Setting a savings goal can be difficult, we help you do it

dream of a savings goal It's almost always fun: a sunny vacation, the perfect house, a dazzling holiday gift. But think about how long it might take to get there, and all that fun could be gone.

Even if you're doing the right things, like cutting back on spending or taking a part-time job for extra income, it can be daunting when the line of savings goal is far. Here's how to stay motivated until you reach it.

Automate your savings
If you plan to save a little each month for the next year or so, you can simplify the process by setting up automatic transfers from your checking account to your savings. You will be making deposits with no extra effort.

This tactic helped Marissa Ryan, co-founder of a Chicago-based digital marketing agency, when she wanted to save $25,000 for her wedding in 18 months. Using direct deposit, she split her paycheck between two different accounts, one for her wedding fund and the other for living expenses.

He says the automation helped, because there were months when he didn't feel like making the effort. "Setting up automatic deposits took 'me' out of the equation, so I didn't have to worry about missing a month," says Ryan.

To further increase your savings with minimal effort, put your money in a high-yield savings account or certificate of deposit, which can earn 20 times more than a traditional savings account.

Celebrate small wins
Let's say you want to save $5,000, and you've set aside $500. It's a cause for celebration, says Joseph Polakovic, owner of Castle West Financial LLC, a financial advisory firm in San Diego.

Explain that when you have a big financial goal, it helps to view it as a series of smaller goals that are easier to achieve. When these milestones are reached, celebrating them – with an inexpensive gift, for example – can help keep you motivated.

"You don't get a single reward at the end. You give yourself various rewards along the way,” he says.

Look at the big picture. Literally.
While you don't want to be overwhelmed by how far away a goal seems to be, reminders of the savings goal themselves can be useful. Once Ryan chose the perfect location for his wedding, he downloaded an image of it and used it as the background image on his phone's home screen. “It made me feel good just anticipating the place, and it kept me going,” he says.

Polakovic agrees that it is a good strategy. You could print a photo that represents your goal and post it where you see it every day, like on the refrigerator or bathroom mirror, he says.

take setbacks in stride
There will probably be bumps along the way. For Ryan, it was an unexpected $3,000 bill to repair the car. She says she used part of her wedding fund to pay for it, but was determined to rebuild the balance sheet as quickly as possible and get to her savings goal.

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If you have a savings deficit, there are options to get you back on track, including increasing your income. Ryan says that she took a side job as a freelancer to replenish her fund.

To be responsible
Find a friend or family member you can report your progress to. Scott Perry of Raleigh, North Carolina, says he and his wife held each other accountable when they decided to pay off $60,000 in student loans early. They made a plan to live below their means and earn extra income from the side scams. When surprise money arrived, for example, from a gift or a job bonus, they used part of it to pay down the principal of the loan, in addition to creating an emergency fund.