Set a Budget
At the beginning of every month, sit down and look
at how much money you'll owe for bills that are due
- and make a plan for what's left over. It's a
simple idea, but the trick is actually doing it.
Keeping track of what you spend and resisting the
urge to pull out the credit card or debit card when
you can't afford something is easy to do with a
budget and plan.
Download this easy budgeting system to keep
track of what you owe and what you are spending.
Save Early, Save often
Even if you're only able to put away $10 or $20 a
week now, do it. By starting at a younger age,
you'll reap the benefits of the 'magic of compound
interest'. For instance, if a 25 year old deposited
$20 per week into a retirement account until age 34,
that money would , thanks to compound interest, be
worth more at age 65 than $20 deposited weekly at
the same rate from age 35 all the way to 65.
Automatic Deductions are Your Friend
Having money automatically deducted from your
paycheck into savings and retirement accounts
assures that you'll put money away. Experts say
that, in time, you'll get used to doing without the
money.
Think Retirement Now
With fewer employers offering pensions, finding
alternative forms of saving is especially important.
Opening an account to pad your pension is generally
a good idea too. Enroll in your 401(k), especially
if your employer offers matching funds. |
