How to Save Money

How to Save Money

Reasons to Save Money

Reasons to Save Money

Types of Money Savings Options

Types of Money Savings Options

How to Open a Savings Account

How to Open a Savings Account

Saving Money – Setting & Achieving Financial Goals

Saving Money – Setting & Achieving Financial Goals

How To Sell Your Own Car

How To Sell Your Own Car

How To Pay A Fair Price For Auto Repair

How To Pay A Fair Price For Auto Repair

Pet Passenger Safety

Pet Passenger Safety

Car Theft Prevention Tips

Car Theft Prevention Tips

Prepare A Car For Extended Storage

Prepare A Car For Extended Storage

How To Keep Kids & Pets Safe In The Car

How To Keep Kids & Pets Safe In The Car

Steps To Be A Smarter Teen Driver

Steps To Be A Smarter Teen Driver

The Move Over Law Saves Lives

The Move Over Law Saves Lives

Importance Of Driver Education

Importance Of Driver Education

What To Do If An Animal Runs In Front Of You

What To Do If An Animal Runs In Front Of You

 Most Common Driving Mistakes To Avoid

Most Common Driving Mistakes To Avoid

How To Tell If A Car Has Been Flooded

How To Tell If A Car Has Been Flooded

What To Do If Your Vehicle Breaks Down

What To Do If Your Vehicle Breaks Down

How To Care For A Car At College

How To Care For A Car At College

Learn About Lost Car Facts

Learn About Lost Car Facts

Tips For Safe Winter Driving

Tips For Safe Winter Driving

The True Cost Of A DUI

The True Cost Of A DUI

Smart Features For Mature Drivers

Smart Features For Mature Drivers

What To Do About A Vehicle Recall

What To Do About A Vehicle Recall

E-15 Fuel Blend Cause For Caution

E-15 Fuel Blend Cause For Caution

Critical Winter  Car Care

Critical Winter Car Care

Dangers Of Disregarding Auto Repair

Dangers Of Disregarding Auto Repair

Get The Highest Resale For Your Car

Get The Highest Resale For Your Car

5 Steps For A Cleaner Car

5 Steps For A Cleaner Car

Tips To Avoid Road Rage While Driving

Tips To Avoid Road Rage While Driving

How To Prevent Dangerous Drowsy Driving

How To Prevent Dangerous Drowsy Driving

Maintenance Musts For Your Vehicle

Maintenance Musts For Your Vehicle

How To Drive To Reduce A Traffic Jam

How To Drive To Reduce A Traffic Jam

Travel Safety Tips For Road Trips

Travel Safety Tips For Road Trips

How To Test Your Driving Skills

How To Test Your Driving Skills

Tips For Tire Safety

Tips For Tire Safety

How To Plan A Stress Free Summer Road Trip

How To Plan A Stress Free Summer Road Trip

How To Choose A Quality Mechanic You Can Trust

How To Choose A Quality Mechanic You Can Trust

How to Drive To Minimize Fuel Use

How to Drive To Minimize Fuel Use

How To Talk To Your Mechanic

How To Talk To Your Mechanic

Don't Ignore Vehicle Warning Lights

Don't Ignore Vehicle Warning Lights

Protect Your Car From Hot Weather

Protect Your Car From Hot Weather

Tips For Maintaining Vehicle Appearance

Tips For Maintaining Vehicle Appearance

How To Buy A Car

How To Buy A Car

What To Do After A Collision

What To Do After A Collision

Holiday Travel Survival Tips

Holiday Travel Survival Tips

Independence Day Travel Forecast

Independence Day Travel Forecast

How To Choose The Best Driving School For Your Teen

How To Choose The Best Driving School For Your Teen

Why The 10 & 2 Driving Position Is Unsafe

Why The 10 & 2 Driving Position Is Unsafe

Driving Tips For Wet Roads

Driving Tips For Wet Roads

Cyclists And Motorists Share The Road For Safety

Cyclists And Motorists Share The Road For Safety

The True Costs of Driving

The True Costs of Driving

Understanding  Common Driving Safety Myths

Understanding Common Driving Safety Myths

Boost Fuel Efficiency With New Engine Technology

Boost Fuel Efficiency With New Engine Technology

 Top Green Cars On The Market

Top Green Cars On The Market

Tips To Extend The Life Of Your Car

Tips To Extend The Life Of Your Car

Adjust Mirrors For Improved Safety

Adjust Mirrors For Improved Safety

Prepare For Cars Without Spare Tires

Prepare For Cars Without Spare Tires

Car Seat Safety Tips

Car Seat Safety Tips

Safely Remove Snow From Your Car

Safely Remove Snow From Your Car

Seat Belt Safety Facts

Seat Belt Safety Facts

Booster Car Seat Facts

Booster Car Seat Facts

Forward-Facing Car Seat Facts

Forward-Facing Car Seat Facts

Rear-Facing Car Seat Facts

Rear-Facing Car Seat Facts

Understanding The Importance Of A Child Safety Seat

Understanding The Importance Of A Child Safety Seat

Be A Bike Safety Role Model

Be A Bike Safety Role Model

Creating a Bicycle Friendly America

Creating a Bicycle Friendly America

Bike Safety Tips For Adults

Bike Safety Tips For Adults

Share the Road to Prevent Accidents

Share the Road to Prevent Accidents

Understanding the Importance of Bike Safety

Understanding the Importance of Bike Safety

What To Remember When Renting A Car

What To Remember When Renting A Car

Easy Tips To Improve Fuel Efficiency

Easy Tips To Improve Fuel Efficiency

The Real Dangers Of Running Out of Gas

The Real Dangers Of Running Out of Gas

Common Car Care Tasks

Common Car Care Tasks

Stop Texting And Save Lives

Stop Texting And Save Lives

Sudden Tire Blow-Out Safety

Sudden Tire Blow-Out Safety

Maintaining Vehicle Appearance - Exterior Protect and Detail

Maintaining Vehicle Appearance - Exterior Protect and Detail

Maintaining Vehicle Appearance - Exterior Clean and Polish

Maintaining Vehicle Appearance - Exterior Clean and Polish

Maintaining Vehicle Appearance - Interior Maintenance

Maintaining Vehicle Appearance - Interior Maintenance

Tips for Maintaining Vehicle Appearance

Tips for Maintaining Vehicle Appearance

Improving Gas Mileage - What Determines Gas Prices

Improving Gas Mileage - What Determines Gas Prices

Improving Gas Mileage - Gas Saving Extras

Improving Gas Mileage - Gas Saving Extras

Improving Gas Mileage - Advance Planning

Improving Gas Mileage - Advance Planning

Improving Gas Mileage - Vehicle Maintenance

Improving Gas Mileage - Vehicle Maintenance

Improving Gas Mileage - Changing How You Drive

Improving Gas Mileage - Changing How You Drive

Improving Gas Mileage When Driving

Improving Gas Mileage When Driving

Engine Fluids - Windshield Wiper Fluid

Engine Fluids - Windshield Wiper Fluid

Engine Fluids - Transmission Fluid

Engine Fluids - Transmission Fluid

Engine Fluids - Power Steering Fluid

Engine Fluids - Power Steering Fluid

Engine Fluids - Brake Fluid

Engine Fluids - Brake Fluid

Engine Fluids - Coolant

Engine Fluids - Coolant

Engine Fluids - Oil

Engine Fluids - Oil

Tips on Engine Fluids

Tips on Engine Fluids

Shopping for a New Auto Battery

Shopping for a New Auto Battery

Auto Batteries - Understanding Auto Battery Testing

Auto Batteries - Understanding Auto Battery Testing

Auto Batteries - Battery Care

Auto Batteries - Battery Care

Tips on Auto Batteries

Tips on Auto Batteries

Renting a Car - Travel Technology

Renting a Car - Travel Technology

Renting a Car - Dealing With Breakdowns

Renting a Car - Dealing With Breakdowns

Renting a Car - International Rentals

Renting a Car - International Rentals

Renting a Car - Choosing Car Insurance

Renting a Car - Choosing Car Insurance

Renting a Car - Picking Up Your Rental Car

Renting a Car - Picking Up Your Rental Car

Renting a Car - Getting the Most Out of Your Rental

Renting a Car - Getting the Most Out of Your Rental

Driving Emergency - Run-off-road

Driving Emergency - Run-off-road

Driving Emergency - Tire Blowout

Driving Emergency - Tire Blowout

Driving Emergency - Stuck Accelerator

Driving Emergency - Stuck Accelerator

Driving Emergencies

Driving Emergencies

Distracted Driving – Testing Drivers While Text Messaging

Distracted Driving – Testing Drivers While Text Messaging

Distracted Driving - Text Messaging

Distracted Driving - Text Messaging

Distracted Driving - Cell Phones

Distracted Driving - Cell Phones

Distracted Driving - External Distractions

Distracted Driving - External Distractions

Distracted Driving – Distracting Passengers

Distracted Driving – Distracting Passengers

Distracted Driving - Stereos, GPS, and Other Electronics

Distracted Driving - Stereos, GPS, and Other Electronics

The Challenge of Distracted Driving

The Challenge of Distracted Driving

How to Avoid Distracted Driving

How to Avoid Distracted Driving

Saving Money – Setting & Achieving Financial Goals

Saving Money – Setting & Achieving Financial Goals

How to Open a Savings Account

How to Open a Savings Account

Types of Money Savings Options

Types of Money Savings Options

Reasons to Save Money

Reasons to Save Money

How to Save Money

How to Save Money

Where to Open a Savings Account

Where to Open a Savings Account

Savings - Compound Interest and the Rule of 72

Savings - Compound Interest and the Rule of 72

CD Laddering

CD Laddering

CD Early Withdrawals , Penalties and Maturity Options

CD Early Withdrawals , Penalties and Maturity Options

Comparing Savings Rates: APR and APY

Comparing Savings Rates: APR and APY

What Is a CD?

What Is a CD?

How to Invest in CDs, Money Markets & Savings Accounts

How to Invest in CDs, Money Markets & Savings Accounts

Retirement Savings - Compound Interest and the Rule of 72

Retirement Savings - Compound Interest and the Rule of 72

Retirement Savings - How to Roll Over an IRA

Retirement Savings - How to Roll Over an IRA

Retirement Savings - IRA Withdrawals, Rules and Penalties

Retirement Savings - IRA Withdrawals, Rules and Penalties

Retirement Savings - IRA Investment Allocation Options

Retirement Savings - IRA Investment Allocation Options

Retirement Savings - Finding a Provider

Retirement Savings - Finding a Provider

Retirement Savings - What is a Roth IRA?

Retirement Savings - What is a Roth IRA?

Retirement Savings - What is a Traditional IRA?

Retirement Savings - What is a Traditional IRA?

Retirement Savings - What Is an IRA?

Retirement Savings - What Is an IRA?

How to Save for Retirement using IRAs

How to Save for Retirement using IRAs

How to Remove Snow from your Car

How to Remove Snow from your Car

International Travel - How to Stay in Touch While you're Gone

International Travel - How to Stay in Touch While you're Gone

International Travel - How to Take Advantage of Off Season Travel

International Travel - How to Take Advantage of Off Season Travel

How to Pack for International Travel

How to Pack for International Travel

International Travel - How to Plan for Emergencies

International Travel - How to Plan for Emergencies

International Travel - How to Save for & During your Trip

International Travel - How to Save for & During your Trip

International Travel - What Types of Money to Use

International Travel - What Types of Money to Use

International Travel - Escorted or Independent Travel

International Travel - Escorted or Independent Travel

International Travel - Travel Insurance

International Travel - Travel Insurance

International Travel - International Driving Permit

International Travel - International Driving Permit

International Travel - Getting a Passport or Visa

International Travel - Getting a Passport or Visa

International Travel - What Documents to Take

International Travel - What Documents to Take

How to Plan for International Travel

How to Plan for International Travel

How to Change a Flat Tire

How to Change a Flat Tire

How to Maintain Your Tires

How to Maintain Your Tires

Buying Tires for Your Vehicle

Buying Tires for Your Vehicle

When to Replace Tires

When to Replace Tires

Buying a Car - Maintaining the Vehicle

Buying a Car - Maintaining the Vehicle

Buying a Car - Negotiation

Buying a Car - Negotiation

Buying a Car - What to do with Your Old Vehicle

Buying a Car - What to do with Your Old Vehicle

Buying a Car - The Dealer Experience

Buying a Car - The Dealer Experience

Buying a Used Car in 6 Steps

Buying a Used Car in 6 Steps

How to Buy a New Car

How to Buy a New Car

DIY Auto Repair vs Professional Repair

DIY Auto Repair vs Professional Repair

Choosing an Auto Mechanic

Choosing an Auto Mechanic

Auto Maintenance - Safety, Reliability, and Longevity

Auto Maintenance - Safety, Reliability, and Longevity

Factory Auto Maintenance Schedules

Factory Auto Maintenance Schedules

Auto Maintenance vs. Repair

Auto Maintenance vs. Repair

Winterize a Car - Surviving a Roadside Breakdown

Winterize a Car - Surviving a Roadside Breakdown

Winterize a Car - Preparing an Emergency Supply Kit

Winterize a Car - Preparing an Emergency Supply Kit

Winterize a Car - Tires

Winterize a Car - Tires

Winterize a Car - Battery

Winterize a Car - Battery

Winterize a Car - Cooling System

Winterize a Car - Cooling System

Winterize a Car - Heaters, Defrosters, Wipers

Winterize a Car - Heaters, Defrosters, Wipers

Winterize a Car - Exhaust & Fuel System

Winterize a Car - Exhaust & Fuel System

Winterize a Car - Engine & Fuel System

Winterize a Car - Engine & Fuel System

Winterize a Car - Brakes / ABS

Winterize a Car - Brakes / ABS

How to Winterize a Car

How to Winterize a Car

Investing - Four Steps to Successful Investing

Investing - Four Steps to Successful Investing

How To Invest

How To Invest

Money Management Tips For Teens

Money Management Tips For Teens

Create A Financial Year End Review

Create A Financial Year End Review

Understand The Stock Market

Understand The Stock Market

Consider Inflation On Your Retirement Savings

Consider Inflation On Your Retirement Savings

Tips To Avoid Ridiculous Stock Predictions

Tips To Avoid Ridiculous Stock Predictions

Reasons To Carry A Mortgage

Reasons To Carry A Mortgage

Investing With A Long Term View

Investing With A Long Term View

Tips For Investing In Gold

Tips For Investing In Gold

Avoid The Biggest Financial Mistakes

Avoid The Biggest Financial Mistakes

Set Financial Goals In 4 Steps

Set Financial Goals In 4 Steps

View more ...

Founded in 1902, AAA is a not-for-profit organization of clubs serving more than 51 million members in the United States and Canada. As North America's largest motoring and leisure travel organization, AAA provides its members a full range of travel, insurance, financial and automotive-related services through a network of 1,100 offices, as well as its full-service Web site: AAA.com. Since its founding, AAA has been an advocate for the motorist and traveler, continually lobbying for driver and passenger rights, fair laws and safer vehicles and roads. Through affiliations with motoring clubs around the world, AAA provides benefits to members traveling in 130 countries on six continents. Today, 25 percent of all U.S. households have a AAA membership. Nearly 27 percent of all North American passenger vehicles belong to AAA members.

How to Save Money

Learn how to figure out what your savings goals are.

This video: 21,501 views
This expert: 1,643,065 views

Print

Transcripts

Bill Gerhard: Hi! I am Bill Gerhard, Director of Financial Services for AAA. Building a sound savings plan is the best way to prepare for the future. So let's hit back to my office and discuss how to do that. Now that we are in office, let's focus on building a sound saving strategy. We will examine reasons to save and how to determine how much you need to save. We will go over the advantages and different types of saving vehicles such as certificates of deposit and individual retirement accounts. Look at where you can go to open these accounts and the questions you can ask to evaluate providers. And we will end with an overview on how to set and achieve your financial goals. As an introduction to personal finance, let's start with some key points on your goals and some strategies that could help you achieve them. Your savings goals might include buying a car or house, putting children through school or enjoying a comfortable retirement. Maybe they include all of these or just some of these. In setting a financial goal, it is important to consider your timeline and your comfort level with risk. Your timeline maybe relatively short term, maybe you want to buy a house or car in the next five years or fund a child's education in ten years.

Maybe your timeline may spend decades. For instance you maybe just entering the workforce and you want to plan for an early retirement. Your current income and financial obligations have an impact on your decisions too. Have you saved enough to cover an emergency? Are you using debt responsibly? Can you stick with the budget and avoid into tapping it to long term savings you may not be able to replace or then have penalties for early withdrawal? Are you comfortable with taking a risk in return for potential of greater earnings or do you need to know exactly what your investment will earn and when? How you answer these questions will help you determine how to put together personal savings portfolio that works for you. Regardless of where you are right now in your financial life, a sound strategy should include three types of savings. First, short term savings you can access without penalties such as savings accounts and money market deposit account. Secondly, medium term savings that will help you meet pre-retirement goals and generate extra income for retirement such as certificates of deposit. And lastly long term savings that will benefit you through tax advantages and retirement savings such as individual retirement account. Choosing the right financial partner is another key to a sound saving strategy. Today there are lots of opportunities. You can stick with the Brick and Mortar bank, an online bank, a credit union, a savings and loan or a brokerage house. You may also belong to a group that as AAA which offers investment opportunities and benefits and partnership with major banks. As Director of AAA Financial Services I will be your guide through this series which we created to promote savings and help you understand savings products. We hope to give you a good foundation to build upon, but please keep in mind that investment opportunities and tax regulations are subject to change. Talk with a financial professional or tax consultant before you make any major financial commitments. In our next video reasons to save, we will look at why it is important to have a savings plan. We will also consider how to determine how much you can save over time. AAA offers the information in this video series for educational purposes only. Carefully consider objectives, risks, expenses and tax implications before investing. So let's get started.