What Are You Saving For?

What Are You Saving For?

With the start of the new year upon us, many people have new goals. From cutting spending and making better buying decisions to eliminating debt and mapping out a savings plan, it’s not uncommon for these New Year’s resolutions to be financially fueled. 

To learn about what our community members are saving for in 2020 and how they plan to meet their goals, we visited the Pennsylvania Farm Show in Harrisburg, PA. 

Our community members had a wide range of savings goals, from managing the cost of daycare for children or expenses for show animals to getting a new car, making home improvements, or moving into their first apartment

While their goals varied greatly, all those we interviewed had one thing in common – they were actively making a plan to get where they wanted to be. This is one of the most important steps in budgeting for important goals – taking the time to understand where you are versus where you want to be and mapping out how you will get there. 

For instance, one participant mentioned that his car is coming to the end of its life, so he’s putting money away now to be prepared for purchasing a new car in the future. Another mentioned that there are always more home improvements to make, so he’s setting aside money now to be able to make some of them a reality. 

Like most of us, our community members shared that they have a savings “kryptonite” – or something that can occasionally throw their savings off track – whether it’s going out to eat or enrolling their children in sports or other activities. 

While we all face these challenges, one community member said it best – it’s all about balance and sometimes you have to “give up something to get the things you really care about.” Setting your goals and priorities now for the year can help you determine which items are negotiable and which are musts as the months pass. Whether your own savings goals align with those mentioned above or are totally unique to you, we have a variety of savings accounts or competitive loan options available to help. If you’re not a PSECU member yet, see if you’re eligible to join.

The content provided in this publication is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by PSECU. PSECU does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. PSECU does not warrant any advice provided by third parties. PSECU does not guarantee the accuracy or completeness of the information provided by third parties. PSECU recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.