There are certain milestones in life that many people look forward to: getting married, sending your child to college, and retirement. It’s fun to dream about what your wedding will be like, how your child will do in college, or where you’ll travel when you’re retired, but it’s important to be financially prepared when the time comes.

 Tip 

Look for an online budgeting tool that helps you identify and track multiple goals at once.

 Here are a few options that can help you get where you want to go:

Higher education

In the 2019-2020 school year, the average private college cost around $53,980 per year, including all additional expenses and fees. Even at a public university, tuition alone averaged more than $10,440 for state residents and almost $26,820 for out-of-state residents. And that’s the cost today, so saving for college early can do a lot to help you afford your student’s top choice.

Savings tip: For young children, consider saving early for their college future by establishing new deposit accounts. For students in school, there may be programs available in your state to help cover education-related costs.


Retirement

To retire comfortably, most people will need many times their current pay in savings. With retirees living longer, it’s more important than ever to have a retirement savings plan that will help you cover daily expenses, lifestyle changes and healthcare costs.

When it comes to saving money, it’s important to start as soon as possible. Once you know what you’re saving for and how you want to save, you can determine how much you want to save and find a way to make savings a part of your monthly budget.

Q:
To retire comfortably, most people will need many times their current pay in savings.

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