💰 Saving Money without a Goal is JUST ... pointless

Welcome to Wealthy Enough - my weekly newsletter where I share actionable insights to build your life of Enough.

Are you a Savvy - Saver ? Do you know what to do with that Money?

Well then, Keep Reading .. Things I’m covering today:

I’m a Savvy saver too! But here’s the deal, I have goals with every account I have. I see money as a tool 🛠 (tool that elevates my life and well-being) and NOT something I need to hoard.

Simple Goals like: Holidays, YouTube Studio Upgrade, or Long-Term Invest. Setting goals gives me the clarity I need and keeps me motivated to stay consistent.

I believe everything in Life needs a purpose. Even this Newsletter (or any other content that I make for that matter! the purpose is to make you aware and give you clarity on your personal finances and well-being so that you can live a better life without stressing over the small stuffs.)

Coming back to the purpose of savings, if you don’t have one you won’t have a compelling reason to protect it, it’ll be surprisingly easy for you to spend it. Maybe, a last-minute trip, an iPhone Upgrade or even a Weekend AirBnB.

Saving with a Purpose

If you want your savings to genuinely change your life, you need to assign some job to them. For anyone asking me where they should start, I’ll say start with 3 goals - one short term, one medium term, and one long term.

Something like this (More specific the better)

1 short-term goal : $4,000 for a trip to Bali (or any overseas trip)

1 medium-term goal : $10,000 emergency fund in a HYSA (High Yield Savings Account)

1 long-term goal : $250/week in Investments

“As a software Engineer, I learnt one thing for sure: the better the requirement is documented the lesser bugs needs to be fixed later” So a basic requirement can be like this:

As a User, I want to do this [functions on the application] so that I can [value proposition]

So your money goals should be similar,

As a Saver, I want to save $4000 for a trip to Bali by this June so that I can have a great time and make memories with my family.

Makes sense right? Be very concise!

So once you list down your money goals. Next thing is: how do you do it?

Automation is your friend!

Once your savings transfers are automatic, you remove the mental burden of logging in and do it manually. Every Bank App has these features and if you’re not using them you are missing out!

So here's your ten-minute challenge for today

Open your banking app. Look at your savings accounts. And honestly ask yourself: what’s the purpose for this account?

If you’re convinced with your answer, you're already ahead of most people.

If you’re not convinced, Well, now you know where to start.

I’ve shared my Savings Strategy in this Video. Check this out👇:

You can utilise my ALL-IN-ONE PERSONAL FINANCE SOLUTION GOOGLE SHEET if you are looking for an effective solution 👇:

Get a head start on your Personal Finance, watch these 👇

That’s all for this week. I hope you’ve found this helpful and insightful.

If you found this newsletter valuable? Share this Link 🔗 with a friend

I’ll see you next week 🙂

Saeem Khan
Creator of Wealthy Enough.
Software Engineer, Investor, Content Creator
www.saeemkhan.com