Finding the right balance when it comes to money can be difficult, especially when you don’t have a lot of knowledge on how to properly manage your finances. This has been particularly relevant for millennials, many of whom are burdened with big student loan payments, and have lived through both the burst of the dot com bubble and the recession in 2009.
Conventional wisdom is that you should start saving as soon as you can. While the sentiment of establishing savings early on is a good one, the reality is that it’s not always easy: whether it be your financial expenses or confusion about how you can start really saving some money, building a healthy amount of savings can feel like something in a far-off future instead of something you can start doing in the present. That doesn’t have to be the case. Even if you feel like you can’t save, you might be surprised to find that you have more to contribute to a savings account than you would believe. While it might require some penny-pinching and lifestyle changes, starting somewhere is better than not starting at all.
Topics: Saving Money
When choosing our New Year's resolutions, a lot of us want to do better with money. Whether that's saving more, spending smarter, or exploring new investments - devoting more time to your finances is always a sensible resolution (at any time of year, really)
Put $52 aside the first week you start; $51 the second week; $50 the week after that and so on… It’s a lot of money at the beginning, but that weekly amount continues to lessen over time and at the end of the year you’ll have an extra $1,378.