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Long-term planning 13ThelonggameWe all dream about wanting more in life, whether it’s a new car, a bigger garden or a second home inthe sunshine. And, with a strategic approach to saving, these dreams could become reality...Saving money is one of those tasks thatreally is so much easier said than done.It’s not just about spending less money,it’s also about planning wisely about howmuch you should be saving, where you willput it and how long for, and being clear aboutwhat you want for your future.But it needn’t be a headache – it’s all aboutlooking at the long term and setting yourselfrealistic targets. As long as you do this,whatever you are aiming for could be wellwithin your reach.Set savings goalsFirst, establish what your short, mid andlong-term personal financial goals are.These can range from saving up for a newTV or holiday, to putting enough away forretirement or a child’s university fees.Once you’ve decided on your priorities,rank them in order of importance and thinkabout how long you’ll need to be saving forto achieve them. Sometimes it can help to setan actual date on which you hope to achievethem – especially with short-term goals of ayear or two – as then you have somethingtangible to work towards.And be realistic aboutthe long term – althoughretirement may be manyyears away for some ofyou, your savings needswill depend greatly on thelifestyle you want to leadonce you do finish work.Finally, work out howmuch you’ll need to saveper month in order to reachthese goals. The importantthing is to have a set of realisticaims that you can work towards,and not be overly ambitious so you endup struggling to keep your head above waterevery month.Top Tip“Put all your coinchange in a jar – it maynot look like a lot, butwhen it builds up overtime it can really addto your savings pot.”Anne, WorthingFind the right savings planNow you’ve established what you wantto save for, it’s time to think about whatsavings plan might be best for you.Important things to bear in mind hereare whether you want to addregular payments to yoursavings, how quickly you’dlike your money back, howmuch you hope to saveand whether you canafford to accept somerisk, which could result ina higher (or lower) return.An ISA, for example, issomething that all savvy saversshould have, letting you save up to£11,520 before tax in the 2013/2014tax year. The full amount can be investedin a Stocks & Shares ISA, or up to half (£5,760)can be put into a Cash ISA, with the remaininghalf being invested in a Stocks & Shares ISA.