In this month’s recap: Stocks closed the year with a solid rally, fueled by the rollout of multiple COVID-19 vaccines and the signing of a new fiscal relief bill.

The goal for your saving plan is up to you. Some people enjoy travel or the latest electronics. Others may save for school or a home purchase. While there are a thousand ways to spend your money, there’s only one way to save it — stick to the plan.

In this month’s recap: Stocks dropped during the month as investors worried about stalled fiscal stimulus talks in Washington, the upcoming election, and new coronavirus cases in Europe.

As coronavirus restrictions ease and businesses reopen, the American economy should gain steam. Data released in May and June, including employment, payroll, and manufacturing numbers, suggested the economy may have hit bottom in April.¹

For many Americans, the art of saving is something that they have yet to master. This is especially true for those who have just entered the workforce or have gotten their first good-paying job. The mantra of these young professional men and women is often to want to spend instead of saving, and it might be time that changed. Thus, we have brought together some of our favorite benefits of saving early, and how it can set you up for success.

Gets you in the right mindset

Diversification is one of the cornerstones of traditional investment advice. The most common saying we hear is “never put all your eggs in one basket” and the moral holds true. Markets go up and down through economic change, business cycles, and a wide variety of factors changing investment outcomes. Managing these peaks and valleys is the primary goal of an investment plan. The best possible defense against risks in any investment strategy is diverse and well-balanced financial planning.