Please enable JavaScript.
Coggle requires JavaScript to display documents.
My Savings Goals - Coggle Diagram
My Savings Goals
Long Term (Life)
Reach financial indepence
SMART
I will achieve my income through side hustles and automate monthly transfers to investment accounts
This goal supports my desire to be financially free from traditional employment
I will save and invest $500 per month, tracking progress quarterly
I will reach this goal in 15 years
I will save $150,000 in low cost index funds to generate passive income covering my $6000 living expenses
Overcoming obstacles
Pick funds with good performance and reliability
Set reminders to put money away
Get income
Obstacles
No job/income
Forget to put money away
Poor performing index funds
Short Term (0 - 12 months
Put money into HYSA
SMART
Save at least $50 in a HYSA
$50 in 6 months
Track the amount saved as it grows
Build a habit of saving and a financial cushion
$50
Obstacles
No money/job
Forget to put money
No HYSA
Overcoming obstacles
Ask parents to open custodial HYSA
Set reminders every month to put momney in
Get a job
Medium Term
1 - 10 years
Obstacles
Forget to put money away
No job
SMART
I want to save money for a used car that costs $12,000
I will reach my goal in 5 years
I will save $200each month
A car is helpful when going places and taking lots of stuff with me
BUY CAR
Overcoming Obstacles
Get a job and set up direct deposit into savings account