Identify Your Savings Goals
- Emergency fund (short-term goal)
- A wedding (short to medium-term goal)
- Down payment on a house (medium-term goal)
- Retirement (long-term goal)
- Saving for children's college education (potentially medium- or long-term goal)
How Much to Save Depends On How Much You Make
Can You Sacrifice A Little?
Save Half of Your Income - Or More
Savings Account Vehicles
- Emergency fund:
- Since you need this fund to be easily accessible, keep this in a regular savings account, either at your local bank or an online bank.
- Retirement fund:
- Since this is likely a long-term goal, consider keeping your savings invested in the stock market. Yes, the stock market gets a bad rap but, over the long-term, you're likely to realize a significant increase in your initial investment.
It's up to You
I now pass the microphone to you. How do should you save. How do you plan on doing it? What will you do with the money once you have it? Comment below if you have questions. We're here to help.
And without further ado, let the savings begin!!!
Originally posted 2015-07-22 10:00:24.