Saving for Major Milestones in Your Life
Saving for major milestones can be daunting and overwhelming. You might have to save for a new car, a home down payment, or even your retirement – all at the same time! It’s easy to feel lost in a sea of numbers, but with a clear view of your finances, you can start saving for these important life milestones. Here are some tips on how to get started.
Determining Which Milestones You’re Saving For
The first step is figuring out exactly what you need to save for. Make a list of all the milestones you plan on achieving in the near future – this could include buying a home, paying off student loans, investing in retirement funds, etc. Once you have your list ready, prioritize it so that you know where to focus your savings efforts first.
Getting a Clear View of Your Finances
After determining what milestones you’re saving for, it’s time to get an accurate picture of your financial situation. Start by creating an emergency fund that will cover 3-6 months of living expenses. This emergency fund will provide financial security should any unexpected expenses arise along the way. Additionally make sure that all bills are paid on time and take stock of any existing debts that may affect how much money you can put towards savings each month.
Why Your Future Self Will Thank You
Even though it may seem like something that’s far away right now, these major life milestones will come sooner than expected – and when they do, having enough saved up is imperative. Putting aside money now means less stress down the road when it comes time to make those big purchases or investments. When setting aside money each month it helps to think about how much better off you’ll be when the milestone is reached and how proud your future self will be!
Saving for major life milestones doesn’t have to feel overwhelming; with proper planning and budgeting anyone can achieve their goals! By getting a clear view of their financial situation, ACU members – and teens – can easily begin building their nest egg today!
Click here to learn more about savings options from ACU:ACU Savings Accounts