Your Cheddar hosts Kristen Scholer and Tim Stenovec discuss how to save money for something you'd like to purchase in the near future. What to go on a lavish vacation? You may have to start saving a year in advance.
Short-term goal savings is usually saved for one-three years out and you want the funds to be liquid. If you are going to spend $5,000 on a vacation in one year, you'll want to divide that cost by 12 months. You'll see that you need to save $417 dollars a month leading up to your getaway.