This question comes up all the time as I work with customers to improve their financial wellness.
“Save for a wedding.”
“Save for a down-payment on a house.”
“Save to go back to school”
We know we need to do it, but can feel overwhelmed with where to start.
Keep it simple and achievable. Crawl before you walk, then run. Begin setting aside at least 5% of your income , or $50 out of each pay period, whichever is greater. Build a cushion that can cover any insurance deductibles you have or three months living expenses.
Invest in yourself first. Make sure you build a solid foundation. Once you reach your goal, you can start rolling that 5% or more into the next bucket you want to achieve.