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Adryan R.
How do you prioritize your short and long term savings goals?
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How do you prioritize your short and long term savings goals?
I split my savings. My long term savings goes into my savings account where it earns interest, and I know I'm not going to be able to access it anytime soon. My short term savings I actually pull out in cash and stash at the house. Usually that's to pay off a store card or something small. Once I've got that clear, I use it, knock out that debt, and start again with another in mind.
I set a budget amount for my sinking funds at the beginning of the calendar year. I put a priority on the sinking funds In which I will need to use money from first.
Meet the short term first. Then focus on the long term.
Splitting long-term and short-term is definitely the way to go, in my opinion.
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I split mine too.
I also split my savings goals. For really short-term goals (for example, an emergency using emergency funds), I often focus on rebuilding my emergency fund and once met, then begin to split funds. Sometimes, if it takes several months to rebuild my emergencies I will focus for 1-2 months on long term and then go back to my normal split amount.