4 Savings Strategies to Help You Reach Your Financial Goals | Austin Real Estate Agent

4 Savings Strategies to Help You Reach Your Financial Goals

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No matter the reason you are saving, these strategies can help you reach your ultimate goal. 

What are you saving for? 

Determine your short-term, mid-term and long-term goals. For example: Emergency fund as a short-term goal; Down payment as a mid-term or long-term goal; Retirement as a long-term goal. 

Set a Timeline

How much will you save and when will  you need it? For example: By 2026 I will save $35,000 for a down payment on a home. 

Build Your Savings Plan

Calculate a monthly savings amount for each goal. Example: Saving $583 per month will get you $35,000 in five years. 

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. 

Extra Pro Tip

Stock your emergency fund with at least three months’ expenses before ramping up on other savings goals! 

As always, if you need help locating a financial professional please let me know. I am happy to help! If you would like some tips on savings tools you can read more here

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