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Smart Saving Strategies for Long-Term Goals

Learn about saving for emergencies & long-term goals like college, home, & retirement. Explore saving and investing concepts to secure your financial future effectively.

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Smart Saving Strategies for Long-Term Goals

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  1. March 7, 2019 Bell Ringer Are you saving for any long-term goals?

  2. An Uncommon Plan • Saving for a new phone or laptop isn’t unusual for teens, but thinking beyond immediate wants can be a bigger challenge. Today we will explore the concepts of saving for an emergency and other long-term expenses such as college, a home and retirement. We will learn the benefits of saving for a rainy day and explore various saving and investing strategies.

  3. Saving for a rainy day • What does “saving for a rainy day” mean? • The expression refers to creating an emergency fund to pay for unexpected expenses, such as an illness or car repairs.

  4. Why have an emergency fund? • Why is an emergency fund is important? • What do we gain by being prepared for the unexpected? • What would we do if we didn’t have an emergency fund and something actually happened? • Preparing for emergencies can increase your sense of security.

  5. Growing Your Fund • What other long-term expenses they might incur in the future? • Are you planning to go to college? • Just as we set aside money for emergencies, we should also set aside money for long-term needs like college, buying a home and retirement. • The younger you start saving, the more your money will grow.

  6. What Do You Do With Your Money? • Part of creating a good savings plan, whether for an emergency fund or long-term goals, is assessing where our money is best kept for maximizing savings. • What do you do with the money they receive from jobs, allowance or gifts. Do you spend it? Save it? Keep it at home? Deposit it in a bank account? What choices do you make with your money and why?

  7. Your Bank • Not all banks or savings accounts are the same. We have many choices when it comes to saving and investing our money. You should find the account that is right for you (convenience, interest rates, fees).

  8. What is a 529 plan? • A 529 plan is a college savings plan that offers tax and financial aid benefits. 529 plans may also be used to save and invest for K-12 tuition in addition to college costs. There are two types of 529 plans: college savings plans and prepaid tuition plans. Almost every state has at least one 529 plan. There is also a 529 plan operated by a group of private colleges and universities.

  9. Assignment • Which strategies would you consider using to save for a rainy day. Do you plan to put your money in a CD, a 529 account or a savings account? Why?

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