Creating a savings plan for the New Year

Updated: Dec. 17, 2021 at 6:00 AM EST
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RICHMOND, Va. (WWBT) - Maybe you are planning to buy a car or you want to save money for a down payment on a home. Either way now is the time to create a savings plan for 2022.

It could even be a more long-term goal like saving for your future retirement at 55 or 60. Maybe you are hoping to be able to pay for your child’s college.

Whatever the plan is, Michael Joyce with the financial firm Agili says to set your goals and figure out how to save for them.

“With a longer-term goal like retirement, you want to take advantage of any employer-based plans. contribute to 401k plans. Contribute to 403B plans. Increase what you’re putting in. If you can do so and also put money into IRAs and Roth IRAs, “ said Joyce.

If it’s a shorter-term goal Joyce says start setting aside $25 or $50 a week. It could add up quickly.

The goal is to take this time to make your savings plan for 2022.

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