Subscribe Feed (RSS)It doesn’t matter how old you, it is never too early to begin planning your retirement. In fact, the younger you are when you start saving, the more money you will have when you do finally retire. There are many different ways to start saving money, however these are the most simplistic investment strategies for everyone.
Contribute to your work’s 401K. Chances are your company has a 401K that can be taken out of your paycheck before tax. A lot of workplaces will even match portions of your savings. That means you are getting free money. Everyone should save in their 401K up to the maximum that their workplace matches. This will allow you to take full advantage of the benefit.
Open a savings account. In addition to your 401K, you should have a savings account that you regularly deposit money into. As little as $10 a week adds up to over $500 a year. The more you can save a week, the better.
Stop renting and buy a house. When you rent, you are giving your money to someone else to pay for their mortgage. So stop renting and pay for your own mortgage! When you decide to sell the property you’ll be amazed by how much money you’ll walk away with.
Have an “in case of emergency” fund. One savings account is not enough. You should have enough money to pay for a few months of expenses should something unfortunate happen.
Spend your money wisely. If you go out to each several times a week or month then don’t go out to eat as often. Bring your lunch to work so that you do not have to buy food. Recycle your cans and bottles if you don’t already. The old phrase “a penny saved is a penny earned” applies here, and any money that you do not spend you can save for your future.
Start saving now. Time is your ally, and the longer you save, the more you will have for your retirement.
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