‘Achieving an accumulation goal requires a saving goal, but achieving a saving goal may require a spending modification goal first’ – Kitces

Do you, more often than not, want to save more than what you manage and are, usually, left wondering why you cannot? You are not alone. This is because even though the mind wants to save more for tomorrow, today’s wants and desires tend to take centre stage.

Our studies and experiences have taught us that savings goals are spending goals. Once we determine how much to spend per week, month or year, it’s less challenging to focus on how much to save per week, month or year. Thinking about savings only from the point of view of saving adds pressure to your desire to save more. Instead, shining the light on spending goals is an innovative way to reach a cherished destination via a different route.


Speak of spending/expense goals, there are several apps to help you track spend expenses. We encourage you to try them for at least three months to get a sense of what – if any – intelligent spending habits they may help you teach. Some of the apps in this space that you may want to check out are  – Mint, Shoeboxed, Expensewise or  Spendee. There are more.

A few other ways to track spending patterns are to make daily withdrawals for the daily expense and no more. Give yourself only a certain number of electronic payment transactions per week…or even day. Keep a certain amount in one separate saving account to meet spending goals and link all expenses – digital and physical – to this account only, while maintaining another for investing and saving goals. Some of our clients will vouch for the efficiency of this method.

What’s more, we have discussed more tips and techniques in an earlier blog here – https://ggindia.com/investment-planning/how-can-i-save-more/. You are encouraged to read it.

Ultimately, how one saves has much to do with how one manages cashflows and how well one can compartmentalise saving and spending goals. As is almost always the case with goal attainment, your drive, to a large extent, determines how far you go. Happily, there are tips, tools, and experts who can help you live a life in which you can meet spending and saving goals more regularly.

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