This is the Quickest Way to Reach Your Financial Goals
I was having a meal with a good friend of mine. Her treat. She had finally met her goal of saving up for a new house and she wanted to celebrate.
I asked her how her financial journey had been so far.
“It wasn’t easy. I would put aside money into a savings account but invariably would dip into it for something or the other.”
Eventually, heavily enforced self-discipline as well as monitoring on her mother’s part brought her this far.
Her description of her journey set me thinking. Having a single savings account for multiple goals falls short. It’s not enough of an enabler.
Why does that happen? Because putting money into one, big nebulous account does not reinforce a clear purpose.
Here’s an example. Take your Instagram account. You follow accounts related to recipes, travel, and fitness. You bookmark many of the posts and save them for later. Isn’t it easier if you organized them into different ‘Collections’ instead of simply having a long list of posts to scroll through?
That’s where P10’s Pockets comes in. Pockets helps you organize your savings in separate Collections of personal finance management. With Pockets you can
1. Zero in on your most important life goals.
2. Regularly set savings targets and put aside money to achieve them.
When you have money, you inevitably end up spending it. But when you set aside money towards your goals, it becomes serious.
Going on a much-desired road trip to Ladakh with your brother in June 2021. Starting your own business with your best friend in the next two years. Getting that dream car for your spouse by the end of this year.
Be specific about your goals. Define what, when, and how much. Write them down if required.
When you put a timeline and other specifics to your goals they become very, very real. They are no longer happening “one day when you can take off from work and have enough money.”
Making them specific is also more motivating.
So, all you have to do now is start a Pocket on P10. Create as many Pockets as you want. Name them. And start investing money into them.
Make your goals real, and make them happen. Doesn’t seem daunting now, does it?
And my friend? She just signed up and is right now creating her fifth Pocket.