How to Make a Savings Plan in 10 Easy Steps

How to Make a Savings Plan in 10 Easy Steps

Every big plan you and your partner have for the near and distant future requires money. Whether it’s a new house, vacation, marriage, or even a child, you both have to save enough money for it, which is quite challenging. However, there are well-thought-out steps you can follow to help you stretch enough dollars to meet your financial goals. If you make a good savings plan and actually follow it, your financial life will be a success.

What is a Savings Plan?

A savings plan is an investment you make by regularly putting money over a specific time in order to meet your financial goal. It can be a short or long term plan. Such a strategic, measurable, and consistent plan and process depend on your income and the amount of money you need to raise for the life goal you’ve targeted.

Does it feel overpowering thinking about the huge amount of money you’ve to save to reach there? Well, a savings plan shouldn’t be difficult. It requires commitment. Here are simple steps you need to follow today to make a solid one.

How to Make a Savings Plan in 10 Simple Steps

As a couple, you may find that it’s much easier to talk about other things than about your finances and savings. Single people usually avoid thinking about savings, as well. The process of saving is easy if you follow the steps below carefully:

1. List All Your Income and Expenses

First, begin by understanding your current financial situation. Get a paper and make a list of your income and expenses per month. You can use this format:

Your Savings Plan start with listing your income and expenses

Then calculate how much you’ve been spending individually and as a couple before the next payday. With that, you can figure out the amount you can begin saving before eventually increasing gradually.

2. Examine Your Spending

To examine your spending, go through a few months of your bank statements. Then, you can make a list of other additional expenses you make each month.

Holding back on your spending doesn’t mean giving up your favorite avocado snack. But you can limit some snack orders you make from 4 days a week to 2. As part of our monthly expenses, Let’s just add your avocado snack ($6 each per week).

Examine your spending by checking your expenses

3. Plan Inexpensive Outings/Dates

In a romantic relationship, dates are nearly inevitable. However, you’ve to understand that choosing classy restaurants, sports games and concerts are heavy on your bank account.

Inexpected dates can be done at home

The ideal way to save money is to device inexpensive date ideas. They include having a movie night in, a free event featuring a local band, and fun stuff like that which allow you to maximize your savings plan.

In our example, it looks like we’re paying about $300 on average in our date nights. Imagine if we can reduce it by half. That’s already $150 in savings!

Increase Your Savings Plan by Reducing Your Dinner-out

4. Determine Your Potential Savings

In order to determine your potential savings, you can use this simple formula:

Potential Savings = Income – Expenses

Let’s get back to our example, shall we?

Potential Savings is the difference between your income and expenses
Potential Savings = Total Income ($3,000) – Total Expenses ($1,126)

After deducting all your total expenses to your total income, you’re left with $1,126. This could be your potential savings per month!

5. Make A Debt Plan

Your savings plan is also a great way to get out of debt. If you and your partner are currently in debt, you can both come up with a debt-relief plan. You simply have to sit down and assess your debts as a couple and determine the best and quick repayment plan that works for you.

Let’s say you have a student loan of $10,000 and you could potentially pay $1,126 per month from your savings. You can use a portion of it to pay your balance slowly.

In our example, let’s use $300 as our monthly payment. Doing the math, you should be able to pay it within 3 years. If you want to shorten the length of your payment, you can always increase your monthly contribution.

Student loan should be added into your savings plan


Now that you know how much you’re going to spend, you can add it to your list so you’ll know your exact savings!

6. Set Up a “SMART” Savings Goal

With a little effort and discipline, your savings account should grow over time. BUT, there’s more to it! If you really want to be financially independent, you have to set up a goal.

And your financial goal should be S.M.A.R.T

Your Savings Plan should have a Smart Goal

“By 12/01/25, I will have $10,000 in my checking account. I will get this by saving $200 from my paycheck every month for the next 5 years.”

The key to defining a SMART Goal is asking these questions: “Is my goal specific?”, “Is it measurable?”, “Is it attainable?” and so forth.

If your answer to everything is YES then you’re on the right track!

Start doing this by setting a specific dollar amount and date. In order to see if it’s doable, you can then divide that dollar amount by your monthly contribution to know if it’s achievable.

For Example $10,000/$400 per month = 25 months (it will take you 25 months or 2 years and 1 month to get your goal).

7. Level Up

There are always ways to save more once your savings plan is functional. For example, when you’re working and receive a pay raise, don’t hesitate to send the additional amount on your salary to your savings account.

Save Money by Selling Used Items

Also, try making side hustles. What about putting some of your unused items for sale, or looking for jobs that pay higher? Great idea!

8. Automate Savings

Automatic savings makes your savings plan fun. You just have to go to your account online and automate transfers of a specific amount as savings every payday. This specific amount of money will always move from your checking to savings. And each month, your savings balance will grow towards your financial goal accordingly.

What’s the benefit? It’s SET AND FORGET – It’s a less hassle way to transfer money.

9. Save in the Right Place

As a couple, you may as well agree to open a joint savings account. Such an account gives you where to keep your money. You may as well have a chance to earn interest on the savings you make, which helps it grow even quicker.

Nerd Wallet has a great savings goal calculator to find out the amount you should set aside as your monthly savings to reach your financial goals.

If both of you have a plan to save the same amount every month, setting up a standing order from either your joint or individual bank account is the ideal thing to do.

10. Create an Emergency Fund

The final step on how to make a savings plan is creating an emergency fund. Save at least $1,000 then, keep building it to reach the recommended standard of 3 to 6 months’ expenses. The idea is to get you and your partner covered in case an unexpected event happens like losing your job.

Such savings should be separate from other savings. Designate it for emergency needs only. And make sure to restart it once you get back on your feet.

You can put a portion of your monthly income to your emergency fund until you can save at least $1,000 or 3 months worth of expense. In our case, let’s put $200 every month in our safety funds.

What is a Personal Savings Plan?

When you save for yourself, the process is known as a personal savings plan. Simply put, it’s saving a part of your income for future use. It can be a plan to finance a specific goal or reserve money for emergencies.

Financial experts advise everyone to create a personal savings plan. And you can do it by paying yourself first. It’s a simple piece of advice to follow and create for yourself financial well-being.

What is an Automatic Savings Plan?

Automatic Savings plan

An automatic savings plan refers to a personal savings system that involves you transferring a fixed amount of money into your account by automation. It’s set up to make automatic transfers at specified intervals from your bank account into your savings or investment account.

Benefits of an Automatic Savings Plan

Provides Peace-of-Mind:

Making your savings transfer automatic means you don’t have to bother about the usual forgetfulness. It can be very demanding to remember when to save into your account regularly. An automatic savings system features a financial savings tool which you “set and forget.”

Restriction of the urge to spend:

When you program automatic deposits into your account, you’re less tempted when it comes to spending it.

Potential for Better Rates:

Based on its terms, an automatic account can generate higher interests once you reach a specific financial threshold.

What is a Financial Service Planner?

Financial Planner provides advises for saving money

A financial planner is like a financial advisor who assists you in putting together a personalized plan for your future, especially on how you manage your funds and achieve your financial goals.

In addition, when you hire a financial planner, you put an expert beside you. He will provide you with excellent advice on the best ways to assess and handle your current financial situation.


A savings plan is a road map to your financial well-being. Doing everything possible to implement the plan is all you need to build a bank balance large enough to cater to your short and long-term needs.

It can sometimes feel like an impossible challenge saving money. However, whether you’re a couple or single, making simple changes to how you spend and save, can grow your savings at a satisfactorily faster rate.

Love Our Article? Make sure you Pin It and add to your “Travel Saving Ideas” Board

87 thoughts on “How to Make a Savings Plan in 10 Easy Steps”

  1. A person essentially assist to make seriously articles I might
    state. This is the first time I frequented
    your web page and to this point? I surprised with the analysis you made to create this particular put up incredible.

    Magnificent task!

  2. An intriguing discussion is definitely worth comment.

    I do believe that you ought to publish more about this subject, it may not be a
    taboo matter but usually people don’t discuss such issues.
    To the next! Cheers!!

  3. Pingback: Google

  4. Pingback: Macbook pro akku service zürich

  5. Pingback: Pinball Machines for Sale

  6. Pingback: Masai Mara trips

  7. Pingback: Shipping containers For Sale

  8. Pingback: Macbook akku service pfäffikon

  9. Pingback: Africa adventure tours


  11. Pingback: best doc johnson sex toys

  12. Pingback: shipping containers for sale

  13. Pingback: Serengeti safari

  14. Pingback: ارقام بنات

  15. Pingback: aromatherapy for anxiety

  16. Pingback: software

  17. Pingback: mylowes

  18. Pingback: Buy Morphine pills online

  19. Pingback: Buy Methadone 10mg online

  20. Pingback: THC VAPE JUICE

  21. Pingback: taurus 454 raging bull

  22. Pingback: benelli nova 18 inch barrel

  23. Pingback: mcx for sale

  24. Pingback: ballys slot machines for sale

  25. Pingback: hi point yeet cannon

  26. Pingback: mossberg 590 nightstick for sale

  27. Pingback: buy pentobarbital

  28. Pingback: magic mushrooms

  29. Pingback: buy stiiizy online

  30. Pingback: magic mushrooms

  31. Pingback: marijuana online usa

  32. Pingback: background check website

  33. Pingback: supreme carts

  34. Pingback: cave gecko for sale

  35. Pingback: beretta semi auto shotgun

  36. Pingback: Macaw parrots for sale

  37. Pingback: greenguard futon

  38. Pingback: exotic weed packs

  39. Pingback: Fennec Fox for Sale Near Me

  40. Pingback: ethereum mining machine for sale in europe

  41. Pingback: Travelmonke Uganda Safaris

  42. Pingback: gv-rx195p256d-rh

  43. Pingback: nautilus counter

  44. My family members every time say that I am killing
    my time here at web, except I know I am getting familiarity daily by reading such nice articles
    or reviews.

  45. Pingback: digital marketing agency

  46. Pingback: G26 SUBCOMPACT | 9X19MM

  47. Pingback: Benelli SuperSport

  48. Pingback: where to buy pills online

  49. Pingback: RissMiner

  50. Pingback: Buy Sig Sauer Guns Online

  51. Pingback: The Broxbourne School

  52. Pingback: vertigo

  53. Pingback: bitcoin

  54. Pingback: peter nduati net worth

  55. Pingback: Gorilla Trekking Safari in Uganda

  56. Pingback: Kenya safari holidays

  57. Pingback: Uganda Safari Tours

  58. Pingback: savage grow plus results

  59. Pingback: beretta shortguns

  60. Pingback: thc vape carts for sale

  61. Pingback: brownells firearms

  62. Pingback: sulalemi sikin benim

  63. Pingback: best male masturbators

  64. Pingback: BUY DMT ONLINE

  65. Pingback: radom ak

  66. Pingback: fruit gushers strain

  67. Pingback: Patek Philippe


  69. Pingback: happyLuke

  70. Pingback: order counterfeit money

  71. Pingback: cucumber juul pods

  72. Pingback: testosterone booster

  73. Pingback: Cheap rentals in Montenegro

  74. Howdy are using WordPress for your blog platform?
    I’m new to the blog world but I’m trying to get
    started and create my own. Do you need any coding expertise to
    make your own blog? Any help would be really appreciated!

  75. Pingback: buy backlinks

  76. Pingback: Buy Alza Concerta Online

  77. Pingback: bitcoin mining rigs

  78. Pingback:

  79. Pingback: Buy Vape Pen Pineapple Express

  80. Pingback: CableFreeTV News

  81. Pingback: Gorilla Trekking Uganda Safaris

  82. Pingback: happyruck

  83. Pingback: NMD News

  84. Pingback: virtual card issuer instantly

  85. Pingback: virtual credit card buy with cryptocurrency

Leave a Comment

Your email address will not be published.

Pin It on Pinterest

Scroll to Top
How to make a savings plan for couples

Do you find it hard to save money with your partner?

Download of FREE E-Book and see how you can save up to $20,000 in just 12 months!