What Should Be Your Saving Goals

[Nomad]

There are multiple purposes of saving, however, if you ask me, I will recommend that you should have three main saving goals, one for emergencies, one for retirement, and one for future investments. You need to save money so that you do not face difficulties during financial emergencies. You will some day retire, so you need money when you no longer can work and earn. Likewise, you need to invest to grow your wealth, and it starts from saving. Unless you inherit wealth, savings are your only way to fund investments.

 

[eLdavis]

You are right, these goals you mentioned are extremely important to have. At the moment i already have an account i want to use for investment saving, so am working towards funding now.

 

[Min George]

Some people have saving goals for a particular project they are handling at hand. They might shelve saving for investment first.

 

[Kross]

The major reason that I am saving is to raise investment capital for a passive income stream. That way, I can secure my future.

 

[Augusta]

It is to use this savings strategy of “50/20/30” Rule: set aside 50% of my paycheck for your needs, 20% for savings & debt, and 30% for wants

 

[Suba]

Essentially, savings goals can be categorized into three categories: short-term, medium-term, and long-term. Each savings goal should be clearly defined and have a defined timeframe. For example, short-term goals include emergency funds, buying a new gadget, laptop, etc.; medium-term goals include business capital, buying a car, and long-term goals include retirement funds.