Things to keep in mind while planning your savings:
For example, if your are saving for emergencies, you don't want to take any risk and need access to the money at any time. The best way to save would be a traditional savings account with a bank. If you were saving for a child's college education in ten years, you might want to consider a 529 plan.
Expense ratios are the fees you pay on an annual basis to the company managing your investments. These can add up, and cost you in the long run, so understanding them and what is considered high or low can be beneficial. Check out these websites and video's to get a better understanding of this key term in savings and investment.
A common question when people begin to save is how much is enough? But there is no way to answer this question for all people/situations. Depending on what you are saving for can affect how and how much you can save. There are several general rules that you may have heard that you might want to keep in mind:
The problem with these general rules is that:
Before beginning any savings effort it is usually best to create a personal/family budget.