Thursday, March 13, 2014

Joe Garza of Dallas: "Millenials Need to Start Saving More than Ever"

Perhaps you've recently graduated and have landed your first real job, you may think it’s quite soon to start being concerned with saving and investing what little money you have. That couldn’t be farther from the actual truth. Regardless of how you look at it, the earlier that begin saving, the more you’ll have later. Also, beginning to properly handle your money early on will surely make things way easier down the road if you, say, want to put a down payment on a place to raise a family or preparing retirement. Beginning great financial habits certainly brings life-long rewards. These initial budgeting methods will hopefully help you secure a bit of financial footing and make an investment toward your future.

Save for a rainy day.

As you begin thinking of long-term goals, make sure that you have made a plan of action set that addresses your current situation. In particular that includes paying off any private or government, but an important component of planning a fiscally secure future is addressing debt before the rest of your life gets even more complex. You don’t want old debt looming above your head when you'd rather be planning a family or putting a down payment on your first home.

Beyond paying off your student loan debt, it’s necessary to start putting away a fund for emergency savings. It is a fact that in the future, you will probably have unexpected expenses. Things like surgery and major car repairs happen; when they do happen, be happy that you set some money aside to cover it.

Determine your future goals.

Whether or not you have your whole life figured out, you probably you have a notion of what your biggest priorities and interests are. If you'd like to travel the world while you are still young, your saving tendencies will look quite different than if your financial goal is to go into early retirement. Visualizing your professional goals will help decide how much he or she needs to put away every paycheck. Some Others have even advised young people to put aside up to one-third of their monthly income, with others saying that putting aside at minimum 10 percent is a good way to start saving. Whatever amount you decide fits into your budget, be sure to set aside money for every one of your important goals (from retiring early, to traveling the world, to having your dream wedding) on a monthly basis so that none of your goals get overlooked.

The best thing about starting strong saving habits is that you won’t start getting used to a type of living that becomes too expensive. It’s always far easier to start modest and build your way up than it is to pull back on the things you used to enjoy.

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