Set a goal, make a plan, and save automatically

Life events, such as getting married, having a baby, deciding to buy a home, moving into a new career, or retiring, can mean setting new financial goals and making a plan to achieve them.

Our quick and easy-to-use My New Money Goal financial planning worksheet can help you set a goal and make a plan.

We’re highlighting this tool for consumers during America Saves Week. The national campaign encourages people to set a goal, make a plan and save automatically.

1. See where you are and set your goal

You can track and figure out:

  • Where your money is going now.
  • Where you want your money to go in the future.
  • How much you need to save each month to reach your goal.

2. Put it into action

Then put your plan into action for a month. At the end of the month, compare your real-life numbers to your projections and make adjustments.

3. Make it automatic

Once you have tested your plan for a month or so, it’s important to set up automatic savings. Here are two ways to do that:

  • Have your bank or credit union automatically move money from your checking account to your savings account or investment account on a regular basis.
  • Ask your employer to set up a payroll savings account so a part of your pay gets automatically deposited into a savings account each pay period.

Feb. 24-March 1 is America Saves Week . Be sure to check out AmericaSavesWeek.org for even more resources about reaching your savings goals.

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