Whether you’re saving for retirement, a down payment on a home or kids’ higher education, these saving strategies will help you get your funds to where they need to be.
- What are you saving for?
- Determine your short-term, mid-term and long-term goals.
- Set a timeline.
- How much will you save and when will you need it?
- Build your savings plan.
- Calculate a monthly savings amount for each goal.
- Create a budget.
- Add the total monthly savings goals to your budget. If it’s more than you can afford, consider making a few cuts, adding extra income or choosing a higher-yield savings vehicle.
5. Create an emergency fund
- An emergency fund is money you set aside specifically to pay for unexpected expenses. To get started, $500 to $1,000 is a good goal.
- Once you meet that goal, you’ll want to expand it so that your emergency fund can cover larger financial difficulties, like unemployment.
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