Bonnie Honeycutt is a New York Times best-selling editor who also works as a freelance journalist, ghost writer, and writing coach. She has managed academic and scientific journals, and worked as an editor and writer for various magazines and newspap.
Bonnie Honeycutt ContributorBonnie Honeycutt is a New York Times best-selling editor who also works as a freelance journalist, ghost writer, and writing coach. She has managed academic and scientific journals, and worked as an editor and writer for various magazines and newspap.
Written By Bonnie Honeycutt ContributorBonnie Honeycutt is a New York Times best-selling editor who also works as a freelance journalist, ghost writer, and writing coach. She has managed academic and scientific journals, and worked as an editor and writer for various magazines and newspap.
Bonnie Honeycutt ContributorBonnie Honeycutt is a New York Times best-selling editor who also works as a freelance journalist, ghost writer, and writing coach. She has managed academic and scientific journals, and worked as an editor and writer for various magazines and newspap.
ContributorKim Porter began her career as a writer and an editor focusing on personal finance in 2010. Since then, her work has been published everywhere from Forbes Advisor to U.S. News & World Report, Fortune, NextAdvisor, Credit Karma, Bankrate, and more.
Kim Porter began her career as a writer and an editor focusing on personal finance in 2010. Since then, her work has been published everywhere from Forbes Advisor to U.S. News & World Report, Fortune, NextAdvisor, Credit Karma, Bankrate, and more.
Kim Porter began her career as a writer and an editor focusing on personal finance in 2010. Since then, her work has been published everywhere from Forbes Advisor to U.S. News & World Report, Fortune, NextAdvisor, Credit Karma, Bankrate, and more.
Kim Porter began her career as a writer and an editor focusing on personal finance in 2010. Since then, her work has been published everywhere from Forbes Advisor to U.S. News & World Report, Fortune, NextAdvisor, Credit Karma, Bankrate, and more.
Updated: Apr 11, 2023, 1:49pm
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The best way to start saving money is to first have a goal in mind. Do you want to put money away for an emergency fund or retirement? Or perhaps you want to save for a down payment or dream vacation? Whatever your reasons, having a savings goal—and not losing sight of it—will help you reach it.
One of the reasons people don’t reach their savings goals is because they’re unable to quantify them. To help you avoid that pitfall, here are some steps you can take to set a savings goal and succeed.
The average savings account balance in the U.S. is $4,500, but your goal depends on your own situation. A good savings goal is achievable within a reasonable time frame given your circumstances.
Some financial experts recommend putting aside three to six months’ worth of expenses. So if you typically spend $4,000 a month on necessities like rent, utilities and groceries, you might set a savings goal of $12,000 to $24,000. If that amount seems intimidating, you can start small—such as saving $1,000.
Once you understand how to set and work toward a goal, consider creating different types of savings goals for yourself:
What do you do if you have multiple types of savings goals? Here are a few steps to help you reach them:
The time it takes to reach a savings goal depends on the person and the goal, so there’s no one right answer. Once you’ve identified your goals and set a timeline to achieve them, you’ll be able to determine how long saving for each goal will take.
It’s never too late to set a savings goal. Start where you are and with what you have, and you’ll already be ahead of many Americans.
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ContributorBonnie Honeycutt is a New York Times best-selling editor who also works as a freelance journalist, ghost writer, and writing coach. She has managed academic and scientific journals, and worked as an editor and writer for various magazines and newspapers, though remains most at home collaborating on projects in the lifestyle and wellness space. She currently works full-time as a senior editor at a major book publisher and resides in Nashville, Tennessee.
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