Chapter 2: Goals vs. Aspirations
This is it. We’re talking about the motivation and specifics of budgeting. Aspirations are the very reasons why we build our budgets. And, they’re accompanied by well-defined savings goals.
Watch the video to get a stronger grasp on the differences so you can learn how to set a savings goal that works for you.
Know Your Aspirations
Motivation only works when it’s your own. And, that’s what figuring out your aspirations helps you build. Common aspirations we’ve heard are:
- Manage money together
- Improve my credit
- Pay down debt
- Be my own boss
- Plan for a family
- Rent or buy a place
- Plan for retirement
- Save for college
- Buy a car
Set Your Goals
The key to goal setting is to be specific. That means giving each one of your goals a set dollar amount and a deadline. For example, think about how much you’ll save in a year from now for a down payment for your next car.
Budgeting Tip: Share your goals with someone you know and trust as a way to stay motivated.
Write It Down
Putting your aspirations and goals on paper matters. Rely on the budgeting worksheet for an example of how you can write out your goals.
Your Chapter 2 Checklist:
- Watch the Goals vs. Aspirations video
- Download the Budgeting 101 Worksheet
- Set your goals
Break Down a Budget
You can’t build a budget unless you know the fundamentals. We share useful how-to’s here.