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Setting Money Goals – 6 Tips for Saving $500 a Month

If you tried setting money goals and failed, maybe it’s because your goals didn’t match your money personality. These tips for saving $500 a month are from life coaches; they’ll help you meet your money goals…

Before the tips, a quip:

“I’m living so far beyond my income that we may almost be said to be living apart.” ~ ee Cummings.

That’s a perfect example of an estranged money relationship. If you can’t figure out why you’re always in debt, you might find Your Money Personality: Unlock the Secret to a Rich and Happy Life helpful.

And, check out these six ways to set and meet your money goals…whether you want to buy a new pair of Manolo Blahniks or save money for a relaxing month in Maui…

Setting Money Goals – 6 Tips for Saving $500 a Month

Set a money goal that resonates with you

“The biggest mistake people make [when they set life goals] is picking the wrong goal in the first place,” says Talane Miedaner, author of Coach Yourself to Success. “Never set goals that are over a year old, because they’re old and tired.” For instance, if you’ve been trying to save enough money to retire early for the past 20 years, then you need to retire that money goal! It has passed its prime.

Instead, set a different money goal (which can help you achieve your original goal, but in a different way). For instance, if you start saving $500 per month or even $50 a week, you may achieve your goal of early retirement. You’re just working towards your goal in a different way.

Create a master spending and saving plan – not necessarily a budget

Determine what you actually need to do to save $500 a month or $50 a week. That’s your master plan. Maybe you need to learn how to deal with financial stress differently, so you don’t spend money to feel better about your life. Or, maybe you need to learn how to save $50 a week on your grocery bill.

“To succeed, you have to schedule your goals and make them part of your life,” says life coach Laura Berman Fortgang, author of Take Yourself to the Top. “Put a system in place that will support change by giving you the structure you need.” If you need an example of a master spending and saving plan, please ask below…I’d be happy to share one with you!

Take baby steps towards your money goals

“When you break your goal down into smaller parts, it becomes more controllable, less daunting, and more attainable,” says Christa Wagner, professional organizer and owner of Savvy Solutions.com. Lofty goals often feel overwhelming, which leads to procrastination and incompletion. Wagner uses her own life as an example: “I’m developing an eBook series from Savvy Solutions,” she says. “I have about 10 books I want to write. To reach my goal in six months, I’ve broken it down into daily and weekly tasks.”

If you want to save $500 a month but don’t think you can (or you don’t make enough money to save that much!), then start by saving $20 a week, or even $50 a week. If the money goal you really want to achieve is overwhelming, you need to break it down into small, bite-sized parts…and work your way up.

If you’re a woman, read Why Are Women Bad With Money? 7 Money Mistakes Women Make.

Find your tribe – people who support your goals

“Get supportive folks in your camp,” advises Fortgang. “Join a group of like-minded folks, team up with a good friend, hire a coach or otherwise include people who want the best for you and will keep you on track.” If you know someone who also wants to save $500 a week – or has any money goal – invite her to be an accountability buddy. Then, check in with each other regularly to make sure you’re on track.

If you’re part of a married or common-law couple, make sure you avoid the five money goals couples should never set.

Stay focused on your money goals

“I keep my goals on my wall, at my desk and in my planner,” says Wagner. “This allows me to check into them often, make adjustments, and check goals off my list. I always know where I’m going.” Vision boards, maps, lists, and pictures that embody success will keep you motivated to save your money. And, visualizing how you’ll feel after achieving your goal unleashes the power of your subconscious mind, which further propels you towards financial abundance.

It doesn’t matter if you’re focused on getting out of debt or saving $500 a month (or both) — you need to keep your eye on the ball.

Reward yourself regularly – but not by spending money!

To stay focused and motivated for long-term financial security, celebrate your successes. “I reward myself monthly with a pedicure and quarterly with a massage,” says Wagner. “It keeps me rejuvenated and energized.” But, if you’re setting money goals, don’t reward yourself with expensive luxuries too often…or you’ll lose all you’ve achieved.

Our last life coach pushes us out of the nest with a little tough love:

“Stop making excuses,” says Wagner. “The biggest mistake I see is that people don’t hold themselves accountable. So, get out of your own way – because you’re the only person who can make a positive difference in your life!”

If your money Best Strategies for Investing Money for Long-Term Growth.

If you have any thoughts on these tips for setting money goals or saving $500 a month, please comment below…

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Source list: Christa Wagner of SavvySolutions.com, Talane Miedaner of Talane Coaching Company, and Laura Berman Fortgang.

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6 thoughts on “Setting Money Goals – 6 Tips for Saving $500 a Month”

  1. My motivation for setting money goals is a Mini Cooper! That’s my goal, to save $20,000 for a used Mini.

  2. I have realized that to set money goals you have to have a motivation. Budgets are a very good part of the process but budgets do not force you to actually save money, they only show you the picture you want to see, where you want to be. My number one motivation for setting money goals is to be financially free. So for the past 7 months I have consistently kept to my plan because of my motivation. My goal may appear long term but knowing that I want to reach a point in my life where money will not be a problem and make my money work for me and not me struggling to work for money is something I keep in the front of my mind every waking moment.

  3. Laurie Pawlik-Kienlen

    Thanks for your comment, Bruce. I’m the worst person in the world for setting a budget! Well, I can set it…but I don’t stick to it.

    The truth is, I need a budget to help me spend money, not save it. I’m too frugal and don’t enjoy my money very much. I need to spend more — that’s my money goal, believe it or not. Life is too short to waste on depriving yourself of stuff you CAN afford.

  4. I agree with maintaining a budget always. I find it necessary to avoid avoid running an overdraft or not being able to make a preauthorized payment. It also allows me to forecast when I will have tight months or weeks due to once a year big bills (property or personal taxes, insurances, etc). Yeah, very important for me.

  5. Laurie Pawlik-Kienlen

    Hi Belmont,

    I’m not sure budgeting is an absolutely necessary money saving tip. For instance, I’ve never had a household budget, but we paid off our mortgage last month. But, my husband and I don’t spend alot of money on anything other than the essentials…we were both raised to pinch pennies, and we just don’t spend money.

    But I’ve often that that a budget can help me relax about spending money….and help me enjoy an expensive meal or trip more — because a budget can increaed your feelings of financial security.

    So, maybe a budget IS a good financial habit, even for people who don’t spend alot of money!

    Thanks for your comment — great food for thought.

    .-= Laurie Pawlik-Kienlen´s last blog post …Establish Good Financial Habits – 6 Ways to Make Money Saving Tips Stick =-.

  6. Nice thought!! I agree with your view except for the 2nd point. Don’t you think budgeting is necessary? That is the simplest way to keep a track of your cash flow. It immensely helps in controlling your outgoing money and also to determine areas where you need to cut down. I have seen several of my friends come out of huge debts by following the first basic step- budgeting.