The sooner you start making a financial plan, the more control that you’ll have over your money and future plans.
Aim to save 3 months’ worth of expenses when starting an emergency fund and build from there.
Most families should strive to have 6–9 months of expenses saved for an emergency.
Tip: Keep your emergency funds in an easily accessible savings account, such as this one that is offered by JN Cayman.
The sooner you start saving for retirement, the better it will be down the road. If you have an employer-sponsored retirement plan, be sure to contribute to it as early as you can. If you don’t have access to an employer-sponsored plan, you might consider opening an individual retirement account.
Building solid financial habits is critical for long-term success and establishing an emergency fund is a necessary building block for financial stability.
Without emergency savings in place, an unexpected car repair, job loss or trip to the hospital could force you into debt and derail your goals
If you owe money on your credit cards, the wisest thing you can do is pay off the balance in full as quickly as possible. Unfortunately, debt can get in the way of your savings goals.
Pay a bit extra each month if you can. Every dollar over the minimum payment goes toward your balance - and the smaller your balance, the less you have to pay in interest.
These goals fall roughly in a 1-to-5-year time frame.
Some short-term goal examples include buying a new car,
down payment on a home, paying down student loans,
travel/vacation or saving for a wedding.
A JN Cayman Partner Plan Account is a perfect tool to
help you save for your short-term goals.
Use our JN Cayman Saving Calculator to see
how much you need to save from each
paycheque to reach your goal!