Saving For Major Milestones

What do homes, education, and retirement all have in common? They are all major life milestones that require advance planning and saving large amounts of money. The amount of planning and money necessary may make you doubt your ability to reach these goals. Even if you don’t feel that way today, you may have in the past or may in the future.

The good news is that there are ways to plan and save for these major milestones that align with your values and current life situation and still set you up for success. Keep in mind:

With all these goals, the sooner you can start saving, the less you will have to save each month. But recognize that your situation will determine when you are able to start saving. Delaying saving for education may mean you need to take out more in loans. Delaying saving for home ownership or retirement may mean you have to wait longer to buy a house or work longer before you retire. These are your choices to make.

Confidence comes with knowing you have done your research, consulted with professionals, examined your current situation, made some predictions for future saving opportunities, and recognized that as life unfolds you can adjust your plans.


SOURCE: America Saves Week. America Saves Week is a time-honored event; a national opportunity for organizations to work together within their communities to transform the lives of millions of Americans by encouraging them to save successfully. The America Saves pledge is the framework that allows savers to set a goal and make a plan to achieve better financial stability.