Financial goals range in size and timeframe. While it may feel necessary to choose which goals to prioritize, the appropriate course of action is to save money for each financial goal on a regular basis, regardless of the dollar amount.

Consistency is key

Regularly saving eliminates the need for constant decision-making. You remove the thought process, energy and stress that comes with ongoing evaluations and replace it with automatic action.  As a result, you create a behavior habit, which enables ongoing progress and continued commitment to goals.

Saving habitually also takes advantage of time, a valuable and often overlooked resource. Over time, money grows over a longer time horizon and builds on itself (a financial concept called “compounding”). Furthermore, invested dollars can take advantage of market fluctuations – meaning the same dollar amount buys more shares when prices temporarily decline.

Do not fixate on dollars

Preconceived notions about the “right amount” of savings can be discouraging. Rather than allowing personal biases and inaccurate assumptions to dictate your behavior, set realistic expectations for savings. Reflect candidly and figure out the appropriate dollar amount that fits with your lifestyle. Remember – the true “right amount” is anything above zero. Any savings are positive and worthy of celebration.

Give yourself a raise

Every year review savings and increase the dollar amount. Regardless if the step up is small or large, it boosts progress. Revisiting and reaffirming goals on a regularly basis deepens commitment and prioritization. Demonstrating discipline and intent is energizing and key for success.