STEP 6
Create
Savings Goals
Give your money a clear purpose by saving for the things you know are coming and the future you want to build.
What is Step 6?
Create savings goals
Step 6 means setting aside money for specific future needs, rather than keeping all savings in one general account. Each goal has a purpose, a target and a timeframe.
Why it matters
Without clear savings goals, planned costs can quickly become financial pressure. A clear savings plan helps you prepare in advance, reduce reliance on borrowing and make more confident decisions.
What should you save for?
Your goals may include education, tax, home upgrades, family plans, holidays, a car, business costs or future opportunities. The right goals depend on your stage of life.
The payoff
Savings goals give your money direction. They help you feel more prepared, more organised and more in control of what comes next.
How to create savings goals
Start With What You Know Is Coming
Some costs are predictable rather than unexpected. Start by listing future expenses such as education, tax bills, home improvements, car replacement, holidays, medical costs, family events, business expenses or future house moves.
Separate Short-Term and Long-Term Goals
Different goals have different timeframes. Short-term goals may include holidays, Christmas, tax or car repairs. Longer-term goals may include education, renovations, a house move or future family support.
Give Each Goal a Target
Savings goals are easier to manage when there is a number attached. An estimate is enough to get started and can be reviewed as your plans become clearer.
Work Backwards From the Deadline
Once you know the target and timeframe, you can work out how much may need to be saved each month. Breaking a larger goal into smaller monthly steps can make it feel more manageable.
Keep Your Savings Organised
Separating savings by goal can make them easier to manage. This may mean separate accounts, labelled pots or a simple written plan showing what each amount is for.
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Strengthen your savings goals
Name each goal
A named goal is easier to stick to than a general savings account.
Automate your savings
Set up regular transfers so saving happens before the money is absorbed into everyday spending.
Start small and increase later
A modest saving habit can be built up over time as income or circumstances improve.
Use separate savings pots
Keeping goals separate can make it clearer what money is available for each purpose.
Review planned annual costs
Christmas, insurance renewals, car costs, school expenses and holidays are easier to manage when planned throughout the year.
Save windfalls intentionally
Bonuses, refunds, gifts or overtime can help accelerate important goals.
Keep emergency money protected
Do not use your emergency fund for planned spending unless it is genuinely necessary.
Review your goals after major life changes
Buying a home, having children, changing job, becoming self-employed or growing a business can all change your savings priorities.
Not sure what financial step to take next?
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Do Covermore charge a fee for financial advice?
Covermore provides no-fee financial advice consultations. We will explain how the process works clearly before you make any decision.
Do I need to know what service I need before contacting you?
No. Many clients come to us because they are not sure what they need. We can help you understand whether your next step relates to your mortgage, protection, pension, savings, investments or wider financial planning.
Can Covermore help if I already have policies or pensions in place?
Yes. We can review what you already have and help you understand whether it still suits your life, goals and current circumstances.
Do you only work with clients in Dublin?
Covermore is based in Dublin, but we work with clients nationwide.
Can you help business owners and company directors?
Yes. We work with business owners, sole traders, partnerships and company directors on pensions, protection, savings, investment planning and broader financial advice.