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.