How To Save For Big Events

save moneyGet in the habit of saving more by putting money aside for these big events.


This is more than just “saving for a rainy day.”  This fund will cover you if you’re laid off from your job or face an unexpected health or financial emergency.  Try to have at least three months saved.

  • Start small – if you don’t have much to put in, put aside whatever you can, not matter how small.  It’ll add up over time.
  • Treat it like a bill – make your emergency fund part of your monthly bills.  When all your bills are paid, move any remaining funds into your savings account.
  • Save your savings – when you pay off or save money on a bill, put the amount you would normally set aside for that expense into your emergency fund.


The larger your down payment, the more equity you’ll have in your home.  Saving takes time, but be patient and focused on the end goal of homeownership.

  • Open a savings account – dedicated to your down payment fund.
  • Automatically transfer money each month.
  • Save your tax refunds, inheritances and any other windfalls.
  • Look for opportunities to make money whether it’s doing overtime at work or getting a second job.


If you want to pay for your children’s education, it’s best to start early.

  • Contribute to a tax advantaged college funding program such as a 529 college savings plan or other qualified tuition program.  Invest after tax money into the plan and withdraw the funds piggy-bank-1446874__180tax-free to use toward qualifying education expenses, college tuition and books.
  • Open a custodial account as as a Coverdell Education Savings Account, to cover any education expenses, including those of K-12 costs and private school tuition.  Be aware that income and contribution limits may apply.
  • Use a Roth IRA as a college savings tool.  Contribute after tax money and investment gains that can be withdrawn tax free later.  You can withdraw funds tax and penalty free to pay for qualifying education expenses after five years; however, some income and contribution limits may apply.
  • Look into prepaid college tuition plans which allow you to lock into college tuition now at current prices with participating schools.
  • Encourage your child to save.  Whether it’s birthday, holiday money or their own earnings, advise them to put as much as possible away for college.


retirement-2-300x234Maintain your lifestyle in your golden years with these tips.

  • Maximize your contributions to your IRA and 401k.  The older you are the more you are allowed to contribute to “catch up.”
  • Put 10-15% of your annual income in retirement savings plans.

Remember it is always toasty in Naples and you deserve your piece of Naples sunshine and peace of mind about your future and finances!

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