Savings goals not met yet for government budget cuts

Review and revision are integral parts of establishing successful savings goals.

07:24 29 June 2013

Recent news shows that Home Office and other departments have agreed to the proposed cuts in the budget, but the amount of savings is still significantly less than expected.

This can happen to anyone after assessing progress towards a savings goal. Here are a few suggestions to help you deal with revising your savings goals. 

 

• Assess your savings goals about every six months, or at the very least annually. Check your monthly expenses against your income to ensure that you are still able to contribute the same amount to your savings account as you originally expected.

 

• Changes in your financial status can wreak havoc on your savings goals. You may have become unemployed for a while, or received a promotion.  Either situation requires you to revise your plan so that you can accomplish your savings goals. Flexibility is the key to successful savings.

 

• If you find that you are not reaching the particular goals that you have set for yourself, you may want to either consider revising your savings goals, or you could try to reduce your expenses to make up the difference and get back on track with your goals.

 

• Always make sure that you are getting the best interest rates available on your investments. If you are not getting the best interest rates, you are just throwing money down the drain that you could be storing up in your savings account.

 

• Life changes such as marriage, divorce, adoption, or other similar issues can throw a wrench into otherwise solid savings goals. When you plan initially, try to allow for things of that nature.

 

If something crops up later, be sure to change your savings goals to reflect the most recent changes to your life. The flexibility in your savings plan will allow you to relax, and setting up a routine to review finances helps you stay on track.