Saving money is one of the most important steps you can take toward financial well-being, but figuring out how much to save and where to put that money can feel overwhelming. Whether you're planning a major purchase, saving for your child’s education, or dreaming of a secure and fulfilling retirement, having a savings plan that works for you can bring peace of mind and financial confidence. While there’s no one-size-fits-all approach to saving, here are some tips to help you get started.
Establish Realistic Savings Goals
A strong savings plan starts with identifying what matters most to you. Everyone’s financial journey is unique, and your goals should reflect your personal priorities. Generally, savings goals fall into three categories:
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Short-Term Goals – Emergency funds, vacation savings, home repairs, or other immediate needs.
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Mid-Term Goals – Purchasing a home, funding education, or launching a business.
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Long-Term Goals – Retirement savings, wealth building, and legacy planning.
Taking the time to visualize these goals and set realistic timelines can make saving feel more purposeful. It’s not just about setting money aside; it’s about making meaningful progress toward the life you want. If you're unsure where to start, working with a financial professional can help bring clarity to your plan.
Use the 50-30-20 Rule as a Budget Guideline
A great way to structure your savings is by following the 50-30-20 rule, a simple yet effective framework for budgeting your after-tax income:
• 50% for Essentials – Necessities like housing, utilities, groceries, insurance, and debt payments.
• 30% for Enjoyment – Dining out, travel, hobbies, and personal interests.
• 20% for Savings & Investments – Retirement accounts, emergency funds, and other financial goals.
This framework helps you balance financial responsibility with the enjoyment of life. Flexibility is key, so if you need to pay off debt faster or boost your savings rate, these percentages can be adjusted to fit your current situation.
Leverage Compound Interest for Long-Term Growth
One of the most effective ways to grow your money is by harnessing the power of compound interest. This means that your savings and investments not only earn interest on the initial amount you put in, but also on the interest that accumulates over time.
The percentage of Americans naming inflation as their biggest financial concern for their families reached a new high last year.1 With prices continuing to rise, leveraging compound interest can help your savings grow over time, allowing you to better protect your purchasing power and offset the effects of inflation.
Here’s an example of the power of compounding: If you invest $10,000 today with an average annual return of 5%, your savings could grow as follows:
• Year 1: Earns $500 in interest, bringing your total to $10,500.
• Year 2: Now earning 5% on $10,500, reaching $11,025.
• Year 10: Your investment could grow to approximately $16,470 without adding another penny.
The earlier you start saving, the more time compound interest has to work in your favor. Even small contributions made consistently can lead to significant growth over time.
Maximize Retirement Contributions
Planning for retirement is one of the most crucial aspects of financial wellness, and staying up to date on contribution limits can help you make the most of your savings opportunities. For 2025, the IRS has set the following limits:
• 401(k) Contributions: Increased to $23,500, up from $23,000 in 2024.
• IRA Contributions: Remain at $7,000.
• Catch-Up Contributions: If you’re 50 or older, you may qualify for additional contributions to accelerate your retirement savings.
Maxing out these contributions, if possible, is a powerful way to grow your retirement nest egg. If you’re not sure how much you should be contributing, a financial planner can help you create a plan that aligns with your financial future.
Build a Plan That Aligns with Your Financial Goals
Saving isn’t just about numbers on a spreadsheet; it’s about building a life that aligns with your goals, values, and dreams. Whether you’re just getting started or refining an existing plan, taking small, consistent steps will lead to lasting financial security.
So, what does your 50-30-20 budget look like? Are you on track with your retirement savings? Have a conversation with your Curi RMB Capital advisor or a member of our team about where you are today and where you want to be. With the right plan in place, you can be on your way to achieving your financial goals and feeling confident about your future.
- Jones, B. J. M. (2024, October 16). Americans continue to name inflation as top financial problem. Gallup.com.https://news.gallup.com/poll/644690/americans-continue-name-inflation-top-financial-problem.aspx
The opinions and analyses expressed in this presentation are based on Curi RMB Capital, LLC’s (“Curi RMB Capital”) research and professional experience are expressed as of the date of this presentation. Certain information expressed represents an assessment at a specific point in time and is not intended to be a forecast or guarantee of future performance, nor is it intended to speak to any future time periods. Curi RMB Capital makes no warranty or representation, express or implied, nor does Curi RMB Capital accept any liability, with respect to the information and data set forth herein, and Curi RMB Capital specifically disclaims any duty to update any of the information and data contained in this presentation. The information and data in this presentation does not constitute legal, tax, accounting, investment or other professional advice.
The content contained herein was generated by Curi RMB Capital with the assistance of an AI-based system to augment the effort.
