Some people save without having a specific goal in mind other than to amass wealth. Conversely, others may spend without considering that a lack of saving could be damaging to their financial situation now and in the future. When it comes to saving, it is important to understand why you are saving and then set an intentional plan to make it happen. If you are looking to save in 2026, we offer the following practical tips:
- Ask yourself two helpful questions:
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- What is your goal? (What are you saving for and how much is needed?)
- What is your timeline? (When do you want to accomplish your goal?)
- Developing the habit of saving is more important that the amount you save. Get in the habit of saving, even if it is a small amount.
- Put a line item in your budget specifically for saving. Intentionality is essential.
- Set boundaries. Consider using a different account for your savings. This will help you see these funds as “set apart” and not for everyday use. Withstand temptation to spend by making it harder to withdraw money from this account – do not associate a debit or credit card with this account.
- Engage a professional. The longer you have to save, the more your earnings can work for you. A professional can help you decide what type of account is best to accomplish your goals.
- If you are a parent, start teaching your kids to save early. Developing good habits from the start will set your children up for success. Don’t be afraid to talk with your kids about your own savings goals; the best learning is done by example.
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