Creating a Savings Plan

Creating a Savings Plan

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, this plan will help determine the amount of money you should be saving monthly in order to meet your lifetime goals.

  1. Determine Specific Goals
    Do you want to buy a house or take a yearly vacation? When establishing your goals, ask yourself these types of questions. Make a list of everything you want to save for during your lifetime. There are no right or wrong answers, and don’t worry if you forget something. Just simply add it to the list when you remember.
  2. Estimate the Costs
    Once you have a list of savings goals, estimate how much each goal will cost. This 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.
  3. Set Timelines for Each Goal
    For each goal, determine the date that you would like to achieve the goal. This will help you create a savings timeline. For example, if you want to buy a home in the next year, then you will have 12 months to save. List the number of months you have to save for each item on your list. Remember to be realistic, as it is common to start small and work your way upwards.
  4. Consider Investment Opportunities
    Your savings target is the amount of money you need to save to achieve your goal within a desired time frame. 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.
  5. 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.

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