How to Start Saving for your Goals (Video)

This video provides information on how you can learn to start saving for your goals. (2018)

More Information from CFPB:

•  Savings plan 
•  Finding a place for savings 

Meet Mike. Mike's an energetic guy with lots of dreams but not a lot of money.

One of those dreams is to get a new car. He's been driving the same one for years but... it's got a few issues.

Mike dreams of the day he can afford it, but knows he'll need to come up with a down payment to lower the cost of his monthly bill.

He starts by looking at his monthly expenses and decides he'd rather have a newer car than daily takeout and so many nights out with the guys.

Mike comes up with a plan for the next year to help get him to his goal. He'll take lunch 3 times a week, go out less, and make some other small changes. He also opens a savings account and has money direct- deposited every time he gets paid to help him stick to his budget.

Soon Mike begins to see his money grow.

By putting that money down upfront, Mike's monthly payment is less expensive. And he can comfortably afford his new car.

Now that Mike's spent the year seeing how savings can work for him, do you think he'll go back to eating out, get a shopping habit, or continue his savings habit for the next big goal?