My Money Five

Save & Invest

The save & invest principle of the MyMoney Five is focused on saving for short-term goals (emergency savings account) and long-term goals (retirement or a personal vacation) while developing a habit of saving regularly.  It is important to have a bank account or credit union account so it is easy for you to save.  Keeping track of your monthly budget is a key element to saving.  The money that you save in your monthly budget can be used towards reaching your savings goals.

Pay yourself first

That means each pay period, before you are tempted to spend money, commit to putting some money in a savings account. See if you can arrange with your bank to automatically transfer a certain amount from your paycheck or your checking account to savings every month.

Retirement Account

Starting early on your retirement account is important. After all, you do want to retire some day, right?  It is never too early to start saving for a retirement account or to start learning for the different types of retirement accounts.