Saving as a family is important for the future.

Moneywise Financial Advisor Sherod Waite said there are a few key ways to save.

First, adults should look into employer retirement benefits.

Many companies offer automatic accounts that take out money from each paycheck and put it in your retirement account, pre tax. Some companies will match your contributions to the account.

For more insights into creating a successful retirement, take this Retirement Income Quiz, by Charles Schwab.In five minutes you'll learn about spending needs, cash flow and generating income.

Families should also plan for unexpected costs, with an emergency fund.

Waite said families should create an emergency savings account that accumulates automatically each month, like in our Wants vs. Needs story. That way you have a pool of money to pull from. Waite said you are more likely to spend more responsibly if you have a set amount already set aside. Also, it helps keep you from creating debt by using a credit card.

Lastly, create a vacation fund.

A savings account that you monitor can create funds that will give you more happiness, according to Waite.

"Money spent on experiences is shown to be very long lasting, much longer lasting than buying things. So I am a big advocate of people enjoying life and enjoying things that give you the most bang for your buck," Waite said.