The Best Saving Tip
The best saving tip I can give you is to: just do it.
That’s right- don’t think about whether you can afford to save right now or even the best vehicle for your money. Just open a savings account and start. It doesn’t need to be fancy, you don’t need to invest yet. Just start by putting some money away. Once you get in the habit and you have some money put away – that is when you can start thinking about the best way to save your money. Don’t “not save” because it is too complicated to start.
The best advice that someone gave me (Thank you to my Personal Finance teacher in High school!) is to open a Roth IRA the second I got my first paycheck. As soon as I had the minimum amount I dumped it in the easiest Roth IRA I could find- a targeted retirement account. Now, I have some money put away for retirement that I won’t touch. Think of the compound interest! I was only 19 when that money was put away. Now I can add money easily to that account- even if it is only $5 a month.
The trick is just to get started. Once the first step is taken the rest can and will follow easily. Take the plunge- open a regular savings account and a retirement account and just do it! You’re future self will thank you later.
44% of adults say they could not cover an emergency expense costing $400 and About half of households age 55 or older have no retirement savings. Don’t let that be you. Start saving today and you won’t have to be a sad statistic. Every penny that you can put away today will help you later.