One of the most difficult things about budgeting your savings is knowing how much to put where and when. It’s hard enough to budget your everyday expenses, but then you have to figure out what to do with anything else you want to save.
Assume you’ve already used your savings to pay off any credit card debt, and assume your mortgage is “good debt” that you aren’t in a hurry to payoff. Where do you place your excess cash?
401k/403/b, IRA, Roth IRA, HSA, 529, index funds, stocks, crypto?
There are so many considerations: level of income, tax situation, kids (and age of kids), retirement goals and progress toward them, medical circumstances to name a handful.
Fortunately, Personal Capital has a savings planner tool that is the ultimate hand-hold, guiding you through how much you should (and can based on contribution limits) save where.
I use this tool frequently to ensure I’m on track with getting the most of out of my savings. It helps balance for risk by ensuring you have enough cash on hand for emergencies, then guiding you through putting your savings in the highest returning options first.