When I talk with people about savings it is generally in the vain of long-term savings through accounts such as a 401(k) or some type of IRA. We don’t talk enough about the short terms items, these are the need or want items that without savings for them, can throw all of your savings goal into turmoil.

Let’s look at a few examples of what I mean:
A family vacation
Your emergency fund
A down payment for a car
Upgrading your TV or phone
A planned medical procedure

While looking at this list, your emergency fund should be the first bucket to fill. A medical procedure or down payment for a car might be in the need category, while a vacation or upgrading electronics are in the want category.

Take a hard look at your short term goals and funds for them.

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