Evaluating Your Current Savings Plan

Is your current savings plan helping you reach your goals? Learn how to make the most of your savings strategy, and then visit your nearest branch to put your plan to work.

Is your savings strategy on track?

It's important to get an early start when saving for the future, but as life changes, so do many people's needs and priorities. By knowing exactly where you are and where you want to be, you'll be better prepared to make financial decisions that can help you reach your goals.

Identify your goals.

The first step is to take a closer look at each specific savings goal. Ideally, it should be one that you can visualize and believe is achievable within your budget, so you're more committed to making it happen. Then you'll need to determine if your current plan is allowing you to save enough to achieve it. 

Ask yourself:

  • What are you saving for?
  • Is your savings goal short-term or long-term?
  • How much money do you need?
  • Do you need the money by a specific or target date?
  • What is the total amount you currently have in savings?

​Use M&T Money Mentor to learn how investing in your future can help you be more financially prepared in the years ahead. Then, by forecasting your routine deposit activity, interest rate and current balance, you'll have a better idea of whether your current savings plan is sufficient.


Consider recent or upcoming milestones.

An income change, new expenses, marriage, kids, college – any life milestone can prompt a need for a change to your savings plan or require you to set up additional accounts. 

You may want to:

  • Establish an emergency fund to reduce financial worry
  • Move money into an account that yields higher interest rates
  • Allocate a higher percentage of your salary for retirement
  • Create savings accounts for your children
  • Set up multiple accounts with separate beneficiaries
  • Monitor distinct savings goals with nicknamed accounts


​​Paying yourself first can pay off, even if you start small.

Many people think they should wait until they have plenty of extra money before they can start saving. But putting off the savings habit can damage your earning potential. Start today by saving what you can, then take advantage of daily interest rate compounding to help that money work harder.

You can also develop a savings plan regardless of your income level and whether you have debt. It’s okay to start small and increase your savings deposits over time. You might find additional funds to allocate toward savings by consolidating debt or making even minor changes to your spending habits.  


​​Savings takes discipline, but the benefits are rewarding.

Need some motivation? Here are just a few of the benefits of establishing a savings routine: 

  • ​Increase your purchasing power
  • Achieve your savings goals faster
  • Enjoy the peace of mind of having money saved to cover financial emergencies
  • Have extra money that can be gifted to help others
  • Make large purchases without incurring debt
  • Earn money through interest on your accounts 

How M&T Can Help

Contact your local M&T branch to make an appointment with one of our experienced Relationship Bankers who will help you visualize your goals and develop a savings action plan. We'll talk with you about your current savings plan and spending habits and help you select a combination of accounts and supplemental services that appeal to you. 


​​​Ready to start saving?

You can also get started online. Explore and compare our Savings and CD products, then apply online or in-person (not all account types can be opened online) at an M&T branch.