05 Dec 4 Tips on Saving Money in Your 20’s
Thinking about saving money when you are young is not always on the top of the list. After graduating college and starting a new job this is a critical time in your life to begin saving for your future. It may not seem so beneficial now, but it will pay off later. Here at Spivey Insurance Group we want to make sure you are prepared for a financial set back that may happen in your future. We want to make sure while you are still young you start out on the right foot. Here is some money saving tips.
Create a Budget.
When you first start out in the work force the best way to keep track of you money and expenses is to create a budget. There are online budgeting sites, such as mint.com. This is a mobile app that you can set up to keep track of your expenses month to month. It helps you show where money is going each month. Also creating an excel spreadsheet to show your monthly costs an expenses will show how much you spend on what. There are obvious expenses such as rent, insurance, food and some unplanned expenses. Creating a budget can help you see where there will be flexibility for the wants in your life, such as vacations, new clothes, and hanging out with friends.
Have an emergency fund.
An emergency fund is money allocated for unexpected situations in life. This fund allows people to have a standard of living in case of health emergency, job loss, or tragic event. You need to know how much money you are approximately spending month to month and then save at least triple that amount of money. This fund helps you prepare for the worse. It will allow you not to stress when you are in the stressful situation.
Enroll in retirement matching program.
This is the easiest ways to get started for saving for the future. In some situations some employees are required to pay a certain percentage towards their retirement fund. The employer then matches that certain percentage. It may not seem like a lot at first, but those small contributions will grow overtime.
Make sure you have the proper insurance.
Here at Spivey Insurance we have expert agents that know all about home, auto, renters, and even life insurance. While you are still young life insurance may not seem so important, but it is easier to access while you are younger and healthier. If you have questions regarding any forms of insurance we are always here to help.
We here at Spivey Insurance want to protect what’s closest to you. We want you to help save money while you are young. These four tips are a great way to start. If you do have any specific insurance related questions we are always here to help. Call Spivey Insurance Group if you have any questions about your insurance policy payments at 704-821- 4460. Stay connected with us on Twitter, Facebook, Instagram, Pinterest, and Google Plus.