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What do homes, education, and retirement all have in common? They are major life milestones requiring advanced planning and saving significant money. That amount of planning and money saved that is needed may make you doubt your ability to reach these goals. Even if you don’t feel that way today, you may have in the past or future.  

The good news is that there are ways to plan and save for these significant milestones in a way that aligns with your values and current life situation and still sets you up for success.

 Education: Investing in your Future

                Start saving as soon as possible!! 

                Consider:

• 529 Plans: Consider a 529 college savings plan, which offers tax advantages for education expenses. 
• Automatic Contributions:  Set up automatic monthly transfers to build your fund consistently over time. 
• Explore Scholarships: Research scholarships and grants to reduce out-of-pocket expenses. 
  
  

 Home Purchase: Achieving the Dream of Homeownership

                Start saving at least 2-5 years before you plan to buy a home

                Get Started By:

• Setting a Clear Goal: Determine how much you need for a down payment and closing costs. 
• Cutting Unnecessary Expenses: Redirect funds from discretionary spending to your home savings. (check out a list of 54 Ways to Save Money for some inspiration)  
• Improving Your Credit: A better credit score can reduce your mortgage interest rate, saving you thousands over the life of the loan.  

Whenever you have more than one goal you are working on simultaneously, it’s important to prioritize them. You can save for retirement and education or retirement and home ownership simultaneously. You may need to allocate more of your available money to save more for one goal over another. 

Vacations: Creating Lasting Memories

                Plan your vacation savings at least 6-12 months in advance

                Consider:

• Budgeting and Saving Monthly: Break down the total cost and set up a dedicated savings account. 
• Using Travel Deals: Look for off-season travel deals and discounts to stretch your budget. 
• Creating a Travel Fund: Automate transfers into this fund to build it consistently. 

Retirement: Securing your Golden Years

Start saving for retirement as soon as possible, ideally in your 20s and 30s but it is never too late to start

Consider:

• Employer-Sponsored Plans: Contribute to your 401(k), especially if your employer offers a match. 
• IRA Contributions: Open an Individual Retirement Account (IRA) for additional savings. 
• Increase Contributions Over Time: As your income grows, increase your savings rate to maximize your retirement fund.

With retirement, you want to understand what savings vehicles you can access through your employer before seeking resources for individual accounts. You also want a reliable calculation of the money you need to save and the best investment options. A BRB Wealth advisor can help with this. 

Keep in mind, it is best to make a plan for for how much you need to save and when you want to have that money saved. Our personal finance manager tool, PerForM is a resource that can help with your planning.  

Confidence comes with knowing you have done your research, consulted with professionals, examined your current situation, made some predictions for future saving opportunities, and recognized that as life unfolds, you can adjust your plans.