The 15-Minute Money Ritual: Plot Your Summer Savings Goal

Sponsored by Monarch Money

This month, in partnership with our friends at Monarch Money, we're bringing you The 15-Minute Money Ritual: a four-part series to teach you how to take charge of your money without letting it consume your entire life. Each week, we’ll share one segment to help you refresh your money routine, without ever costing you more than 15 minutes of your precious time. (ICYMI: here is last week’s installment, all about reducing budget clutter from recurring charges.)

This week: Plot out your seasonal savings. 

It’s our last installment of The 15-Minute Money Ritual! Today, we’re covering how to plot and execute your summer savings goal — keeping in mind that you can use these strategies no matter what season you’re in. 

Now that we’re fully in summer mode (even though the solstice is still two weeks away), we know how important it is to allow yourself to indulge. No one wants to spend the warmer months seeing others poolside, beachside, or patio dining-side and feel like they’re not allowed the same level of enjoyment. The best thing you can do for yourself is to automate your goals so you can cruise through summertime, unburdened by what has been. 

Of course, you need to figure out what those goals are in the first place before you start socking away money towards them. Ask yourself: What financial security milestone do I want to reach by the end of summer in order to guiltlessly enjoy the concerts, beach days, or getaways on this summer’s bucket list? That could be hitting a retirement contribution milestone, stashing a month of expenses in your emergency fund, or front-loading your holiday season sinking fund.

And with Monarch, syncing your short-term spending with your long-term goals has never been simpler. Managing multiple money goals can be a headache, especially when they’re spread across several different accounts. Monarch makes it easy to help you budget monthly contributions to those long-term plans alongside your day to day spending, so you never lose sight of the bigger picture. The app helps you keep tabs on your progress so you always know you're on the right path. 

Monarch gives you a dedicated page for your goals, letting you track them side by side, no matter which accounts you're using to fund them. You can give each savings or investment account a purpose by assigning it to a goal, and Monarch will help update your progress automatically. Then, once you’ve reached a goal, you get to mark it as “Complete” (so satisfying) and celebrate guilt-free. And right now, our readers can get 50% off their first year with code TFD50. Click here to get started! 

Thanks so much for reading along with The 15-Minute Money Ritual! And keep checking your inbox every Monday for more of the best from the TFD team.