No matter your stage in life, making smart financial decisions can help you meet your goals more easily. From starting out in your 20’s through creating wealth in your 30’s or 40’s and retirement savings plans as an ABLE account owner – here are four strategies that can make smarter savings decisions easier to come by.

1. Set a Savings Goal

Establishing savings goals can make the task of saving much simpler. Setting something specific as your aim keeps motivation alive while protecting you from spending unnecessary funds.

Ideal goals should be SMART (specific, measurable, action-oriented, realistic and time-based). You could set your savings goals towards something specific such as an item or event for which you’re saving – e.g. “I want to save more” can become: “I am setting aside $800 each month towards my house fund”. Splitting savings goals among multiple accounts makes tracking them simpler while helping keep you motivated and on track with saving.

Once you know why you’re saving, use a savings goal calculator to determine how much money must be set aside each month in order to achieve your savings goal. This will enable you to stay on course with your plan while seeing your funds grow over time.

Prioritize your savings goals within your budget. Start by listing your income at the top, followed by expenses and then savings – either using a spreadsheet or an app like Mint or YNAB. Some swear by using the 50/30/20 rule which allocates after-tax income into categories: 50% needs, 30% wants and 20% for savings or debt payments over minimum amounts.

2. Set Up Automatic Transfers

Automatic transfers are one of the best tools for helping you save money, whether using credit cards, bank apps or savings tools. They make saving easier by eliminating guesswork and effort; and can even help prevent you from missing savings goals due to life’s daily demands or spending money that’s been set aside already for something else.

Automated transfer tools enable you to set a dollar amount that will be automatically transferred from your checking account into your savings account on a set schedule, such as weekly, every other week or monthly (pay day), such as weekly. Other tools allow for splitting direct deposit checks so a portion goes directly into savings; or “round-up” savings programs which round purchases made with debit cards down to the nearest dollar and transfer any changes directly into savings (like BECU’s Save-Up).

Some automatic transfer tools provide multiple savings buckets for various goals like emergency savings, home ownership, children’s education costs and retirement. You can earmark specific dollar amounts towards each goal and track progress over time. When receiving a raise or receiving extra funds from savings investments make sure any additional money goes into high yield savings accounts to take full advantage of compound interest!

3. Pay Down Debt

If you are trying to manage multiple debts at once, prioritizing credit card balance reduction should be top of mind. Since credit cards typically carry higher interest rates than other accounts, doing so will save money over time.

Make a list of all of your debts, listing the amounts owed and payment information with minimum monthly payments for each debt. Arrange them in order of decreasing dollar amount owed using either the “snowball method” or the “avalanche method.” With either approach, pay off each small debt first before rolling it towards paying off larger ones; eventually you should have less balances to settle and that sense of accomplishment will give motivation to keep going!

The “avalanche method,” on the other hand, involves prioritizing debt with higher interest rate loans while continuing to make minimum payments on all other accounts. While it may take longer for you to see results due to lower interest rates, you could potentially save money in the long run due to increased payments made over time.

Be sure to set aside money in an emergency fund while paying down debt, and also consider saving for retirement as soon as possible – starting early will give your funds time to grow with compound interest, making the effort worth your while in the end! You won’t regret starting early!

4. Invest

Investing is essential to building wealth, but it’s essential to recognize that different investments present different risks. When selecting investments, keep the long-term horizon in mind in order to weather market fluctuations with ease.

First step to creating your financial future: understanding your risk tolerance and selecting an investment strategy – something which you can either do yourself or seek advice from financial professionals on. Also important: setting aside an emergency fund which has enough money for three to six months’ expenses.

Once your plan is in place, it’s time to invest. An ideal way to do this is through workplace retirement accounts like 401(k)s and 403(bs). Many employers offer matching contributions – so it is crucial that at least enough is put away to maximize these potential advantages.

Another investment option is a taxable brokerage account, which can be used to invest in stocks and bonds. Putting more into an investment increases its chance of growing over time; however, there’s no magic number as to how much to put away; that ultimately depends on your goals and budget.