Deciding on goals to save for is almost impossible. You need to face up to the challenge and make a call.
Decisions, decisions, decisions. Deciding on goals to save for is almost impossible. How do you know if it is better to go on a backpacking adventure for a year, or save towards something sensible and practical like a house deposit? A decision has to be made or time will flow on. Through indecision, you will get nothing at all.
You need to face up to the challenge and make a call.
It doesn’t help when outside pressure adds to your confusion. We’re talking mostly about the pressure that comes from parents and family who want you to do one thing or another.
A lot of us have parents who are fixated on the need to buy that first property. When they were young saving for a house is what you did. They want the same security for you. That’s all well and good but house prices now are WAY more expensive. In their eyes that is all the more reason to start saving sooner, i.e. NOW!
You should listen to them. The advice is coming from a good place. It is also good advice. But, before you think we're taking their side, we want to know what is stopping you? Make a list of the reasons. Let’s hazard a guess you’re avoiding the big, expensive sensible choice because:
- it means that you’re getting older.
- you don’t want to deal with the headache of saving.
- who wants to be making repayments for the foreseeable future?
- you can’t afford a house or one bedroom apartment in any suburb you actually want to live in.
- you would rather wait until someone else, like a partner or sibling, is ready to go halves with you.
- if you start working towards this right now, you’re giving up on other things that are important to you.
However you are feeling, just acknowledge it. Accept it. Understanding how you feel is better than being confused about it all because it lets you take insightful action.
No matter how much pressure is piled on, the final decision, as an adult, is yours. You don’t have to ask permission from anyone on how you spend your money. If you choose a gap year backpacking around the Americas so be it. You won’t get a house from that but you will have a repertoire of stories to tell, knowledge about different cultures and history and you will certainly learn how to live frugally – a skill that will be useful when you do decide to save for a house deposit. And, hopefully the distance from everyday life at home will help you decide on what is important in your future.
If you really don’t know what you want, it helps to take time out. Take a day to spend alone and dream of all the possibilities. Which one makes your imagination take-off about this unknown future? That’s a sign.
When you are saving money for goals that are truly your own, then there is no such thing as a bad decision. It is also good to remember that once you have saved and purchased that first thing, saving for the next thing is easier. You already know how to do it.
If you truly can’t decide on the goal, see how you go saving anyway. Starting good savings habits can only do you good. One day down the track if the answer comes to you, you've got the pool of money so you won't have to wait to buy. The other thing we have to say you can change your mind at any mind. That's allowed and okay. The savings will still go towards your dreams which evolve as you do.