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Liquid Savings

Liquid savings is all about using your savings when you need it. It is important to remember that you build a liquid savings for unexpected expenses or emergencies and it should be used and replenished as needed. When determining your liquid savings you should look at your monthly living expenses to determine how much you can save each month. The first step is to work towards establishing a savings goal that is comfortable for you. This number is based on how much slack you have to work with and everyone’s number is different.

From there, work towards getting around three months of living expenses saved. This will take time, but it is important to pay yourself first and make saving part of your spending plan. Setting up direct deposit and even depositing into a separate savings account can make reaching your savings goal easier.
 

We’re here for you with resources to support you while you save.

Saving for the Long Term

Saving for your long term goals like retirement may ensure your financial security for the future. You can also set other long term goals like buying a home, going on a big trip or buying an RV. In setting your long term goals, you know how much you need to achieve them and can determine how much you are able to save now to reach them. This will help you decide if you can look at other ways to reach those goals. Checking with your employer to see what they offer for retirement savings is a good place to start.

We’re here for you with resources to support you while you save.