7 Things to Start Saving For Right Now
Whether you’ve got thousands to spare or just a few bucks put aside, there are 7 things you should put those dollars towards as soon as you can.
It's always a good time to start saving.
If you’ve got some cash to spare (even just a little) consider building your savings towards some of these:
1. Your Home
If you plan to buy a new home, keep in mind that having more saved for a down payment will mean smaller mortgage payments in the future. Virtual Wallet®'s Savings Engine® is an ideal way to establish and track the progress of this type of long term savings goal.
If renting is more your style, remember that there are still costs associated with moving. Already settled in? Put some room in your budget for home improvements or updates like furniture, appliances, or landscaping.
The cost of a college education keeps going up, so if you’ve got young children, it’s wise to start planning for their future as well. You can set up a 529 plan to invest in their education today.
Whether you have kids or not, you may want to continue your own education – either by earning a degree, enrolling in a cooking class, or taking up a new creative hobby. First lesson: Have some of the tuition/fees ready.
No one likes to think about medical problems emerging, but it’s less of a headache when you’ve saved in case of illness and injury. If you have a High Deductible Health Plan that qualifies for a Health Savings Account (HSA), take advantage of the PNC Health Savings account. (See if your employer offers an HSA. If so, contribute a portion from every paycheck.)
4. Emergencies and Accidents
Medical emergencies aren’t the only kind. Set up an emergency fund in case of income loss, broken appliances or fender-benders. Insurance doesn’t fully cover everything that can go wrong. Expect the unexpected and try to save at least 6 months of living expenses.
Here are some ways to boost your savings in case of an emergency.
There’s no excuse not to save for your future.
Even if you’re contributing like a champ in your employer-sponsored retirement plan, don’t overlook the opportunity to invest in an IRA. Using both plan types provides the opportunity to invest more for your retirement. It’s generally advisable to invest in your employer’s plan first, contributing at least enough to get 100 percent of any employer match. After capturing the match, it might pay to switch your funding to an IRA. Use our IRA Selection Tool to find out what kind of IRAs you may be eligible for, and to compare the pros and cons of each type.
You know the maker of your favorite phone, game system or gadget is going to have a new version out soon, and you know you’ll want it. Estimate the cost based on prior trends and set a budget now. What’s the point in being first in line for a new smartphone if you haven’t lined up the funds for it?
Keep an eye on your progress by creating a Wish List item within the Virtual Wallet Reserve Account.
Don’t forget the value of treating yourself once in a while. Whether you’ve got a whole week to relax at a sunny resort or just a couple of days set aside for a hometown staycation, your reward will seem all that much sweeter knowing you aren’t going underwater to enjoy it.
Don't Have a PNC Savings Account?
PNC has savings solutions to help you achieve your goals. See all of our available savings accounts.
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