Do you have any dreams or goals in life? Perhaps you want to travel more, meet a celebrity, or pass that exam? Sometimes we list our aspirations and wants as a way to motivate us to achieve them. You might call this a bucket list or even a to-do list. Whatever you call it, ask yourself when you’re going to cross everything off. Keeping a list isn’t the same as completing the list!
Of course, most of the things we tend to put on a bucket list cost a lot of money to achieve. This can be a huge obstacle, and that’s why bucket list items rarely get crossed off. So what are you going to do about that? If you’re looking for ways to fund your dreams, then why not create a budget that will help you save up to achieve them?
Always start with what you NEED to spend. Sure, you might want your hair colored at the salon each month. And maybe you like having a new outfit for Saturday nights in town. But if you don’t NEED those things, don’t put them in your budget just yet. Stick with the basics. Groceries, rent, heat, light, essential travel, and loan repayments all need to be budgeted. Many of these costs could be reduced a little too. Use discount opportunities like coupons and promo codes from CouponSherpa.com, turn the thermostat down, and walk instead of driving.
Now you know how much you need to spend, figure out how much more you want to spend. This can be as much or as little as you have left from your salary. What you have left over after that can go into a savings account to fund your bucket list items. Sounds easy? Always plan for emergencies. Have a small pot leftover to cover those unexpected expenses. Things like the car breaking down, and appliances needing to be replaced, or a big birthday bash always creep up.
How Long Is This Going To Take?
To find out how long it will take you to save up enough to cross something off your dream list, you need to know how much it will cost. It’s going to cost you more than the ticket price. Many bucket list items like vacations and buying a house always cost more than the purchase price. There will be excursions, souvenirs, food and drink to consider while you’re away. And moving house comes with lots of additional expenses like property lawyers, survey costs, and removal vans.
Once you’ve figured out how much you need to have to achieve your goal, divide that figure by the amount you’re putting into your savings account each month. This is the number of months it will take to save up enough. If you feel it’s too long to wait, then see if you can save a little more each month. You might get a second job, or sell some unwanted items to boost the pot. Don’t forget you may be eligible for pay rises along the way to help you save a little more too. What’s on your bucket list?