5 practical steps to turn your dreams into a reality

Dreams are lofty – that’s kind of the point. But to turn our dreams into a living, breathing reality, we’ve got to get a little more grounded. Because only when we go from ‘blue sky’ to ‘blueprint’ do we stand a chance at making our dreams come true. While the examples here may feel a bit over the top, the same principles apply to any dream.

Here are 5 steps you can take to bring your dreams into reality:

Step 1 – What’s the big idea?

The first step to making anything happen is getting really clear on what you actually want. In other words, what’s the goal, exactly? If the dream is to ‘own an incredible car’, start searching and find the exact car you'd like. What brand, make and model? What colour?

Maybe you dream of ‘living in a mansion’. That could mean the house of your dreams will be no less than 5,000 square feet and have at least 5 bedrooms – so now you can look for houses that fit that bill, in an area you’d actually want to live in. If your definition of a mansion is to have a home big enough to house your family in a nice area, then that's where you should start.

Details, qualifying characteristics, and importantly, prices are all vital in creating a reality out of your biggest dreams.

Step 2 – What’s it gonna cost?

You should have a good idea of the price of your dream after step 1. But the price tag is rarely the whole cash picture. Let’s say the house of your dreams costs £1m. Great. But that’s just the cost of the house. The true cost to you will include legal fees, conveyancing and surveys, stamp duty, potential repairs or decoration, moving vans – and all the other things that go into buying a house.

This may well take some of the fun out of dreaming – but getting to grips with the true cost is the only way to know the price of making your dream come true.

Step 3 – How much can you spare now?

We know exactly what the dream is. We know exactly what it’s going to cost. Now’s the time to tether the dream to your current cash. In your current situation, how much can you save for your big dream each month?

Let’s work it out. Add up all your financial ‘musts’ – bills, accommodation, topping up your emergency fund, obligations. Then add the cash you need to still enjoy yourself from time to time – going out with friends, a streaming service, your favourite coffee once or twice a week. Then subtract that number from your monthly income.

The amount that's left is the amount you can save towards your dream. Putting it in a high-yield savings account is a good first step, as soon as you get paid, so it’s out of the way and earning a bit of interest while it’s there.

Step 4 – How to make it happen

After the last step, you might be tempted to throw the whole thing out, calling it impossible. Once you factor in inflation, or consider that the price of your car might go up, or you might end up needing the money for something else – it's not a guaranteed result. But remember, it might take a long time to reach your goal, but that time is going to tick by no matter what. So, you may as well spend it working towards your dreams.

Plus, now you can work out exactly how much you might need, depending on how soon you want it. Here’s an example:

My dream car is a luxury Italian sports car and it costs £300,000. I want it in 5 years. For ease, let’s work out what 5 years is in months:

5 years x 12 = 60 months

OK, so how much will I need to save each month to get my car in 5 years?

£300,000 / 60 = £5,000 saved each month

Step 5 – Questions, question, questions

Now I have some decisions to make. Can I increase my income? How? Is there another, cheaper car that would make me just as excited? Can I use a savings account or – if I am willing to take some risks – investments, to try to grow my cash faster with interest and dividends? Am I willing to wait a few more years, so I can save a bit less each month?

Questions like these will help you plot out what it could take to reach your goal or how you can make your goal more attainable.

Now you have the power and control to work out exactly what it might take, and how long, to reach your goals. And hopefully, your big dreams seem closer than ever before – it could also make you realise you might need to change your goal to be more realistic.

Looking for somewhere to keep your savings? Bank with Chase and you can open a saver account. Start saving with as little as you like, and we’ll calculate your interest daily and pay it monthly.

18+, UK residents. A Chase current account is required to open a saver account.

Recommended reading

• In praise of extravagance
• ISAs can offer a smart way to save or invest
• What's a good amount to having in savings

Disclaimer: All investing carries a risk of losing your capital. The value of your investments can go down as well as up and you may get back less than you invest.