To help you manage your money and reach your saving goals:
To help you manage your money and reach your saving goals:
Create a Budget
A budget is your plan for how you will spend money over a set period of time. It shows how much money you make and how you spend your money. Creating a budget can help you:
Saving money involves looking for deals and buying the quality items you need at the best price. You can save money by comparison shopping, comparing the prices and quality of products you plan to buy. MyMoney.gov offers ways to manage your spending and build your savings accounts to achieve your saving goals.
Invest in Long Term Goals
Investing is a way to make money grow, by buying shares of stocks, mutual funds, bonds, or real estate. When you invest, there is risk that you could lose the money you invest; in general the greater the earnings you can make, the greater the risk. You can save for long term goals, such as retirement (PDF, Download Adobe Reader) and college education, by investing. Learn how to savefor emergencies, short term and long term goals, and become an informed investor.
Steps to Make a Budget
See this video to learn how to make a budget and plan your finances.
Saving for Retirement
As you approach retirement, there are many things to think about. Experts advise that you will need about 80 percent of your pre-retirement income to continue your current quality of life. The exact amount depends on your individual needs. Some important factors to consider include:
At what age do you plan to retire?
Can you participate in an employer’s retirement savings plan, such as a 401(k) plan, or a traditional pension plan?
Will your spouse or partner retire when you do?
Where do you plan to live when you retire? Will you downsize, rent, or own your home?
Do you expect to work part-time?
Will you have the same medical insurance you had while working? Will your coverage change?
Do you want to travel or pursue a new hobby that might be costly?
Social Security pays benefits that are on average equal to about 40 percent of your pre-retirement earnings. You may be able to estimate your benefits.
Learn how you can boost your retirement savings at Investor.gov.
If you have a financial advisor, talk to him or her about your plans.
Savings Bonds
U.S. savings bonds are one of the safest types of investments because they are endorsed by the federal government and, therefore, are virtually risk free.
Visit TreasuryDirect, a website from the U.S. Department of the Treasury, to learn about savings bonds, treasury bonds, and securities: how to buy and redeem your investments, what to do in the event of the death of an owner, and much more. TreasuryDirect is your one-stop shopping site for government securities where you can find information about the wide range of savings options, including EE/E, HH/H, and I savings bonds.
Manage and determine the value of savings bonds using these tools:
You can give savings bonds for many occasions, such as birthdays, weddings, and graduations. Learn how to give savings bond