twenties community on Facebook the link will be in the description but if you want to chat to me and like-minded women as well about personal growth and lifestyle and all the kinds of things that I talk about on my channel make sure you go and join us there as well my hair today is just me I got a haircut yesterday and I do love it but it's at that point where I don't quite know what to do with it and it's so windy that it's just been super staticky and so I had to like before and it just me