Just as everyone has unique savings goals, no two savings plans are exactly alike. And the savings plan you have today may not be the same as the plan you follow five years from now. Here are 6 savings and budgeting tips for every stage of life that can help you keep your plan on track.
Smart saving habits for kids
Positive savings and budgeting habits start early. Teaching the kids in your life to appreciate the value of hard work, saving money and budgeting for something special can lay the groundwork for a lifetime of smart financial decisions.
If the kids in your life are getting ready to head to college this year, now is a good time to talk to them about saving and budgeting in college. As they get their first taste of independence, the college students in your life can benefit from learning experiences like opening their own checking account and using a debit card responsibly.
Saving and budgeting on your own
Whether you recently graduated college or are setting out on your own for the first time, you’re entering a world of new financial responsibilities. Balancing college loans while still having a life can be a challenge, but forming a clear picture of what you owe and finding ways to get ahead on your student debt repayment can help you pave the way for a strong financial future.
If you’re not working toward paying back student loans, your first job may introduce you to something entirely new: disposable income. A good first step is to create a savings plan to help guide your spending decisions moving forward.
Budgeting and saving in your 20s and 30s
Your twenties bring with them a whole lot of firsts. Maybe you’re ready to purchase your first car or you’re thinking about adopting a pet for the first time on your own. These decisions require more than a one-time expense, so learning how to work those recurring costs into your budget is an important lesson.
Perhaps you are ready to settle down with a significant other. Before heading down the aisle, make sure you’re both on the same page about handling finances as a married couple, whether you keep your accounts separate or merge them together.
The moment one wedding invitation goes up on your fridge, it seems like a few more always follow. With Valentine’s Day just recently behind us, you may have more than the usual number of nuptials to attend in the near future. Here are some helpful tips for attending all your friends’ weddings without going broke.
Many young professionals and new couples look into purchasing their first home in their twenties and thirties. This decision can spark a lot of questions, so visit our first time home buyer series.
Getting your retirement plans in shape
Saving for retirement should be part of every stage of your financial journey. As you become more established in your career and can start to envision your future in retirement, there are steps you can take to make that vision a reality.
Keeping your savings and retirement plans in shape also requires flexibility. Unexpected expenses can throw you off your plan, but having a rainy day fund in place can help you navigate uncertain times with agility.
Taking opportunities to get ahead in your savings and retirement plans is key, as well. This might be the year to increase 401k contribution, especially if you are part of an employer match plan. And if you can maximize your IRA contribution and, if eligible, contribute to your HSA, you’ll be even closer to reaching your savings goals.
Savings for retirement in your 50s
As retirement fast approaches, you may begin to wonder how you will reach your savings goals. The good news is that even if retirement saving has not been a top priority, there is still time for saving for retirement in your 50s.
Staying the path to retirement
Anticipating what might lay ahead as you get closer to retirement and begin living your retired life is key. Make sure you stay on top of these four considerations in your golden years.
For more budgeting and savings tips, visit our FutureTrack blog.