Why You Can't Save For Everything At Once

Emergency funds, eldercare expenses and home repairs, oh my! Learn how to juggle multiple savings goals and feel confident in your finances.

Key takeaways:

• Juggling multiple savings goals can be overwhelming, but there are strategies to help you prioritize. 

• Finding the right strategy starts with reflecting on your values and identifying which savings goals matter most.

• From there, it’s all about finding the right budget and banking systems to set your plan up for success. 

You know all about the value of saving — and maybe you’ve even established a habit of saving regularly (congratulations, that’s no easy feat!). But even the best savings plan can feel overwhelming when you’re juggling multiple goals: Like saving for your next vacation, a down payment on a home, eldercare expenses for your parents and a financially safe and secure retirement. 

Each of your savings goals are valid and important, yet juggling so many priorities can feel overwhelming. After all, how do you decide what matters most when it all seems essential?

We’re here to help. Read on to learn how to prioritize your savings goals to suit your needs, so you can make progress toward all of them without feeling like you have to tackle everything at once. You’ll come away with a roadmap to creating your own plan and learn how we can help you along the way. 

Start with your “why”

Most savers run into trouble trying to juggle multiple savings goals because it’s simply not possible to prioritize everything. So creating a savings plan should start with a look at your values and what you’re looking to achieve with your money. This will help crystallize what truly matters most and serves as a compass to guide your journey, so you’re less likely to get overwhelmed or sidetracked by peer pressure. 

Ask yourself the following questions:

• What does my ideal future look like — and which of my current savings goals are required to make that happen?

• How do I want to feel about my money, and how do my savings goals support that?

• Do any of my savings goals have a deadline (for example, an upcoming trip that you’ve already booked, or a plan to purchase a home in the next 3 years)?

The answers will help you figure out which goals align with your core values: The goals most essential to living the life you want, as well as those with an upcoming deadline. These are the goals likely to take top priority in your financial plan.

Build your savings goals into your budget

With a handful of savings goals in mind, it’s time to create a budget that allows you to dedicate funds to each one. Thankfully, starting a budget is probably simpler than you think: List your income, your essential expenses (like your rent, utility bills, groceries and other basics), then map out how to allocate funds to each goal.

When it comes to how much (and when) to save, you have several options. Consider one of the strategies below:

1. Save a predetermined amount for each goal every month

This allows you to make progress toward multiple goals each month. For example, you might set aside $500 for retirement, $200 to save for a home and $50 into your emergency fund each month. 

2. Save for some goals monthly and others occasionally

If you’re working with a tight budget, consider saving for just the highest-priority goals regularly and contributing to other savings goals when you can. For example, you might opt to save $500 for retirement and $200 for a down payment each month, then use occasional windfalls, like tax refunds, to save for vacation. 

3. Cycle through goals month to month (or paycheck to paycheck)

If you’re feeling overwhelmed contributing to multiple savings goals at once, try focusing on one at a time and alternating throughout the year. For example, if you’re able to save $750/month in total, you might put the entire $750 into retirement savings one month and into your down payment fund the next. 

• Pro tip: Create a budget that works for your lifestyle by avoiding these common budgeting mistakes. 

Find a banking system that works for you

With a plan in place, it’s time to set up the banking systems you need to make it happen. While some savers prefer to manage multiple savings goals within one savings account, and use another tool (like a spreadsheet) to keep track of their progress, many people find it easier to set up a series of accounts: One for each major goal.

Keeping multiple savings accounts makes it easy to track your progress over time. You can instantly see how much money you have in your emergency fund, for example, or how much you’ve saved in the last year toward your house. Separate savings accounts also make it easier to earmark the funds correctly: There’s little risk that you’ll inadvertently dip into your emergency fund if it’s housed in its own separate account. And, thankfully, it’s easy to open a savings account online at your convenience. 

• Pro tip: Not sure which accounts you need? Learn which types of bank accounts are the best fit for each purpose. 

From there, you can make savings easy by setting up Auto Save, which moves money into your savings accounts on the schedule you choose. Learn more about Auto Save, and other tools to help simplify money management. 

Focus on progress over perfection

Setting financial goals is all about creating the future you want — and as your life changes, your plans should too. It’s important to check in with your savings plan regularly to identify what’s working, what’s not, and what you can do next to keep working toward your goals.

If you’re grappling with the effects of inflation, you might opt to reduce the amount you save monthly and find new goals that feel sustainable, or pause on less important savings goals when times are lean. On the other hand, you might increase your savings goals when you get a raise, or use windfall payments to top up your savings accounts. 

• Pro tip: Earning more money? Learn how to avoid lifestyle creep to keep your goals on track. 

No matter what happens, keeping your “why” at the heart of your plan helps you continually work toward the future you want to create. 

Get support creating a savings plan that works

Your financial journey is unique, but that doesn’t mean you need to do it alone. And whether you’re looking for help crystallizing your “why,” need support to create your budget and savings plan, or just want to know you’ve got the right banking system for your needs, we’re here to help.

Our financial experts are here to help you find the saving strategy that works for you — and revisit it with you to make sure it’s still serving your needs. We’re also here to answer your questions, discuss savings tips and techniques and provide whatever support you need to make the most of your money.

Ready to take the next step toward your ideal financial future? Click here to find the right savings account for you — and open your account online, over the phone or at a financial center.