Saving
Most of us know we need to save for our future goals. Buying a home, providing an education for our children, investing for a secure retirement, or just "saving for a rainy day" are the most common savings goals. What about next year's vacation, remodeling or refurbishing the house, or buying a second car or home? How can you begin saving for these short-term needs today?
Getting Started...
- Build Reserves: Make sure you have enough to cover emergencies and temporary unemployment.
- Analyze Spending: Understand how much large expenditures will cost. This will prevent "surprises" and the anxiety that goes along with them.
- Create a Plan: Now that you know how much you need to save, create a realistic plan to start putting money away each month.
- Implement the Plan: Match your saving objectives with your investment options. Have a financial advisor help you find the best fit for your specific needs.
Some information © 2008, Standard & Poor's, a division of The McGraw-Hill Companies, Inc. All rights reserved.
Re-published with permission.