Reasons Why You Need to Start Setting These Saving Goals for 2023

If there is one thing the past few years have shown us, it’s that uncertainty is always just around the corner. For many of us, experiencing a pandemic was a lesson in preparedness, teaching us that the best way we can be ready for anything is by setting financial goals, so we can continue to enjoy life and fulfill our dreams no matter what. 

Setting specific goals is often the first essential step toward achieving your dreams this 2023. It's very important to manage the finances as soon as possible and find ways to help you budget your money, save more, and crush your financial goals. 

But more than that, I'd like to share you the tool I'm using to help me save money. This site, https://www.savingscalculator.org/, provides a variety of calculators covering things like CDs, savings goals, college savings, and retirement planning. It comes with an array of features that make money saving easier and more seamless. 

What I like about the savings goal calculator is that it offers 2 separate calculators which help savers figure their finances. 

• The first calculator lets you know how much you are going to save each month, but want to calculate how long it will take you to reach your goal.
• The second calculator presumes you know when you need to have money saved up by, but do not know how much you will need to save in order to reach that goal.

The seemingly elusive goal of saving more money often merits the use of a calculator that will save you time by giving you the right information you need when it comes to managing your finances. They also have a feature which allows you to create a growth table of savings over time so you can easily track your progress.

Times like these, I know things can feel overwhelming and saving money can be frustrating, that is why I highly recommend using a calculator when you are trying to save your hard-earned money.   It's important to set your savings goals  by using this tool before you stretch yourself beyond your financial means. It's also important to know where your money is going and have a plan set for each month. 

Here are the reasons why:

• It's an excellent way to know exactly how much you can realistically spend and how to remain financially stable. 
• They’re free and they’re very simple to use. All it takes is a few minutes of your time to use one.The calculation for figuring compound savings is the same almost everywhere, especially as their calculator allows different compounding frequencies and it allows you to input any currency unit.
• It helps to put your savings goals into perspective, and help manage your finances
• This tool proves to be a smart way to handle money issues. 
• It can help you properly plan out your finances so you can manage your expenses, and potentially make better financial decisions. 
• It is designed to perform financial calculations and more advanced than basic calculators. Save yourself the hassle of doing calculations, by trying a savings calculator.
• It can help you evaluate your financial situation so you can make healthy financial choices and know which cost you need to eliminate or decrease.

For these reasons, a savings goals calculator can be a valuable tool.  The complications of setting saving goals can be aptly made far less complicated with the help of this tool. It is helpful to figure out exactly what goals to set.

So here's a tip:  It can be easier to save a big enough percentage of your current income by saving 10-20% of your income each month to a specific goal such as:

• Saving for retirement
• saving for emergency fund
•  saving for big purchases like car, new home, vacation, etc.
• saving for you kid's college

 Remember: The best time to start saving is now. So start by setting these goals for yourself today if you haven't already achieved them. 

I can't stress enough the importance of getting started as soon as the new year starts. It is normal if one is unable to fulfill or implement all your plans at one go. What is more important is to get started and start doing and planning along the way. This is what we call as ‘Start Small, Start Now,” .

Financial planning takes time and the family’s situation may change or evolve, such as when the kids start growing and other needs have to be considered. Over this period of time, the family can put more resources into planning and revisiting the family’s saving goals.

The importance of setting aside your savings for the long term and staying disciplined, will be worth it in the end. Choose a savings vehicle that will compel you to have ‘forced savings’, one that will discourage withdrawal until needed. Saving in the long-term will minimize risk and maximize return. 

So if you're a mom like me who needs help in saving money during these unprecedented times, then it’s likely that you’ll need a savings calculator on hand. So, take a look today if you haven’t already.