Short Term Savings

www.lifethenfinance.com

Short Term Savings

2


Saving isn’t only for the distant future.


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


Techniques tohelp you reach

your intended goal:


Step 1Step

2

Step 3

Find price of desired item

Reaching Your Goal – Step 1

Your Plan


Step 1Step

2

Step 3

Decide when you’d like to buy the item


Your Plan


Step 1Step

2

Step 3

Pricedivided by the

Number of weeks until purchase gives you…



Step 1Step

2

Step 3

...How much money to put aside each week

Reaching Your Goal – The Plan

Your Plan


Step 1Step

2

Step 3

Mission Accomplished!

Reaching Your Goal - Tip

Tip: The more prepared you are, the better!

Implementation of Your Plan


The Power of the Change Jar

CHANGE


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.


Put Off Superfluous Purchases

Delaying unimportant purchases will make it easier for you to reach your goal – and your

reward – that much sooner!


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.


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.


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?


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.

18

Documents

Short Term Savings