Responsible saving is the best way to prepare for life’s emergencies and unexpected events as well as for big planned purchases and events like retirement or childcare. Wise investment of your funds can help your money grow. Here are some keys to saving and investment success:
- Make saving a habit. Make a commitment to set aside a portion of your paycheck each period.
- Set different savings goals: Emergency savings; short-term goals (vacation, down payments); and long-term goals (retirement)
- Get qualified, professional advice on investment planning.
- Shop around to find a bank account that meets your needs.
Below are some resources to help you make the most of your money through saving and investment. (Resources with * require you to enter your SWAN username and password for off-campus access)
Set a Goal: What to Save For
Ready. Save. Grow (from the U.S. Department of the Treasury)
Savings Fitness: A guide to your money and your financial future (from U.S. Department of Labor)
Checking and Savings bank account comparison tools from Bankrate.com
How to start saving for a home down payment
Emergency Savings Calculator *
Cool Million. What will it take to save one million dollars? *
Savings Goal calculator. Find out what it will take to reach your savings goal *
The Million Dollar Car and $250,000 Pizza: How every dollar you save builds your financial future (ebook)*
TEDTalks: Shlomo Benartzi- Saving for tomorrow, tomorrow (online video) *
Protect your money: Check out brokers and investment advisers (from U.S. Securities and Exchange Commission)
myRA: New Retirement Savings Account offered by the U.S. Department of Treasury beginning late 2014
Investment comparison tools, articles, and calculators from Bankrate.com
Investment Returns calculator *
The first time investor’s workbook: A Hands-on guide to implementing a successful investment plan (ebook) *
The New Scrooge Investing: The bargain hunter’s guide to thrifty investments, super discounts, special privileges, and other money-saving tips (ebook) *
Saving and Investing (online video) *
Do you have a saving or investment strategy that works for you? How do you stay on track for your goals? Let us know in the comments here or on Facebook or Twitter. Check back tomorrow for tips on the most fun part about being Money Smart: spending!