Welcome to The Drake Conversation! Having trouble saving as much money as you hope? Keep scrolling to find out why you should have a Savings Forecast one and how you can make one!
First up | What is a Savings Forecast?
A Savings Forecast is your EASY WAY to plan and have vision for how much money you will have saved at different points in the future. It’s just super great because at any point in time it can work out how much you will have saved by a certain date (this is especially helpful for planning for a specific event).
I created my own Savings Forecast in Microsoft Excel and am excited to share this with you all! It’s helped me take a deeper look at how I use money and how it benefits Kristy and I.
We’ve made it easy for you and included this sheet that you can download for FREE at the end of this post!
Secondly | Why is a Savings Forecast important?
The answer is simple. Your savings forecast will bring you clarity, vision, and opportunity.
Clarity | The Savings Forecast is based off of the data you put in it, so not only is it accurate to your specific circumstances, but you will also gain insight as to how your money is working for you.
Vision | It is LITERALLY giving you a glimpse into your financial future. Having VISION can really help you with your financial practices now! Seeing where you’ll be (financially) in 6 months, a year, two years time is really insightful. I know for me, it makes me wonder how the values change if I increase or decrease how much money I am saving. Which also brings motivation for you to keep saving – no matter how hard it can seem. I don’t know about you but if I know that sacrificing a single coffee each week means that I’ll have $260 to spend at the end of one year, it keeps me motivated!
Opportunity | Having a Savings Forecast will help you PLAN which in turn opens up a whole world of opportunities! Whether it’s to travel (like us), home renovations, a new car, or whatever! a Savings Forecast will open up not only to possibility to reach your goals but will help you actually achieve those goals! It also creates opportunity for you to GROW and STRETCH with your savings.
For example… YOUR GOAL is to save $1000 for a week away. The Savings Forecast indicates to you that at your current saving rate ($39 a week) you will have saved $1000 in 6 months. After seeing this you decide to CUT OUT one takeaway meal (approx. $15 per week and put that money into your savings. Once your reflect this change in the Savings Forecast you now see that you will have saved your $1000 2 months earlier! This means you don’t have to wait 6 months to get that much needed time away!
And the best part is that this process is totally adaptable for what YOU can and want to do!
Thirdly | How to make a Savings Forecast?
I’ll be super quick here, as I am GIVING YOU FOR FREE my Savings Forecast Excel sheet at the end of the post.
Using Excel you will be creating a sheet that includes how much you are saving every month (or week). This data is then displayed across future dates. This means that you could go to (on your sheet) December 2022 and you will be able to see how much you will have saved by then based on your saving trends.
Finally | Some encouragement for you!
You CAN succeed and you WILL succeed! You just need to have a goal, make a plan and act on it! Start your Savings Forecast and see the opportunities open up in front of you. Like I said, this one is FREE to download so help yourself! Please get in contact with us if you have any questions – we’d love to help!
We would love to hear your success stories about reaching your savings goals and being able to save more than you thought. Share them with us BELOW!