This is part three of our five-part series as part of America Saves Week (April 7-11, 2025). For more information on this topic, as well as others, please visit AmericaSavesWeek.org.
There are times when the unexpected occurs. Life happens, as they say. Maybe it’s a medical bill or perhaps your car requires an expensive fix. That’s where saving for the unexpected comes in handy. But then there are also major milestones in life that we can plan for.
When it comes to saving for major milestones, the best we can do is to have a plan. Everyday expenses and those unexpected events will continue to come about. But by saving and preparing for the future, we are giving ourselves the best opportunity to be able to pay for those major milestones, such as buying a home, paying for college or saving for retirement.
Small, consistent efforts compound over time. Money saved today, no matter the amount, is better than zero. Along those lines, automating your savings is a great option that takes the work and attention out of your hands and into your account(s). Like many things in life, it’s also a good idea to keep track of your progress. Do you need to tweak your approach, or are things going according to plan? Are you saving enough? Are you spending too much? These are great questions to ask yourself as you traverse this savings journey.
In total, major milestones can be exciting, but certainly also daunting. Having a plan to be ready for them offers you a chance to ease up on the stress that could occur.