Page 30 - AAA Now! – AAA Central Penn – September/October 2022

FINANCIAL SERVICES
Money Check Up:
How and How Much to Save at Each Life Stage
It’s always the right time for a money checkup. While monetary needs differ at various stages of life, it’s important to keep your financial goals in mind.
Start a child’s money awareness as soon as they understand value. This can start with earning an allowance that goes into
an interest-bearing savings account. As they develop the habit of saving, they are better able to manage money independently and prudently as adults. Set specific goals for how much to save based on the amount of allowance they receive.
Teens should be saving for post-high school and college needs. Regardless of whether college tuition is covered by financial aid or scholarships, students still need to save prior
to and during their college years to cover ancillary expenses. Many students are only able to work limited hours while in school, so saving money prior to going to college is imperative.
Working adults may have down payments, vacations, college funds, and retirement as savings goals. Retirement is crucial for most. Consider the total amount of money you will need to meet your retirement needs and where you are on the road to
fulfilling that goal. Calculate a specific amount of your per-pay income and have it automatically deposited into a retirement savings account to help you reach your target.
From childhood to retirement, every stage of life brings new goals for savings. While the objectives may vary, the important takeaway is that it’s never too early or too late to start saving.
This article is sponsored by Discover Bank®. To get more information on Savings Accounts, Money Market Accounts, and CDs/IRA CDs (with preferred member rates on 12-, 24-, and 60-month CD terms), please call (866) 588-2968 or go to Discover.com/AAABanking to get more information. Discover Bank, Member FDIC.
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