We all have aspirations in life; it is what makes us human. If we could achieve all of our goals and travel to all of the places we want to go without worrying about a price tag, life would be a little easier in theory. However, we live in a world with limited resources. Finding a way to achieve our goals while being financially responsible is the way to balance our dreams with our budget. Let’s walk through a few steps to estimate how we can reach our goals with our current and expected resources.

1. Dream big!

What is your dream goal to achieve that takes money? When do you want to reach that goal? For me, I would like to buy a new car by December of 2025.

2. Quantify your goal

How much money is it going to take to accomplish your goal? Our friend Google can help us with this step. Since I am researching car prices, I went to Kelly Blue Book (kbb.com) to price a potential car. A car that has intrigued me lately is the Chevrolet Tahoe, so I priced a used 2010 model in good condition. According to Kelly Blue Book, if I buy person to person, I should expect to spend about $8,000 to $11,500 for this car. Based on this research, I will set my goal to $10,000. If your goal is to travel, you could use a website like Tripadvisor. If your goal is to live on your own, you could use a website like Zillow or BestPlaces. Make sure you are using reputable sites to get an accurate target number.

3. Establish a timeline

My goal is to save $10,000 to buy a car by December of 2025, but is that timeline realistic based on my resources? December of 2025 is approximately 51 months from September of 2021. If I divide $10,000 by 51 months, I will need to save $196.08 every month to reach my goal.

4. Consult your budget

Since I already have a personal budget in place, I can look at what I am spending and saving every month to see if I can set aside that $196.08 for a car. Right now, my husband and I are saving about $630 per month, but most of that is allocated to future tax costs and the rest is for emergencies. What do we do if we cannot reach our goals with our current resources?

5. Balance your dreams with your budget

One option if we cannot reach our goals with our current resources is to change our timeline. If I have the ability to set aside $100 out of my savings to go toward the future car, I could reach my goal in about eight years. Another option is to change how our goal will be met. Instead of paying for the car completely in cash, I could save the $100 per month and in December of 2025 have about $5,100 to use toward a car and take out a loan for the rest. I could also use the $5,100 to buy a different car that still meets my needs. Additionally, I could save $100 a month now and then increase that number once I have graduated with my undergraduate degree and started my full time job.

6. Follow through

Saving money takes persistence and patience. There will be times in our lives when we have a greater ability to save money than other times. If your goal is truly worth reaching, pursue it well with intentionality. God calls us to be good stewards of our resources and using our money with purpose is a part of that calling. Dream big, follow through, and accomplish your goals with God’s call in mind.