If you’re like most Americans, you probably didn’t take any type of personal finance courses in school. So, now that you’re in the real world, it can be daunting to try and figure out exactly how to manage your money. This week, several articles appeared on the Web that can help guide you in the right direction. Take a look at these money-saving tips.
For people in their 20s and 30s, retirement can seem like a lifetime away. But, it’ll get here before you know it, so you better start saving now. This article by Fabulously Broke gives some helpful suggestions on how to best use your employer’s plan or open an IRA to get you on the right track. Even just squirreling away $50 a month is a great start!
It’s normal to get stuck in the mindset that you’re invincible - when really disaster could strike at any moment. A friend over at Gen Y Planning learned the hard way when they suffered severe damage to their belongings from a wild turkey that crashed its way into their apartment! Moral of the story: emergency funds are super important! You never know when you might be hit with unexpected expenses, so stocking away a little extra cash every month could end up making a huge difference in your finances.
If you don’t take a close look at how you spend your money, you might be oblivious to some of the bad habits that could be costing you a ton of scratch every year. This Daily Finance piece breaks down how much money you could be wasting if you indulge in behaviors like smoking, playing the lottery, or eating a lot of fast food. Seeing how much cash you’re potentially throwing away can actually be a great eye-opener!
Money Crashers lays out the signs that show you could be overspending (including not sticking to a budget and maxing out your credit cards). But there’s hope! The article also offers recommendations on how to better manage your finances. Try switching to cash only or choose cheaper entertainment options, and you’ll start seeing improvements right away!
Follow the advice provided in these articles, and you’ll be more financially savvy in no time!