Tuesday, December 7, 2010

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,
Penny

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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, and 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 a 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.


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