There is a commercial on television now from a financial institution that’s advertising “your number”. Everyone is at a party, and they are talking about their “number”. Apparently they are all saving money combining their lines of credit, mortgages and savings accounts into one account.
Focusing on numbers is good, but to be financially successful, and to avoid money problems, you need real goals, not number goals.
Don’t make a goal to save $50 each week. That’s a goal with no meaning. If you save $50 per week for 100 weeks, you will have saved $5,000. Is that important? Is it important to save $5,000?
Here’s a better goal: I want to save $50 per week for 100 weeks so that I can buy a $5,000 car, so that I’ll have more flexibility to find a better job. That’s a goal that has meaning; it’s not just a number.
Saving money is great, but have a reason for your savings plan. Save money for a new car or house; save money for your child’s education, or save money as an emergency fund. Save, but be sure you have a specific savings goal in mind.