The goals of my savings plan has several effects. The short -term goal would is to set up a small weekly deposit into the money market account but be able to increase gradually that amount. This short-term goal ill also allow me to invest other funds in my small business. This investment will provide a second income and additional tax deductions. The mid-term goal is to have a comfortable balance In the account In the event something should happen to my employment income.
I read about a savings plan were a couple could save the smaller of the two salaries altogether and use the larger of the salaries to pay bills (Schultz, 2010). Ultimately this would be Ideal and an achievable mid-term goal to work toward. The long-term goal for my savings plan is to use the funds from this account to acquire a mom and have a substantial secondary retirement income. After reaching a mid- term goal I can further evaluate my savings strategy, I will examine the spending and income over the last five years and set my goals to match the next 10 years.
With a timeline established I can look at the problem areas to improve on. These areas include declining interest rates, unpredictable personal challenges, and investment downfalls. The biggest barrier to reaching these goals is my current and projected income as well as spending habits. With creating the budget has helped me to Identify the problem areas and have ore control over my spending to allow more saving and less waste of valued funds.
This causes a draw back on my weekly deposit amounts Into the money market account. I am currently attending college to further advance my coeducation In ten Title AT employment Ana completing on-ten-Jodi training courses. With these educational advancements I am able to apply for higher paying positions within my company as well as submit applications for outside employment. These higher paying Jobs will allow me to more effectively address the current barriers that have effects on my savings goal.