Your Cheddar hosts Kristen Scholer and Tim Stenovec explore the 4 different types of saving strategies: emergency fund, short-term, mid-term, and long-term.

The most important aspect of the short-term strategy is that the money is liquid. You want to be able to have access to the cash as soon as you need it. In terms of mid-term strategies, you might want to consider a CD, as the goal is to save for 10+ years down the line.

Plus, for the long-term saving strategy, you need to be thinking about retirement. Some experts suggest putting money into an IRA or 401(k).