Welcome to saving for short-term goals! You've built your emergency fund foundation. Now let's tackle the fun stuff - saving for things you actually want!
Short-term goals are specific purchases or experiences you want within the next 1-3 years.
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What's one thing you've been wanting to save for?
Short-term goals are different from your emergency fund. Emergency funds sit quietly waiting for surprises. Short-term savings have exciting destinations!
Think vacation, new laptop, car down payment, or wedding expenses. These goals motivate you to save consistently.
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How does saving for something exciting feel different from emergency savings?
You can use the exact same SMART goal framework for this. Instead of "save for vacation," try "Save $2,400 for a European trip by June 2025."
This gives you a clear target and timeline to work with.
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What makes this goal better than just "save for vacation"?
Here's the magic formula: Goal Amount ÷ Number of Months = Monthly Savings Needed.
For that $2,400 vacation in 18 months: $2,400 ÷ 18 = $133 per month.
Now you know exactly how much to save each month!
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What monthly amount would you need to save $1,800 in 12 months?
Where should you keep short-term savings? A separate high-yield savings account works perfectly, just like for your emergency fund.
Some people like having different accounts for different goals to track progress easily.
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Why keep goal savings separate from your emergency fund?
What if you have multiple short-term goals? Prioritize them! Maybe the car repair fund comes before the vacation fund.
