8 Smart Savings Targets
We know it can be tiresome to hear, but saving money is a crucial life skill that a majority of Americans don’t have. While we’ve offered up many tips in the past for how to save up money, it is just as important to talk about what you should be saving for. We’re hoping that you know most of these already, but if not, it’s time to get these savings priorities on your radar.
Pay Off Debt
Yes, this piece of advice again. Owing money and letting interest amass only makes you spend more. In order to save right, you need to pay off your debts first.
Even if you have insurance, you’ll still have to reach your deductible and out-of-pocket limits for insurance to fully kick in.
Periods of Unemployment
We know you don’t want to even envision this, but as we’ve seen in the past decade, the job volatility can change seemingly overnight. It is important to have enough saved to care for your family should you be out of work.
You are never too young to start saving for retirement. Every year that goes by with money earning interest in a retirement account works in your favor.
Home and Car Repairs
These everyday items can cost you thousands, so having money saved for these occasions instead of dipping into your budget can pay off.
Caring for Your Parents
People are living longer, making assisted living care a more common expense that children often have to help out with.
Dream of being your own boss? Depending on the type of business you want to run, you’ll need to save money to get started.
Have a Little Fun
All work and no play can make everyone less happy. Set up a “fun account” and use it to save for vacations and the extra things we all need from time to time.
Need help setting up a savings account? Apply online now! You can even name your accounts to help you stay organized and set up automatic transfers to your savings with our online banking tools!
Lincoln Savings Bank, Member FDIC