That budget in your hands may seem daunting, but it provides a real, tangible goal to save toward. For many of our TIAA customers in not-for-profit or education roles, you may have the opportunity to get away for a few months while still receiving a paycheck. So, based on your goal, your income and how far away you are from take-off, you can determine how much you’ll need to save every week or month.
To reach that goal, you’ll need to make some changes in your current lifestyle. Some may be short-term, but others may inspire you to make some permanent behavior changes that’ll have life-long financial benefits. And another thing, don’t pause your retirement savings. That money will help you fund vacations 20 years from now!
Start by looking at where you spend frivolously. Are you a regular at happy hour every week? Buying coffee every morning? Always buying tickets to concerts or sporting events? You can cut out the unnecessary spending right away.
Next, look at things that you’d be willing to part with for a short period of time, such as gym memberships, expensive grocery items, and premium music or TV subscriptions.
Be hard on yourself and ask, “Is this something I truly need to survive or just something I want?”