Savings are a big part of one’s everyday life. From an early age, we are taught to save our money, as it can be useful in times of unforeseen complications. Saving for yourself can be a very tough ordeal. However, it can be even more confusing when you need to save for your family. Trying to take into account everyone’s needs, extra expenditure, and other emergency allowances is something that requires a lot of patience and budgeting efforts.

But with some planning and forethought, you can actually weigh your long-term and short-term goals and manage to garner savings for your family with ease. It comes down to prioritizing goals and concluding on a plan that takes care of your family’s requirements, simultaneously, allowing surplus for vacations, and other fun activities.

The following guidelines will help you save money for your family

• You must establish an emergency fund. Since life is unpredictable, it is always a smart idea to have some funds set aside for emergencies. Experts suggest that you store away at least three months’ worth of expenses in such a fund.
• Consider long-term priorities. Top financial planners suggest that when it comes to long-term goals, the first one you should prioritize is your retirement. Following this, you can save for your child’s college education. If your employer offers a retirement plan, you should take full advantage of it and match his/her offer.

When it comes to your child’s education, it is crucial to start saving as early as possible. Tuition costs at public universities have risen by 3.5% each year over the last ten years on an average according to The College Board, a non-profit organization.

Another long-term goal is caring for aging parents. If this will be your responsibility, then you must consider ways to cut costs in the utility department/their living arrangements. It may involve sharing a home with them, while at the same time setting aside some money as savings.

• Now you must consider your short-term goals. Create a list of the goals that fall within the next five years. It may include things like purchasing a new car, going on family vacations, paying for wedding ceremonies, and the like. For each of these, you can open a dedicated savings account. Some banks even allow you to open separate sub-accounts under a primary one. By doing this, you can concentrate on meeting each individual goal. You can make weekly or monthly deposits into these accounts.
• Finally, you must stay flexible and get creative. If at all you feel like you are not contributing enough to your short-term goals, there are many ways in which you can bolster your savings. Hold a garage sale to sell items of clothing you no longer need or other miscellaneous items. Get in the habit of using a change jar to collect money you get from your daily expenditures. If a vacation is coming up, try to stop eating out and cook food at home to save money for travel expenses.

The aforementioned tips for savings for the family should enable you to live a comfortable life both at present and in the future. Always remember that while it is important to live in the moment, it is also essential to save and spend wisely.