If your company offers a matching contribution, start with their 401(k) plan. Work with an independent insurance agent to see if you can save money on your insurance premiums.Īnd we’re barely scratching the surface here, people! Trust us, those dollars and cents add up month after month and they can give your retirement savings a huge boost.Cut down on the brand-name items and go with the generic option when it makes sense.Skip the coffee shop and brew your own cup of coffee in the morning.Cancel your cable package and switch over to a cheaper streaming service.Pack your lunch instead of eating out with your work buddies every day.Here are some quick ways you can save some money in your monthly budget: Whether you’re using an app like EveryDollar or an old-fashioned spreadsheet, getting on a budget will help you stay on track with your spending and find ways to cut down your expenses so you can save more for retirement. If you find yourself struggling to get to that 15% mark, start by taking a closer look at your monthly budget. We filter out sleazy advisors. See up to five investing pros we trust. (Try our compound interest calculator that will do the calculations for you!) And second, investing 15% still leaves some wiggle room in your budget to reach other important financial goals-like saving for your kids’ college funds and paying off your house early. Why 15%? First of all, investing 15% of your income consistently month after month, year after year, will put you on the path to becoming an everyday millionaire thanks to time and compound interest doing its thing. How much should you be investing for retirement? We recommend saving 15% of your gross household income into retirement savings.
1. Make Room in Your Budget for Investing Learning to invest doesn’t have to be complicated! Here are five simple steps to help you get started. Hear us loud and clear: Anyone can invest-including you. And it’s okay if you have a ton of questions. Plus, starting anything for the first time can be intimidating-especially when it’s something that can have long-term effects on your finances. There’s a lot of information out there to process and try to understand.
There are people all over the country who want to start investing, but just have no idea where to begin.
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