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Money Monday: Saving for major expenses

Here’s a quick estimate on how much you should save per major expense.

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Photo by 401kcalculator.org

“With interest rates going up, the cost of borrowing money to pay for major life expenses is also going up. The Federal Reserve has already raised the interest rate three times this year and will most likely raise rates again before the year is out. After years of relatively unchanging rates, it’s become more important for consumers to plan for major expenses. Planning can include researching prices, creating a budget and – most importantly – saving as much as possible to put toward the goal.

“The key to preparing for any major expense is knowing how much to save. While everyone’s financial situation is different, there are some rules of thumb to keep in mind for most major expenses.”

Read the rest of U.S. News’ article here: “How Much Should You Save to Fund Major Expenses?”