You’ve found a job, started a family and are living comfortably from month to month. What’s next? If saving money comes to mind, you’re on the right track.

“Time is of the essence,” says Certified Financial Planner Ted Snow, founding principal of Snow Financial Group in Addison, Texas. “The earlier you start, the less you’ll have to take out of your pocket to save, and the more opportunities you’ll have in terms of compounding and doubling your money.”

Ready to get started? Follow these six strategies to incorporate long-term savings into your budget.

Know what you want

The most critical part of a long-term savings plan is to understand what you’re truly saving for, says Certified Financial Planner Jude Boudreaux, director of financial planning at Bellingrath Wealth Management in New Orleans.

Do you want to buy a beach home in Florida? Send your offspring to college? Save for a sumptuous retirement?

“The clearer the picture of the long-term goal, the easier it is to make daily decisions that truly affect your success,” he says.

Get into the right mindset

Once you know what you want, it’s time to set aside money for it. But shifting funds into a long-term account can be tough, especially if it means investing money you regularly spend at the coffee shop, drugstore or restaurants.

If setting aside money normally spent on entertainment leaves you feeling deprived, try changing your attitude.

“By saying ‘no’ right now, you’re giving yourself a ‘yes’ toward something bigger and better in the future,” says Boudreaux.

An attitudinal adjustment may be more easily achieved for short-term goals. Case in point: Say you want to take a trip every year that will cost $5,000. Put aside $100 a week and you can make the trip a reality. This might mean eating at a restaurant one or two fewer times a week. By saying “no” to eating out, however, you’re saying “yes” to a big annual trip. See the difference?

The same mindset goes for your long-term goals.

Use Bankrate’s simple savings calculator to see your savings grow.

Understand the power of compound interest

Setting aside money early on and watching it grow can be a powerful motivator.

To envision the potential of compound interest, consider the rule of 72, suggests Snow. Take the number 72 and divide it by the projected rate of return you expect to receive each year from an investment. This will reveal the estimated number of years it will take for that amount of money to double.

For example, say you invest $8,000 in a mutual fund with an average return rate of 8 percent. It will take approximately 9 years (72 divided by 8) for that amount to turn into $16,000. The earlier you start, the more time your investments have to multiply.

Bankrate’s compound interest calculator graphically illustrates how money grows.

Track it online

The Internet puts financial planning at your fingertips. Sites such as and help you set up goals and then track your progress toward them. “If your financial plan is online, you can update it whenever you want from the privacy of your own home and on your own schedule,” says Bryan Link, CEO of SimpliFi, a free financial planning and advice service.

Having a plan online can help make savings a reality. “Those with a plan are more likely to reach their goals,” says Link. He suggests creating online midterm goals (such as saving for a car) and working toward them as well.

Get started on your goals with Bankrate’s savings goal calculator.

Reward yourself

Saving is no fun if you don’t reward yourself occasionally, says Pablo Solomon, an artist and designer based in Austin, Texas. Solomon came from a low-income background, but he and his wife have focused on saving — and occasionally rewarding themselves — throughout their marriage.

So go out for dinner, buy the gadget you’ve had your eye on or take the family on an outing when you reach a financial goal. Then continue on toward your next savings goals.

Invest your raise

If you get a raise, give yourself a pat on the back — and then invest it. “Take the first month and celebrate,” says Snow. “Then bank the raise.”

Consider having the difference taken automatically out of your checking account and deposited into an investment account so you never even notice it. Since you were able to live on less before, you can continue doing so.

As for the new money being invested, well, that’s toward fun times in your future.

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