Set a goal, make a plan, and save automatically

By Dan Rutherford – FEB 25, 2014

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.