Four goals you'll definitely love saving up for in the long run

July 3, 2015 | Dawn Virgilio

Savings goals are often considered from a short-term perspective. If you’re eyeing that new big-screen TV or the latest smartphone, a quick savings plan—say, a few months or so—can help you obtain those must-have gadgets or other desirable items, but what about your long-term savings outlook? Instead of looking at your savings through a 6-month or even 5-year window, let’s take a different approach—what is worth saving for in the long run?

As you probably think, the “years-instead-of-weeks” strategy requires discipline, commitment and a small degree of flexibility. But if you’re willing to commit for the long term, here are just a few gold coins at the end of the rainbow:


Instead of buying items that are wants instead of needs, save up for a trip. You will always cherish memories in a new and exciting city versus the cute shoes that might end up in next year’s donation bin. Start saving small and next thing you know, you’re planning for your great visit to a U.S. city or exploration of the colorful reefs in Australia! Mission Fed offers a Savings Account with just a $1 minimum initial deposit, so you can start saving for your adventures today!


According to the Gallup poll, the average retirement age is 62. Studies have also shown that you’ll need around 70% of your regular salary to enjoy those golden years. Individual Retirement Accounts (IRAs) are effective long-term savings plans. Mission Fed can help get you started, and it’s much easier than you think.

An IRA from Mission Fed is insured up to $250,000 by the National Credit Union Administration (NCUA). You may want to open an IRA or transfer the funds in your employer-sponsored plan to Mission Fed at the time of a qualifying event, such as retiring or getting a job with another company.


Today, a college degree is essential; although there are always exceptions, for the most part, it pays to get a bachelor’s degree. Recent data indicates that this is a significant investment. Coverdell Education Savings Accounts (ESAs) could be a smart tool. Mission Fed’s Coverdell ESA grows your child’s education funds tax-free, as long as the funds are put toward qualifying expenses.

House Down Payment

Mortgage lending guidelines have changed in recent years. You may need around 15-20% of your home’s purchase value to get a mortgage, according to Zillow. While you’re renting or even living at home with your parents, start saving for that down payment. Starting a Savings Account at Mission Fed can lay the foundation for eventual homeownership. If you have more to invest, a Money Market or Certificate may be a better savings tool. Visit the Mission Fed Money Market or Certificate page for more information.

These are just a few goals that are attainable with a long-term savings plan. If you’d like to discuss your specific goals and don’t know where to start, we can help. Stop by any of our convenient branches, send a secure message via Online Banking or give us a call at 800.500.6328. Our financial representatives can help you establish a Savings, Education or Retirement Account or whatever combination is right for you.

The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided. This article contains a link for a website that Mission Fed does not control. Mission Fed is not responsible and does not assume liability for the operations, content, links, privacy or security policies of third party websites. Information provided for educational purposes only. Please consult your personal financial advisors for individualized advice.

Dawn Virgilio

Dawn Virgilio

Dawn Virgilio is VP Financial Planning & Analysis at Mission Federal Credit Union. She has enjoyed a long career working for financial institutions, the majority of that time (25 years) dedicated to credit unions. She really likes numbers, especially when they add up and multiply.

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