Have you ever heard someone say something to the effect of “a dream is only a dream until you write it down, then it becomes a goal”?

This concept examines how we view seemingly impossible things, like getting our “dream” job, living in the “dream” town, climbing Mount Everest, or completing a marathon.

You wouldn’t get on a flight to the Lukla Airport in Nepal thinking you will climb a little bit here and there and eventually reach Everest’s peak. You would certainly have a well-devised plan on what you will do each hour of each day, not only to reach the summit but also to return back to base safely.

Lukla Airport, Nepal

So why do we think reaching our financial goals are as easy as saving a little bit here and there without a well-laid-out plan (yes, I just compared scaling Everest to saving money…)

Dreams require a plan, which begins with writing it down.

If you find yourself struggling to accumulate savings maybe you should try writing down what your savings goal is; because if you don’t know what your savings target is, you won’t feel as if you’re making any progress.

If you’re working on baby step 1, saving $1,000 for an emergency fund, then you clearly have a goal, which is to save $1,000.

What about after that? How much should you save for investing once your emergency savings account is fully funded? Do I need to save for large purchases in the future?

If you’re struggling to determine what your savings goal should be, whether for retirement or for your next large purchase, reach out, I know we can help!