Developing healthy financial habits can do wonders for helping us achieve our goals. This summer, consider creating some new habits like saving for a sunny day. Many American families save for a rainy day which is very important, but saving for a sunny day can be fun and motivating. It can also be a fun way to set a goal and get the entire family involved in creating healthy financial habits.

There are lots of ways to start saving money, but to really make gains you’ll need to begin tracking your income and spending so that you can meet your savings goals. Here are some steps to saving for a sunny day this summer.

 

1. Create your “sunny day” savings goal:

What's on your family's wish list this summer? This is the fun part –coming up with a fun family goal everyone can work together towards achieving. But before creating a savings goal, it’s important to get buy-in from your family by helping them understand why you’re embarking on this journey together and what it will take to be successful. Attempting the goal together is meaningful as the daily acts taken towards achieving the goal leads to a lot of bonding. Consider creating a specific goal that everyone can work towards, whether you want to take your children on a big family vacation, save up for a down payment on your first home or pay cash for a vehicle. Working towards a savings goal teaches everyone about saving and responsible spending. Whatever your financial goals are, it’s important they line up with your family’s values

 

2. Make saving for your sunny day a part of your spending plan or take on an extra job(s) to earn the income needed.

If you have enough income to meet your basic needs, consider putting aside a little extra each month just for your sunny day goal this summer. If you need help creating a Spending Plan, check out our  spending plan worksheet.

• Tips: Be intentional in efforts to save money before paying anything else. Every time you receive money, whether it’s from an employer, business or money as a gift, consider how much you can save. Even if it’s only $20.00. Some savings is better than no savings. Small amounts can add up to large amounts over time. If you do not have enough income today to meet your goal, there are many ways you might consider to increase income. For some ideas check out Ways to Increase Income. 

 
 

3. Avoid the temptation to spend your sunny day money on something else.

When you’re saving for your sunny day goal this summer, it can be tempting to spend some of that money. Imagine the freedom of being able to enjoy a family vacation knowing that it’s already completely paid for. Keeping your eye on the end goal will help you continue to build on the savings and not touch it.

 

4. Enjoy your sunny day!

Once you’ve achieved your financial goal, enjoy it! And then you can start saving for another sunny day.

 

Anything else?

Whatever new habits you wish to work towards this summer, we encourage you to consider sharing them with others. Having accountability partners in people you trust like friends and family is a great way to stay on the path.

Credit Human is also here to support and partner with you on your financial journey. If you need some slack this summer, come by and see us in your neighborhood Financial Health Center. We’re here for you and ready to begin helping you achieve your goals.

In the comments below, what is your sunny day goal? What are your tips to creating financial habits to achieve your dreams?