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

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1.
To fully fund an emergency fund, you need to save at least _______ months of living expenses.
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Three to six. To fully fund an emergency fund, you need to save at least this much -- some advisors suggest even more.
2.
What is one mid-term savings goal?
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Buying a new car. Buying a new car is a mid-term savings goal.
3.
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.
4.
What is an appropriate savings vehicle for a short-term goal?
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A savings account. A savings account is an appropriate savings vehicle for a short-term goal because it isnt very risky.
5.
Different types of goals can be met with different savings vehicles.
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True. Different types of goals can be met with different savings vehicles.