Strategies and Challenges to Saving 

• Short term saving goal (less than 2 years)
• Medium term saving goals (2-7 years)
• Long term saving goals (7+ years)

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• Why is setting financial goals important?
    * It doesn't happen unless you have goals
    * Makes you look at how you spending your money

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• 5 ways to set a financial goal
    * Write them down
    * Make them specific
    * Make them measurable
    * Give yourself a deadline
    * Make sure they are your own goals

• 50/30/20 rule of thumb
    * There separate buckets based on after tax income (your take-home pay)
    * Mandatory(fixed) expenses- 50%: housing, electric bill
    * Wants- 30%: movies, going out
    * Savings and debt payment- 20%:

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• Pay Yourself First
    * Budgeting strategy
    * Build your spending plan around saving goals (20%)
      * 50%- fixed expense
      * 30%- variable expenses
    * Prioritizes savings

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• Challenges to savings

• Spending too much on housing: 50% for expense, use 30% on housing

• No defined budget

• Save money later mindset

• Lack of measurable saving goals

• Student loan payments

• Your comfort zone

• Overusing credit cards