Saving Strategies that Help Reach your Goal

Saving Strategies that Help Reach your Goal

October 07, 2019

For Financial Planning Month, I thought I would give some insight on how to save toward your Financial goals. These are considerations that I often will use with my clients. 

Most financial goals can be split into the following groupings: Short term, Mid-term, and Long term.  Each of these has a slightly different approach in saving strategy.  These likely will have a difference in tax treatment too.  Don’t put all your money into tax deferred accounts that you won’t be able to access.  This following table summarizes savings options.

I often suggest people save at least 20% of what they make, with 12% going towards their long term retirement savings.  Consistent monthly amounts will give the best opportunity for growth and goal achievement. The additional 8% can be split into other long term goals as well as funding for the Mid Term goals.  (These percent’s might change based on individual circumstances).

Surprise money like a bonus or tax refund should get saved and can go towards those mid-term goals that you have.  Apply this found money towards something you have been planning for and really want.

Short term goals are better funded through consistently setting aside a portion of your monthly budget.  If you have a house, you will always have a need for home repair, furniture, etc.  Just assign an amount each month to a savings account and spend it when the expense occurs.

Some financial programs and APPS are great way to keep track of long term as well as short term goals.  A great summary of apps available is at  Find the one that works best for your goals and your lifestyle.  Good luck!

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes.