short term savings

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Short Term Savings
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                        Saving isnt only for the
distant future.
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What Are Short Term Savings?

• Short Term savings are for special purchases that
  may take you from a month to a couple of years to
  save up for, such as
• Family vacations
• Special celebrations
• Expensive electronics
• Flat screen TV

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• Techniques to
• help you reach
• your intended goal

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Reaching Your Goal Step 1
Find price of desired item
Step 3
Your Plan
Step 2
Step 1
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Reaching Your Goal Step 2
Decide when youd like to buy the item
Step 3
Your Plan
Step 2
Step 1
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Reaching Your Goal Step 3
Price divided by the Number of weeks until
purchase gives you
Step 3
Step 2
Step 1
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Reaching Your Goal The Plan
...How much money to put aside each week
Step 3
Your Plan
Step 2
Step 1
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Reaching Your Goal - Tip
Mission Accomplished!
Tip The more prepared you are, the better!
Step 3
Implementation of Your Plan
Step 2
Step 1
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The Power of the Change Jar
CHANGE
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The Power of the Change Jar

• At the end of each day, put your leftover change
  into a container and leave it there.
• Let the container gradually fill up.
• Roll up your coins and take them to the bank to
  trade them in.

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Put Off Superfluous Purchases
Delaying unimportant purchases will make it
easier for you to reach your goal and your
reward that much sooner!
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The Electronic Change Jar

• Many banks have implemented automatic transfer
  programs similar to the change jar.
• Any debit card purchase triggers a transfer of
  the difference up to the next dollar to your
  savings account.
• Some banks will even match a percentage of your
  savings at the end of the year as a bonus deposit
  to your savings account.

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The Electronic Change Jar

• Example
• A 5.85 purchase would round up to 6.00, and
  0.15 would be transferred to your savings
  account.

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Self-Reflection Questions

• What would I like to save up for and how much
  does it cost?
• In what time frame would I like to buy this item?
  
• What am I willing to do to save without feeling
  deprived?

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Action Tips

• Find a jar or container to store your extra
  change.
• Delay unimportant purchases until you reach your
  goal.
• Come up with a plan to add to your short-term
  savings while staying within your budget.
• Put aside a set amount of money from each
  paycheck to contribute to your goal.

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