Apr 23, 2018
Saving money isn’t easy. Whether it’s juggling monthly expenses, covering unexpected setbacks, or giving in to our shopping temptations, we all struggle with finding that happy money medium. If you feel like your savings account could be a bit more robust, and you’re still playing catch-up, you’re not alone. Most of us need to squirrel away more of our paychecks into our emergency savings or retirement funds. And we can—no matter how many times we turn 29! With a little more focus, a lot of patience, and a fresh perspective on spending habits, financial victory will be ours!
Here are some tips!
So you’ve been working a good amount of years, and your emergency savings account has A) 56 cents in it. B) Been moonlighting as your shoe fund. C) Never Existed.
Listen, we don’t judge.
Whatever the reasons, excuses, occasional blunders, or fashion addictions you’ve had in the past, forget ‘em. Today’s a new day! Today’s the day you SAVE!
Open an account or just start putting some extra cash in one that’s been floundering for a few many years now.
Here’s how to do it:
Once you make some extra income, go to your nearest savings account (preferably yours) and deposit it immediately! No ifs, ands, or but-I really-need-that-plane-ticket-to-Thailand! Nope!
One day, you won’t want to work ever again. (Note, this is NOT today, 42-somethings.) Or maybe you’ll want to work on a fun job, like a novel or art show or be a foster pet parent. To do these fabulous things and more, you’ll need a retirement account.
Okay, so we all know that the earlier we save, the better off we’ll probably be. But since you’re all high-style, maybe you haven’t saved so much. Start NOW. If your company offers a 401K match, contribute the maximum now to get the biggest reward. And while you may not be a spring chicken savings-wise, you’re going to be fine because you’re smart, nice, and determined. If you can, contribute more than the typical recommended 5%. Work your way up to 10% as soon as possible. How do you do this?
What if your employer is a cheapie or you’re self-employed and there’s no corporate 401K? Get a financial advisor from a trusted company to set one up for you. You can do a traditional IRA or Roth IRA, for starters. A responsible advisor will direct you to the right choice for your life stage.
Saving your money is very important but saving it the way that works for your lifestyle is also something to consider. Be frugal and believe in yourself, and seeing that money grow will become addictive. It may even be your new hobby!
Keep reading this blog for more tips and tricks, too. We want you to have a happy life, a brilliant future, and all that your heart desires (within reason, fancy people!).