STEP 3: Break it Down
Welcome back! You've officially made it to Week 3 of our "7 Weeks to Your Dream Rental" journey.
By now, you've identified your total down payment goal— amazing! That's a huge first step. This week, we're taking that big number and breaking it down into small, achievable monthly targets. Because, let's be honest, saving $20,000 sounds daunting, but saving a few hundred dollars a month? That's something you can plan for.
Here's how to do it: Take your total down payment amount and divide it by the number of months you want to give yourself to save. For example, let's say you want to save $20,000 over the next two years. Divide $20,000 by 24 months, and you get roughly $833/month. That's your monthly savings target.
Now here's the important part: check in with yourself. Does that number feel realistic for your current budget? If yes— awesome! You've got your roadmap. If it feels like a stretch, that's okay too. Adjust the monthly amount to something that feels more doable. Maybe $500/month is more realistic right now. Perhaps even $300. The point is to pick
an amount that you can stick to consistently.
It's okay if that adjustment means pushing your timeline out. This is your plan. And it has to fit your lifestyle, income, and priorities. You can always increase the amount down the road if your financial situation changes.
Once you've landed on a monthly goal, write it down. Put it in your phone, on your fridge, or wherever you'll see it regularly. The more visible your goal, the more likely you are to stay motivated.
This is also a great time to consider where that monthly savings will go. Will it sit in a high-interest savings account? A separate "dream property" account? The more structure you build now, the easier it will be to stick with the plan. By the end of this week, you'll have transformed your down payment goal into a clear, actionable monthly target.
That's real progress—and it's going to set you up beautifully for next week's step, where we'll explore systems and strategies to stay consistent. You're building momentum, one step at a time. Keep going— you're doing incredible work!