Tuesday, August 7, 2018
Greetings Thrifty Friends,
The best time to start securing your financial future is now. And the earlier the better. If you are 40-years-old and just treading financial water I bet you wish you had started saving when you were thirty!
What are the best tips for young people to employ to secure their financial futures?
Keep pinchin' those pennies,
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TODAY'S THRIFTY TIP:
Save one-third of your income.
Putting $1 out of every $3 you earn into the bank might sound like a lot, because it is. At some times in your life, such as shortly after graduation or upon the birth of a child, when your budget is strained to capacity, it's impossible. But at some point, it will become not only possible but essential to creating stability in your financial life. That's because significant savings are the only way to weather the inevitable tough periods, such as layoffs, as well as move toward longer-term dreams, such as starting our own business.
Pay off all but your cheapest student loans early.
Student loans that carry a 5 or 6 percent interest rate (or higher) are costing you much more than your savings can earn in this current low-interest rate environment. That means paying off an extra chunk of your student loans will immediately start saving you more money than you could if you continue to make those slow and steady monthly payments.
Don't wait to invest until you have "extra money."
Waiting to start a retirement account until you feel like you can afford it might mean that you can never retire. Don't wait to open up a 401(k) account if your employer offers it, even if you start by contributing just 2 percent of your salary. Soon, you can raise that percentage to 4 percent, and eventually to 10 percent or higher.