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short term savings

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Title: short term savings


1
Short Term Savings
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2
                        Saving isnt only for the
distant future.
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3
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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4
  • Techniques to
  • help you reach
  • your intended goal

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5
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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7
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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8
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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9
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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10
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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12
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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13
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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14
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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15
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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16
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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