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5 year mark
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Buy a car
-Teenager
-Medium-term goal
-Estimated cost: $12,000
-Years to save: 3
-Cost per year: 4,000 -
Go to college
-Young adult
-Medium-term goal
-Estimated cost: $20,000
-Years to save: 5
-Cost per year: $4,000
This is an important milestone because in college, you get to decide what you want to do with your life and build strong relationships that will last. It also symbolizes growing up, which is something many people look forward to. -
5 year mark
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Rent an apartment
-Young adult
-Short term goal
-Estimated cost: $800/month
-Years to save: 1
-Cost per year: $800 -
Have a wedding
-Young adult
-Medium-term goal
-Estimated cost: $30,000
-Years to save: 5
-Cost per year: $6,000 -
Buy a house
-Young adult
-Long-term goal
-Estimated cost: $250,000
-Years to save: 10
-Cost per year: $25,000 -
5 year mark
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Get pregnant (costs during the nine months of pregnancy)
-Middle-aged adult
-Medium-term goal
-Estimated cost: $30,000
-Years to save: 5
-Cost per year: $6,000 -
Having a child (first year of life)
-Middle aged adult
-Medium-term goal
-Estimated cost: $20,000
-Years to save: 5
-Cost per year: $4,000 -
5 year mark
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5 year mark
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Raising a child (kindergarten through high school)
-Middle-aged adult
-Medium-term goal
-Estimated cost: $200,000
-Years to save: 5
-Cost per year: $40,000 -
Putting a child through college
-Middle-aged adult
-Medium-term goal
-Estimated cost: $20,000
-Years to save: 5
-Cost per year: $4,000 -
5 year mark
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5 year mark
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Retirement
-Senior adult
-Long-term goal
-Estimated cost: $1,000,000
-Years to save: 50
-Cost per year: $20,000