When women retire, they will have to depend more on their own savings than on social programs and pensions for funding their retirement. Yet all too often, people save only what is left after all the bills are paid, and there is often nothing left over. Even women earning more than $60,000 a year complain that they just can't save anything.

In addition, many women in their middle years will pay their children's college expenses and care for their aged parents before making provisions for retirement. Typically, women tend to put their own needs last, helping other family members before thinking of themselves. Yet the prospect of being a burden on their children or society is a distinct possibility for those who don't plan ahead. The decisions women make (or don't make) to save and invest money for their future, therefore, are crucial to their future financial security.

If you have not been in the habit of saving for your future financial security, now is the time to conduct a reality check of your savings habits and make up for lost time. Even if you can only save $25 or $50 a month, you are establishing a habit that will bring rich rewards. Let's examine various ways to save your hard-earned dollars and places to put your money so it will grow.

Setting financial goals, estimating the money needed for each goal, and setting a date to accomplish that goal will help motivate you to save. Some goals, such as a family vacation are wants, and some, such as replacing an undependable car or planning for retirement, are needs. Some of these goals are individual, and others are family goals. Setting a target date to achieve your goal will give you a basis to determine your progress.

Close your eyes for a moment. Try to visualize a goal you would like to accomplish in the next six months. How will you feel when you reach your goal?

Now, picture yourself in five or ten years. Think of how pleased you will feel when you accomplish one of your long-term goals. Picture the steps you will have to take to accomplish your goals. What changes in your habits will make reaching your goals a reality?

Use the Goals worksheet to help in your planning to reach short and long-term goals.