Identifying your financial goals helps you determine where you want to go and how you are going to get there. By establishing your short-term, mid-term, and long-term goals, you can determine how to organize your savings.

Once you figure out what you'll need to save, it's time to think through how you’re going to save. Consider the following planning strategies:

  • Short-term strategies: Funds for short-term goals within the next year should be easily accessible. Consider keeping money in a savings or money market account so you can access these funds when needed.
  • Mid-term strategies: To stay focused and motivated on your goals over the next two to five years, try using budgeting tools to help you track how close you are to reaching your goal. When saving for a specific event, such as child’s college education, consider contributing to specialized education savings options.
  • Long-term strategies: When saving for more than 5 years, you might consider other deposit or investment options to meet your goals. For investments that might have a higher return, there might also be a higher risk. You should consider the balance of risk and return when making any investment decision.

Whatever strategy you choose, be sure to review your progress on a regular basis to make sure you’re on track. Sticking to a savings plan is a smart strategy for reaching important  financial milestones.

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