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How to get what you want?

• Everyone knows the need to save. But actually doing it is a different story. At Allstate Bank, you can establish a savings strategy that works for you. By focusing on daily goals and celebrating each little achievement, you can make your longer term goals easier to reach.
• Your first savings priority should be to build the money you’ll want on hand for immediate and short-term needs. This money could be for a specific upcoming expense like a vacation or an educational class for your children — anything you expect to pay for in the near future.
• In addition, you should set aside enough savings to serve as an emergency fund. This takes the role of basic financial protection in the event of a medical emergency, household catastrophe, job loss, or other unforeseen expense. Financial professionals generally suggest saving the equivalent of three to six months of your household expenses as a rule of thumb. The actual amount you set aside should be whatever amount makes you feel that you will be able to weather a financial emergency.
• Unless you have enough money to comfortably save and invest at the same time, investing — buying stocks, mutual funds, and other long-term investments — can come later. That’s because these kinds of financial products involve risk — there are no earnings guarantees, and you could lose some or all of your original investment — not a position you want your emergency fund in if the roof springs a leak. Although you may eventually want to invest money for such long-term goals as retirement, education, or a new home, investing should occur after you have adequate savings in the bank.
• Like so many other things, debt can be good for you — or bad for you. Even millionaires are known to take out mortgages. But, excessive debt can be the road to financial ruin. The trick is knowing the times debt can be a good thing and when it can be dangerous. Happily, it’s easy to tell the difference.