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You probably already have a budget for your everyday expenses; you pay your rent or mortgage, utilities, and groceries every month. But are you budgeting for other big expenses like a vacation, wedding, or new car? If not, here are some tips to help you get started. 

Map it out

Figure out how much you need to save. If you’re saving for a vacation, choose where you are going and the cost of your trip. Once you have how much you need to save for, figure out your timeframe. When do you want to spend this savings? You can divide your total savings goal by your timeframe to see how much you’ll need to set aside each paycheck, week or month.  

Say you need to save for a trip that is estimated to cost $2,000 and you have a 12-month goal. You are going to divide $2,000 by the 12 months for a total of $167 a month to save. You can even calculate further to see how much you should save weekly or by paycheck. Use this savings goal calculator to help also. 

Now that you can see how much you need to save to achieve your goal, ask yourself if your plan needs tweaking. Are you going to be able to make room in your budget to achieve this goal? If not, you may need to adjust something. You may need to choose a less expensive trip, extend your timeframe, or adjust your everyday expenses.  

Use a savings account

Opening a separate savings account just for your goals will keep you less tempted to dip into your money. This will also help you keep track of your progress in a safe way, rather than having a large amount of cash sitting around. You can also earn a little bit of interest with a savings account to help while you are putting funds back. 

Make it automatic

Set up automatic transfers into your savings account or set up direct deposit with your employer so that part of your paycheck goes directly to your savings. This will help you reach the savings goal without having to think about it each month.  

Following these helpful steps will help you save up for your big expense and could put you in a good routine of saving!