Wednesday, April 3, 2019

TIP - What are you saving for?

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:

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:

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:

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:

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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