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Define Your Savings Goals

Identify what you are looking to accomplish with your savings plan.

First define your short-term savings goals:

— holiday gifts
— new entertainment center
— upcoming education expenses
— next summer's vacation
— other

And then define your long-term goals:

— buying your first or second home
— saving for your child's education
— planning retirement
— paying down debt
— other

For each goal, estimate the cost and the amount of time you need to achieve your goal. The list will be used to prepare your savings plan.

Use this form to list and estimate your savings plan.

If the interest charges on your debt are greater than the interest earned on your savings, you will be financially better off paying down your debt as quickly as possible.

You should view consolidating your debt under a consolidation plan that has an interest rate that is lower than the weighted average rate on all of your loans.

Note that if you consolidate your loans using the equity in your home,

your overall consolidation rate may be lower when you consider the tax implications on home equity interest. You need to compare the "effective interest rate" against your "savings interest rate".

we have more information about debt consolidation

Your second savings goal should be for future college expenses

The best savings plan for college related expenses are State529 Plans. These are tax-free investments that can be used for paying college.

We have complete information about State529 and other Education-related IRAs:

SayPlanning:   click here to view information

Your third savings goal should be for retirement

You do not want to rely of social security savings, which will become a questionable topic in years to come.

Retirement savings include 401K investments through employment plans and individual IRA investment and other self-employment plans.

The advantage of these plans is that contributions are pre-tax,

meaning that they reduce your overall income when figuring your taxable income.

For example, if your make $50,000 annually and contribute 10% of your pre-tax earnings to your 401K plan, your taxable income will be reduced to $45,000. You automatically earn a tax percentage on your investment because this saved income will not be taxed.

You should take advantage of these savings plan:

Learn more about retirement plans from TIAA-CREF

everything you need to know about investing: motley fool

Planning ahead can save you borrowing costs

Upcoming events may include a wedding, dream vacation, special anniversary, graduation, etc.

Since these savings will require a withdrawal within a short period of time, your best savings investments would be a Certificate of Deposit (CD), high-interest money market account, or short-term investment product.

Savings Program
ING Direct makes $aving Money Simple!

• Open a savings account in under five minutes
• Minimum $1,000 deposit to open account
• No need to change banks!
• FDIC Insured.
• High Yield Savings!

for more information: ING Direct

You may have some home renovation project on the mind

It may include expanding the kitchen, adding a bonus room, paving the driveway, or some other project that can increase the value of your home.

We have complete information to assist you on home remodeling:

SayPlanning:   home remodeling center
SayPlanning:   home improvement gallery

Savings Program
ING Direct makes $aving Money Simple!

• Open a savings account in under five minutes
• Minimum $1,000 deposit to open account
• No need to change banks!
• FDIC Insured.
• High Yield Savings!

for more information: ING Direct

Time may allow for a newer home or customized home construction

You will find information within our directory:

SayPlanning:   home buying center
SayPlanning:   home selling center

SayPlanning:   home building / home construction center

Saving for a home may be within a short period of time.

Your best savings investments would be a Certificate of Deposit (CD), high-interest money market account, or short-term investment product.

Savings Program
ING Direct makes $aving Money Simple!

• Open a savings account in under five minutes
• Minimum $1,000 deposit to open account
• No need to change banks!
• FDIC Insured.
• High Yield Savings!

for more information: ING Direct