Quantifying saving milestones is crucial, as is setting deadlines of meeting them. For example, for someone new to saving looking to purchase an asset we might set a goal of saving regularly over 6 months to achieve at least a third of the asset value. This quantified specificity is important in forming an appropriate saving discipline. Sounds easy huh? Milestone setting is not as easy as it sounds. First of all, it requires discipline because it forces you to be honest about what you are capable of committing to given practical (e.g. time and other commitments) and financial limitations.

If your milestone is time-based, establish who are you trying to show your capability to? Often it can be a partner, children, parents, friends (or people that have said you couldn’t do it). When you’re deep into saving and feel like stopping, learn to stop thinking about the discomfort and start thinking about how proud those people will feel and how proud that will make you feel. When it gets hard, go back to the reason you’re doing it in the first place.