Since your savings can grow substantially over time, now is the
perfect time to get started. The earlier you save, the more
money you'll have in the future. There are many choices when it
comes to saving money. First, identify whether your goals are
long term or short term. Short-term goals are goals you want to
accomplish in five years or less, or money you'll need to access
in an emergency. A down payment for a house or car would be
considered a short-term goal, as would saving for a vacation.
Long-term goals, such as funding your retirement or child's
college education, are goals you plan to reach in 10 years or
more. If you have long-term goals, it might make more sense to
invest. Investing can be risky, so traditional savings are
encouraged for accomplishing short-term goals. If you're trying
to put a down payment on a house, for example, a stock market
investment could lose 10 percent or more of its value just
before you need to access the funds. Saving with a bank or
credit union, on the other hand, in