Not all financial goals are alike, so the way you save for each one should be different, too. Think about it. You don’t save for a vacation in an IRA and you don’t save for retirement in a low-interest savings account. It’s often said your financial goals should drive your financial planning and investment decisions. But, what does that really mean? Essentially, how much you need for a goal and when you need the money will help determine the best strategy for achieving it. Those two things tell you whether or not you need to invest your money, how much risk you can take and how liquid, or accessible, those funds should be. Generally, your financial goals fall under three separate categories: short-, medium- and long-term goals. With a specific savings plan for each of your financial goals, you can avoid having to pick and choose and instead work toward achieving them all.

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