Make a plan to start saving now to meet your lifetime goals and to help you handle financial challenges that may arise.
You can start saving any time, regardless of your current savings or assets.
Here’s how to get started.
DETERMINE YOUR GOALS
Make a list of everything you want to save for during your lifetime, whether it’s buying a home, your dream car or having a hefty savings in case of a medical emergency. Setting and identifying your goals can help keep you on track.
ESTIMATE THE COSTS
Estimating costs will create a clear picture of how much you will need to save. For small items on your list, determine the full cost. But for larger items (items you will probably need a loan to purchase) such as a car or home, determine the portion you will pay initially for a substantial down payment.
For each goal, determine the ideal date that you would like to achieve the goal. For example, if you want to buy a home in the next year, then you will have 12 months to save. Remember to be realistic, as you can always start small and work upwards.
CONSIDER INVESTMENT OPPORTUNITIES
To earn more on your savings, consider investment options with higher returns, like a Certificate of Deposit or Personal Money Market. These accounts can increase your savings for a fixed term, and help you reach your goals quicker.
ANALYZE AND AUTOMATE
Take a look at your monthly expenses and assess areas where you can cut back. Once you determine a realistic amount to put away monthly, automate your account to move that money directly into savings. You can set this up online or in our Mobile Banking App.
Do you want more help with your savings goals? Our local bankers are ready to answer your questions! Find a location near you or call 866-616-6020.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Revised November 2022