Save for your future with these 4 steps

Share this

Short-term goals, by definition, are often easy to achieve. Long-term goals, however? Well … that’s a different story. But it doesn’t have to be that way. A short-term game plan can help you reach your long-term goals. These four tips can help.

1. Know your long-term goals and future savings needs

Once you know what your goals are, you should set the price you'll need to reach them. If it's retirement, then you might have to think through many scenarios, such as "Which account is best for me?" or "At what age do I plan on retiring?" If it's a vacation, then those prices are a bit simpler to figure out. Either way, the price tag has to be set as the finish line before you can establish a way to reach it.

2. Establish or review your long-term financial plan

Navigating your way toward a financial goal can be tricky, especially when there are unexpected expenses and hurdles to meet (or avoid). Putting your goals and plan in writing and having the guidance of someone who knows the ropes—such as a personal banker—can help keep you on track.

3. Support your long-term plan with the right accounts

Some types of accounts are better designed for long-term financial growth than others. For example, consider taking advantage of your employer-sponsored retirement plan. If your company doesn't offer a 401(k) program, then contributing to an IRA can be a smart investment in your future. No matter your goal, there’s an account out there to support it.

4. Automate savings into long-term goal accounts

Automate your savings, and then you won't be limited to contributing what's left at the end of the month. Paying yourself first makes it easier to take control of your financial future and gain the financial confidence you deserve.

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.