Step 4: Monitor and Adjust

As with any plan, goal, or strategy, it’s important to consistently check your progress. This will allow you to watch your savings grow and correct the course as needed.

An easy way to keep track of your savings is to set up an automatic account notification, check-in via online or mobile banking, or write down a running total of all your contributions.

Once you start saving, review your progress every few months and check your progress against your goal. If you’re able, gradually increase the amount you’re saving each month – even increasing your savings by 1% can provide significant returns.

However, don’t be afraid to decrease your savings rate, either, if your check-in shows that you’re having difficulty making ends meet. The important thing is to figure out what works for you and to not be afraid to adjust as you go along – with a little bit of time and effort, you’ll find a savings strategy that suits your lifestyle!

Want to know more about managing your finances? Check out our Personal Finance blog!