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.
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.