Setting a Daily Savings Goal

Written by Dave Joseph Balatbat CWP®, CEPP®, RMP

The current crisis made us realize that it is very important to build a savings plan so we can be prepared for the health, life and employment risks presented by the pandemic. Whether it be for emergency needs or day-to-day spending adjustments, it is crucial to follow a plan and setup a fund so we can manage our finances effectively. For those who haven’t planned their budget yet, this simple financial process can be very helpful in building your savings plan and in maintaining discipline towards your saving habits.

Let’s say you would like to create your savings plan or emergency fund in the next 100 days. Looking at your 100-day savings goal may be overwhelming so it’s better to break it into daily goals to keep you on track and motivated.

Example: If you are looking to save P5,000 in the next 100 days to build a fund for your emergency medicine needs, your daily target amount to save from your income is P50. Or let’s say you would like to save P50,000 in the next 100 days to buy that computer you need for work, your daily target amount to save from your income is P500. Now you may be wondering, what if I miss saving on some days during my target timeline? For me that’s only natural and acceptable especially for those who are just starting. You just need to adjust and extend your timeline or top-up (pay-in-advance) the next succeeding dates to compensate the days you’ve missed. Adjustments and changes will always be present but what’s important is for you to build diligence and discipline with your saving habits as you progress in this goal that you would like to achieve.

Print your target savings plan and post it somewhere you can frequently visit or set a daily phone reminder so you wouldn’t forget. The key is to break down your goal into bite-sized chunks so it becomes easier to achieve. You’ll be surprised on how much you’ve saved by the end of your target timeline and how much discipline you’ve instilled in yourself after the process!

Your Wealth Planner,

Dave