For most people, saving money seems like a chore. We can clip coupons, cut back on expenses, pack lunches, and even change our own oil. The things we do to save money make us step outside our comfort zone for a moment and really get perspective on where we are financially. Since we need to save money for a number of reasons, I’ve created a new goal oriented method based on that need — the financial number.

Now a financial number can be seen like a goal. Throughout our lives we have sought out numbers as goals. We may have wanted to obtain a 90% or better in a math class or scored a number of points in a sports game. The purpose of a financial number stays true to this. We need to find the number for each of our material goals.

Pen and paper or an Excel spreadsheet can work wonders for this. To begin, we sit down and write out any material things we might want to purchase. We may want to save for a house, car, or other financed good. We may want to save for a vacation to the Caribbean, piano lessons, or a ski trip in the Alps. Whatever our goal, we need to find the financial number that makes it possible.

To calculate your financial number, you need to consider several things.

1. How much do you spend in a month?
2. How much can you save towards your intended purchase in one month?
3. How much will you need to enact a purchase?

Some may be saving simply for a downpayment on a home, while others save for buying the whole thing. Your approach to the goal should dictate the financial number. We all have a base financial number — our monthly expenditures. We know our rent, food, gas, payments cost such and such amount. The leftover money can be saved towards any number of purchases.

Once we have the financial numbers in mind, we can alter our spending habits to reach our goals faster. With a number in mind, we have a set goal, a finish line, to gauge our saving success.