Saving for Big Purchases Made Easy - wave3.com-Louisville News, Weather & Sports

Saving for Big Purchases Made Easy

Saving for Big Purchases Made Easy

Saving for Big Purchases Made Easy

There are four main elements to consider when saving for a particular expense:

  • How much you have already put away in savings
  • How much you are able/willing to put away each month in the future
  • The number of months you will put money away
  • Your savings rate (the amount of money you will make on your savings.

(Taxes are also part of the equation because you are required to pay taxes on the earnings you make on your investments.)    

All of these elements affect on one another. So, by playing around with them you can find out if your current savings plan will or will not work, and, if not, what you need to do to make it work.

For example, if you decrease the time you have to save, you are going to need to put away more each month. On the other hand, if you start putting away more than you expected, you will reach your savings goals sooner than expected. Remember, taxes are not in your control, so they cannot be altered to achieve your savings goals. Be sure to prepare and account for those as well when crafting your savings plan.

This information is not to be used as investment advice, but for informational purposes only. Republic Bank & Trust Company prohibits the dissemination, distribution or copying of this document without the Bank’s prior written consent. Please consult your financial or tax advisor for further information. Member FDIC.

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