Basics Beginner: Saving for Short, Mid and Long-Term Goals

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1.
When establishing a mid-term savings goal, you must be able to save all the money you need to achieve that goal.
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False. When establishing a mid-term savings goal, you can save all or part of the money you need to reach that goal.
2.
What is one important long-term savings goal?
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Saving for a college education. One important long-term savings goal is saving for a childs college education.
3.
As you grow older, your savings goal may ________.
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Change. As you grow older, your savings goals are likely to change.
4.
You can set up an automatic investment plan with a state college savings plan to help save for a childs college education.
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True. Setting up an automatic investment plan with a state college savings plan will help fund a childs college education.
5.
When establishing short-term savings goals, its a good idea to set up a separate account to save money for that goal.
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True. When you set up a separate account for a short-term savings goal, that goal is more likely to be met.