#SavingsWithAladdin: If Your Goals Don't Scare You, They Aren’t Big Enough
Five smart ways to achieve your big financial goals
We all have financial goals that we want to achieve in a day, weeks, months, and even years. But with our limited resources, they may look impossible to achieve. For example, you may want to build your first house within two years or plan a birthday trip to Europe in the coming months but you do not think it is achievable with your current salary. What makes it even scarier is that you have regular bills and expenses that make it look impossible to accomplish.
The great thing about setting big financial goals is that it stretches you beyond your comfort zone. You find yourself working ten times harder to earn more and discipline yourself to spend within your means so as to be able to successfully save towards goals.
To be able to achieve your big goals, they must be:
- Specific: When saving towards a goal, it is important to know what and why you are saving. For example, you can set up a goals savings plan with an aladdin account to save ₦20,000 every month in case you suddenly lose your job or need to take send money to a family member who is sick.
- Measurable: The easiest way to measure your progress as you save towards your big goals is to automate your savings. On the Aladdin app, you can easily achieve this by setting up a goal savings plan. Every day you are able to view not only your progress as you save but also your interest earned.
- Attainable: Maybe saving that ₦ 20,000 every month is possible if you limit eating out to once a week, or automate your goal savings on the Aladdin app order to automatically save ₦ 20,000 from your salary account at month-end. Prepare in advance to cut out any possible temptation that could make it difficult to achieve your savings goals.
- Realistic: It is always a good idea to break down big goals into smaller units. For example, if you are determined to save a million naira in one year, you can break it down into ₦3,000 every day. By doing this, you have shifted your mindset from impossible to possible
- Timely: Now that you have made your goals specific, measurable, attainable, and realistic. The final step is to set a deadline for achieving your financial goal. However, you will need to ensure the timeframe you set is realistic. For example, saying you want to save a million naira in one month on ₦ 60,000 is unrealistic, but if you work towards a 3-year plan, it is achievable
No matter how big your goals may be, with planning and discipline you can achieve them all.
In other news;
Every Friday we are giving away cash prizes and airtime to 10 lucky customer's during the Aladdin Raffle draw. To qualify for a ticket weekly, you need to have a minimum of ₦5000 in your goal savings account with us, weekly draw — so the more you save, the more chances you have to win every week.