Understanding your financial fitness
As part of your financial fitness, you're paying off debts and putting away a certain amount of your income for savings, particularly emergency fund savings. This money is usually kept in a high-interest savings account for easy access.
Setting your financial goals
Once you have a sufficient amount in your emergency fund, you will continue to save for your short-term and long-term goals. For example, a short-term goal might be to save up for a holiday to take the family on next year, while a long-term goal might be to save for a down payment on a house. Other even longer-term goals might include saving for your children’s education and your own retirement.
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Short-term goals
For short-term savings goals, you want to protect your money from inflation, as well as have your savings available when you’ve achieved your goal. You might want to consider putting your short-term savings into a money market fund, or a bond fund.
Long-term goals
For any savings goal longer than five years, you’ll want to consider making an investment, so that your money can grow. By selecting from a variety of investments, your money should earn a greater rate of return over the long term.
The value of investments and any income they generate can go down as well as up, meaning you may not get back the full amount you invested. Past performance is not indicative of future performance.
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