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Money Matters for Cinfed Members

How to Save for Different Goals

Posted on March 18, 2020
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How to Save for Different Goals

By Kelly McMillan, Senior Learning & Development Specialist

The last week of February was “America Saves Week.” Why not carry that momentum throughout March — and the rest of the year? That’s the thing about savings. Once you start, it’s rewarding to keep going and watch your money grow.


Pay yourself first

You might have heard the sage savings advice to “pay yourself first.” But how do you do that? A retirement account? A savings account? A coin jar to collect loose change? They’re all useful because they help you meet different goals.


Save for retirement

Retirement accounts are a long-game strategy. Some employers match a portion of what you save in their sponsored plans. If you’re not participating, you might be leaving money on the table. Employer plans use pretax dollars, which lowers the amount of federal income tax you pay. In that sense, you’re saving today while you save for tomorrow.

If you’re self-employed, don’t have an employer-sponsored plan, or just want an additional savings vehicle, look into a Traditional or Roth IRA. Roth IRAs use after tax dollars, which means you won’t be taxed later.

The beauty of these long-term investments is watching the compounding interest on your savings grow exponentially over time.


Save for emergencies

It’s easy to overlook emergency savings. It’s not fun to think about life’s “what ifs.” But it is motivating to think about taking life’s detours in stride. You can handle a burst water pipe, expensive car repair or surprise medical bill a lot better when you know you can pay for it. Think of it as “peace of mind” savings.

It’s a good idea to set up a separate savings account just for emergencies. You’ll be less tempted to dip into it or mix up emergency funds with those earmarked for other savings goals. Setting some money aside is easier with online banking and mobile banking.


Save for short-term goals

This is where it’s truly inspiring to watch your savings grow. Set a goal and pledge to save for it. What’s on your list? The vacation of a lifetime? A new car or home? Starting your own business?

A separate savings account for your shorter term goals helps you stay focused on reaching them. Saving becomes second nature when you conveniently deposit or transfer funds into your savings through online banking and the Cinfed mobile app.


You can automate your savings by setting aside a portion of your direct deposit or scheduling recurring transfers to accounts you create. You can set up separate accounts for a vacation, a new car – any goals that you want to achieve. You designate the amount for each account. Then watch as your money grows with regularly scheduled deposits…and your dreams get closer.


Save for fun

The coin jar or piggy bank still has its place. It’s a fun way to show kids how every little bit adds up. You can set a family goal, like using the coins for vacation spending money, a fun family outing or small, periodic “extras.” Add a competitive spirit and reinforce the savings habit by tracking who rounds up the most loose change each week. You could have a couple of hundred dollars’ worth of “mad money” at the end of the year.


Let us help you meet your savings goals

Visit your local Cinfed branch to learn more about different savings accounts and which might be right for you and your goals. We’re here to help. You can also check out our Financial Education Center for quick online courses about saving and investing.





CONTACT CINFED

Cinfed Credit Union
4801 Kennedy Avenue
Cincinnati, OH 45209
(513) 333-3800
Routing #242076656

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