Our family has several goals that we’re shooting for - getting our emergency fund to a certain amount, paying down debt to a certain amount, Christmas, license plates, etc. We could pay a small amount towards each of these goals, each paycheck - or we could put it all toward one goal until we get that goal accomplished. This is what we've started to do.
Theoretically it’s the same and we’d reach the goals at the same time either way… but doing it this way makes it seem like we’re getting somewhere. For example, if we have 5 goals and each of them is $100 and we have $100 to put towards our goals - it seems to accomplish a lot more to put that $100 all towards one goal and get it squared away and so that now we only have 4 goals left.
Just something we’ve started doing.