An essential part of getting your budget in order is making sure that you’ve set realistic short-term savings goals. These should be divided into three main categories; short-term goals, medium-term goals, and long-term goals. Short-term goals refer to things you want to save up for in the next one to five years. These can include a wedding, a new car or even a deposit on a new home.

Medium-term goals are anything you need to save up for over a period of five to ten years. When we talk about medium-term goals we need to think of university funds and other such expenses. Long-term savings are things you need to plan for over a very long time. These include retirement. Today, however, we want to help you find the best way to put money away to help you realise your short-term savings goals.

Set A Goal

The first step in saving for something you really want is making sure that you know what you want to save towards. You need to be realistic about what you want to save for. Write down a list of things you want to achieve financially in the next five years. We recommend choosing three large goals and maybe two smaller ones. Next, detail how you plan to achieve each of those goals by putting a monetary number next to each one. If a house is on your list for the next five years you need to write R50 000 in your details column.

Free Up Money

The quickest way to meet your short-term savings goals is to free up any extra cash you might have. This can be done by eating out less or cutting down on that gym membership you haven’t used in two years. If you have satellite TV, now’s a great time to either cancel it or downgrade the plan. Make a list of everything you spend money on every month and realistically look at where you can cut the fat.

Get Banking

When you have freed up enough finances you need to place to put the money. Consider opening another bank account and setting an automatic debit order to go off every month. The money in the new account should be tied to a holding type account to avoid unnecessary spending. When possible always opt for a 32-day account. That way, you won’t be able to get hold of the funds in the account at a whim.


When you have extra money available, make sure you place it into your savings account. In no time you’ll have built up a substantial savings pocket for your short-term savings goals.