There is no one-size-fits-all rule for how much money you should have saved by each age, however, there are some general to determine what you should have saved and when based off of your financial goals. To determine how much money you should have saved by 25, follow the guidelines below.
There isn’t a one size fits all answer to the question, “how much of your salary should you save?”. It really depends on your financial goals, how much you currently have, how old you are, and what your appetite for risk is.
If you are in your 40s, don’t have any money saved to date, and have a low risk tolerance, you’re going to need to save much more than someone in their 20s who already has $100,000 and is willing to invest in riskier and higher returning investments like stocks.
Ideally, you should save as much as possible to be in the best position to achieve your financial goals. Learn how below.
Like most young adults, when my wife and I left college, we had little to no assets and made entry level salaries at our jobs. Back then, we barely made enough money to support ourselves, much less save money for the future.
Over the years, however, we’ve been able to slowly build up a small savings account and several different retirement accounts.
We’ve experienced first-hand the peace of mind associated with having an emergency fund (savings account you use for financial emergencies) and the excitement of watching our retirement accounts grow to something substantial. When we started seeing our retirement accounts grow over time, it motivated us to invest even more.
Because we’ve experienced both the pain and frustration of not having any money saved and the benefits of saving money, I’d like to share the reasons why I think it is important to start saving money.
Reasons Why it is Important to Start Saving Money Read More »
When it comes to the question “is it best to pay off debt or save?”, the answer is, it depends on your situation.
However, there are some guidelines you can follow to determine whether paying off debt or saving your hard-earned cash is the right choice for your situation.
Are you strapped for cash and looking for ways to save money? A quick way to start saving money now is cutting down on your vehicle’s fuel consumption. One common question related to saving on gas (and money) is, “Does driving slower save gas?”. Let’s talk about how the speed at which you drive effects your gas mileage and a few other tips for improving your vehicle’s fuel economy.
Are you interested in watching your favorite shows from premium networks like HBO, Starz, Showtime, etc. for free?
We currently have cable and internet through a local service provider (we just moved in September 2018 and they had a great initial offer for new owners in our neighborhood). We don’t, however, have any upgrades to the cable like premium channel packages or access to premium channels like HBO, Starz or Showtime, but we still like catching up on some of the shows they offer.
To get around this, we’ve been using our free 7-day trials with each streaming network to watch our favorite shows for free.
How to Watch Your Favorite Premium Shows Using Free Trials Read More »
