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  • What is your savings goal?

    The goal you are saving for can impact the way to save as well as some of the stratigies you use. Saving for college is different than saving to buy a house. Things to keep in mind are:

    • The length of time until you need the money
    • The purpose for the savings
    • The amount of risk you are willing to take with the money

     

    For example if your are saving for emergencies you don't want to take any risk, and could need the money at any time. The best way to save would be a traditional savings account with a bank. If on the other hand you were saving for a child's college and you had many years you might want to consider a 529 plan.