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Increase
your savings always begins with a savings
goal in mind |
- Identify what you are looking to accomplish
with your savings plan. First define your
short-term savings goals such as:
— holiday gifts
— new entertainment center
— upcoming education expenses
— next summer's vacation
— other
And then define your long-term goals:
— buying your first or second home
— saving for your child's education
— planning retirement
— paying down debt
— other
For each goal, estimate the cost and the
amount of time you need to achieve your
goal. The list will be used to prepare
your savings plan.
Use this form to list and estimate your
savings plan. Then scroll below for best
saving plans for goal types:
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Reducing
Your Current Debts |
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Your
first savings goal should be reducing and
eliminating your personal debt |
- If the interest charges on your debt
are greater than the interest earned on
your savings, you will be financially
better off paying down your debt as quickly
as possible.
- You should view consolidating your debt
under a consolidation plan that has an
interest rate that is lower than the weighted
average rate on all of your loans.
- Note that if you consolidate your loans
using the equity in your home, your overall
consolidation rate may be lower when you
consider the tax implications on home
equity interest. You need to compare the
"effective interest rate" against
your "savings interest rate".
SayLending:
we have more information about debt consolidation
and reducing your current debt
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Your
second savings goal should be for future
college expenses |
- The best savings plan for college related
expenses are State529 Plans. These are
tax-free investments that can be used
for paying college.
- We have complete information about State529
and other Education-related IRAs:
SayLending:
click here to view information
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Your
third savings goal should be for retirement |
- You do not want to rely of social security
savings, which will become a questionable
topic in years to come.
- Retirement savings include 401K investments
through employment plans and individual
IRA investment and other self-employment
plans.
- The advantage of these plans is that
contributions are pre-tax, meaning that
they reduce your overall income when figuring
your taxable income.
For example, if your make $50,000 annually
and contribute 10% of your pre-tax earnings
to your 401K plan, your taxable income
will be reduced to $45,000. You automatically
earn a tax percentage on your investment
because this saved income will not be
taxed.
- You should take advantage of these savings
plan:
Learn
more about retirement plans from TIAA-CREF
everything you need to know about
investing: motley
fool
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Planning
ahead can save you borrowing costs |
- Upcoming events may include a wedding,
dream vacation, special anniversary, graduation,
etc.
- Since these savings will require a withdrawal
within a short period of time, your best
savings investments would be a Certificate
of Deposit (CD), high-interest money market
account, or short-term investment product.
Savings Program
ING DIRECT makes $aving money simple!
Open a savings account in under five
minutes Minimum $1,000 deposit to open
account No need to change banks! FDIC
Insured. High Yield Savings with 2.35%
annual percentage yield!
for
more information: ING Direct
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You
may have some home renovation project on
the mind |
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Time
may allow for a newer home or customized
home construction |
- You will find information within our
directory:
SayPlanning:
home buying center
SayPlanning:
home selling center
SayPlanning:
home building / home construction center
- Saving for a home may be within a short
period of time. Your best savings investments
would be a Certificate of Deposit (CD),
high-interest money market account, or
short-term investment product.
Savings Program
ING DIRECT makes $aving money simple!
Open a savings account in under five
minutes Minimum $1,000 deposit to open
account No need to change banks! FDIC
Insured. High Yield Savings with 2.35%
annual percentage yield!
for
more information: ING Direct
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