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Essay On Long Term Savings

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It is recommended that in short term saving you should have three to six months worth of your salary for your contingency plan. This could be used for medical expenses, or exenses to repair your car or other things that come along. No one wants to dream of getting laid off, but it does happen in the world today.

One recommended short term strategy is to pay yourself first. If you have a budget you should have savings as an item that is set and you should pull it out first and put in your savings account. That helps you not go over your budget and spend your savings too. Saving is a habit and this would give you a good start. I think that I could work with this strategy. It will be one of the first things I put on my budget when I get a job.

A second strategy for short term …show more content…

One way would be to look into IRA's or 401K options if they are available through your employer. Alot of time these are tax deferred withdrawls directly from your check into the 401K. I think this is smart, I know that my parents participated in these through their jobs and were able to put money back for my college and their retirement.

A second strategy for long term savings would be to just set a savings goal. You could look at what the goal would be over a five year period if you just kept the amount stable and did not make any withdrawls. This seems to me more like a short term strategy but I see where it could be looked at as long term.

Looking for a high interest, low fee savings account. If you are able to find a savings account that gves a good interest rate you know that your money will grow at a certain rate. Also it needs to be one that has low fees as you don't want them taking away all the interest you earn. Also you can find some that you have to keep a certain balance in. This strategy sounds like it would take some work to find the right type of

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