Everyone should save for emergencies. This is the most
popular savings goal. You can’t usually plan ahead for a specific emergency,
but it’s wise to have some funds held back “just in case.” You should plan to
have at least $500 stashed away as emergency savings. Learn more here: https://americasaves.org/for-savers/set-a-goal-what-to-save-for/save-for-emergencies
You might also be thinking of saving toward your education.
This is the second most popular savings goal. Improving your education status
increases your employability, but college can be costly. Here are some
suggestions of ways to save for college, and how to lower the costs of
attending: https://americasaves.org/for-savers/set-a-goal-what-to-save-for/save-for-education
If you are presently employed, you will want to invest some
of your income in savings for your retirement. Some employers offer a sponsored
retirement plan, such as a 401(k). However, even if your job does not include
this benefit, you can save through an Individual Retirement Account (IRA). Read
about retirement savings here: https://americasaves.org/for-savers/set-a-goal-what-to-save-for/save-for-retirement
Maybe you need a car, to get to school or work. The average
American car owner spends $8000 per year on car purchases and maintenance.
(Don’t forget that cars come equipped with ongoing costs!) Consider whether
alternate forms of transportation would work instead. Then, if you will be
needing to buy a car, it’s wise to save up in order to make a larger down
payment. Here’s some suggestions: https://americasaves.org/for-savers/set-a-goal-what-to-save-for/save-for-a-car
What are you saving for? Don’t be left out in the cold
without adequate financial resources. Start your savings plan today by setting
a goal.
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