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Save Yourself: Getting a Jump on Financial Savings

R
Richard Horowitz

We all know the importance of saving, but starting can be difficult if you're not already used to it. Here's a tip to help you get over the hump to a build cushion of financial security.

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Save Yourself: Getting a Jump on Financial Savings
LEARNING TO SAVE Financial security isnt just for older people The success of your funds depends on how early you start
LEARNING TO SAVE CAN BE HARD FOR SEVERAL REASONS Financial responsibility wasnt talked about when you were a kid A lower wage or salary may make it harder to start saving Like others, bad spending habits are hard to break!
AND THATS OK.
Save Yourself: Getting a Jump on Financial Savings
THE PERCENTAGE PLAN So, how can we go from saving nothing to stowing a solid bit away each month? The key lies in incremental saving. Heres how it works.
First 鍖gure out your most basic, or 鍖xed, expenses. This includes costs like rent or mortgages, food, and utility bills. It can also include credit card or student debt, if necessary.
Next, set aside 鍖ve percent of your income and place it into a high yield savings account, an index fund, or wherever you please. Learn to live with that 鍖ve percent decrease in take home pay.
After youve comfortably adjusted to 5% savings, up it to 7%. Repeat in these small increments until youve reached 20%!
Frugality includes all the other virtues. Cicero

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Save Yourself: Getting a Jump on Financial Savings

  • 2. LEARNING TO SAVE Financial security isnt just for older people The success of your funds depends on how early you start
  • 3. LEARNING TO SAVE CAN BE HARD FOR SEVERAL REASONS Financial responsibility wasnt talked about when you were a kid A lower wage or salary may make it harder to start saving Like others, bad spending habits are hard to break!
  • 6. THE PERCENTAGE PLAN So, how can we go from saving nothing to stowing a solid bit away each month? The key lies in incremental saving. Heres how it works.
  • 7. First 鍖gure out your most basic, or 鍖xed, expenses. This includes costs like rent or mortgages, food, and utility bills. It can also include credit card or student debt, if necessary.
  • 8. Next, set aside 鍖ve percent of your income and place it into a high yield savings account, an index fund, or wherever you please. Learn to live with that 鍖ve percent decrease in take home pay.
  • 9. After youve comfortably adjusted to 5% savings, up it to 7%. Repeat in these small increments until youve reached 20%!
  • 10. Frugality includes all the other virtues. Cicero