|Hello Friends! Thank you Ryan Dang of Wells Fargo for these tips:|
No matter what you’re saving for, these strategies will help you get there.
– Set a Timeline. I.e. “By 2026, I will save $20,000 for a down payment on a home.
– “Calculate a monthly savings amount for each goal.
– Add the total monthly savings goals into your budget.
– Consider budget shifts to accommodate the new goals.
– Set up automatic deposit to your savings account.
– Aim to transfer at least 10% of each paycheck.
– Consider saving accounts that earn interest.
For short-term savings goals, consider low-risk accounts. These earn compound interest with higher APY.
– High-Yield Savings Accounts — Pays up to ten times the interest rate offered by traditional accounts.
– CDs (Certificate of Deposit) — Must leave funds in for full-term to avoid early withdrawl penalties in most cases.
– Money Market Accounts — Interest rates vary with the market.How long should you save for?
Savings Goal Duration
Emergency Fund Short-term
Down payment Short-to-mid term
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