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Are You Saving Enough?
Saving money isn't easy. First you have to consider all your obligations—credit
cards, student loans, rent or mortgage, daycare, insurance. And this doesn't begin
to consider your household expenses, like food, cell phones, and that breathtaking
wardrobe. So where do you begin to save?
Make a budget. How much is coming in? Going out? And for what?
In general, you should be saving 10% of your income. Start with 5% and work your
way up. By middle age, you may want to be saving 20%.
Get smart about saving. Even if you're earning an entry-level wage,
you can easily save $282 each month (see below). You should strive to save at least
3 months of expenses in case you lose your job.
Hide the money. Use direct deposit to get the money into your account.
Implement an automatic transfer to move money from checking to savings on payday.
Even just $20 adds up quickly. Then don't touch it.
Pay down your debts. Save money by putting an extra $20 toward
your credit card, auto loan, or student loan bills. Consolidate your bills into
the lowest rate to save even more. Ask us about consolidating your credit card or
student loan bills.
Saving money isn't easy, but it is doable.
Contact us to ask how we can help you save for your future.
Save a Buck
|
Monthly cost-cutting measures |
|
Pack your lunch most of the time |
$175 |
|
Drink water instead of soda (24 cans) |
$12 |
|
Make coffee at home |
$40 |
|
Eat dinner out 2 fewer times |
$30 |
|
Visit a library rather than buy a book or CD |
$15 |
|
Skip the vending machine candy bars |
$10 |
|
Total |
$282 |
