How can I save for multiple goals?

As you think about saving for things other than retirement, it’s important to look at your complete financial picture. By making small steps to improve your financial wellness—like paying off your high-interest debt and saving for unexpected emergencies—you'll have more money to put towards your short- and long-term goals. 

So how can you save for retirement and still have money left over to save for other financial goals? We have a few ideas that can help you save for multiple goals.

Make a list of everything you want to save for. Are you saving for a new car? A dream vacation? A college fund? Prioritize the list and estimate how much money you’ll need for each goal and when you’ll need it by. Be sure to include both short- and long-term goals.

Check out this article with our tips on goal-setting: Why should I set financial goals?

Make a list of all your debts and their interest rates. You’ll spend less money overall by paying off your high-interest debts first. If you have credit card debt, that's probably where you're paying the highest interest. Learn more about debt-busting strategies.

Create a budget—even for just a month—to see if your money goes toward what you truly want. A budget is a plan to help you live within your means and set money aside for your goals, taking into account your income, expenses, and savings. It's a great tool to help you understand how much you can afford to spend, where you can save money, and how to meet your financial goals.

Check out this article to help you choose a budgeting style that best suits your needs.

Are you spending too much on the little things? For example, are you paying for subscriptions you no longer use?

If your money isn’t going where you want it to, you can make a change. You might find that you have more money than you realized to put toward your goals.

Before you tackle other savings goals, consider building an emergency savings fund first. Build your savings to cover unexpected medical needs, home fixes, car repairs, or job loss. Start by putting away a little bit with every paycheck.  

Figure out how much you can comfortably put aside every month—or even every week. For example, if you save $10 a week, you’ll save $520 a year

Now that you know what you want to save for, and you’ve got your debt under control, it’s time to make a plan to save enough money for your goals. 

Look for ways to save rather than spend. If you get a bonus or a tax refund, add some—or all—of it to your savings.