It may seem daunting, saving for milestones, cars, homes, retirement, and college for your kids, but the sooner you start, the easier it will be.
So, how do you best reach your savings goals?
1. Plan for how much you need to save.
2. When you have more than one goal, you need to prioritize. You can save for retirement, further education (for your kids or grandkids) and a new car, all at the same time. But one savings goal may require more urgency than another. Allocate a higher percentage to save more for one goal over others until you have reached your priority goal.
3. Remember, when saving, you decide which savings goal has priority over others. Be flexible. You’re in control.
4. When you hit a rough patch financially, whether you unexpectedly find yourself without work, are forced to retire early, fall ill, or pause your savings because you must allocate your money elsewhere, don’t panic. If you are committed to reaching your savings goals, you can resume when it works for you again.
5. Do your research. How do you optimize your savings? At Warren-Boynton, our team can provide assistance in opening a savings account to help you reach your savings goals.
6. Whatever your goals, have a strategy for saving. There are several applications that help to track your savings and keep you on the right path. My Money Manager is available with online banking, offering setup of budget, goal creation, and spending tracking. If you can track your money in real time, set a budget and goals, your savings will be healthier.
For more information, visit https://www.wbsb.net/information-desk/ or stop at a branch in New Berlin, Springfield, Palmyra, or Modesto.