Your Saving Plan
Track your spending - divide your expenses into categories and figure out a total for each section.
Create an annual budget.
Include irregular expenses in your budget, such as dental appointments.
Decide how much you can save.
Have saving goals - short-term goals (can be reached within 1-3 years) as well as long-term goals.
Figure out how long it will take you to reach each of your goals.
For each goal, figure out how long you have to save for it, and your monthly target.
For short-term goals, save your money in a low-risk savings.
For long-term goals, consider securities such as stocks or mutual funds.
Get professional advice on how to match your investment strategy to your goals.
Set up automatic transfers to your savings account.
Track your savings growth.

Tips

Participate in your employer's retirement plan. Increase the amount you're saving whenever you can. Don't borrow from your retirement savings.

Saving Plan Checklist