Simple savings strategies

Last month I talked about the importance of managing your cash flow and how it forms the basis of a solid financial foundation – and reduce stress.  This month, I want to talk about a few simple savings strategies to give that can give you a boost.  I know, nobody wants to think about saving in December, but you will want to think about it in January.  Think of this as getting a head start on your New Year’s resolutions.

This article from Fidelity, Secrets of young super savers, has 6 great tips for saving, but don’t get hung up on what other people are saving.  If you think about it, 1 in 5 millennials is not that many.  It is only 20%.   Instead, it is more important to concentrate on what you can save and, more importantly, when you start.  Don’t procrastinate.  It is better to save 5%, 2%, or even 1% than nothing.  It is even better than saving 15% but starting 20 years later!

And give yourself a goal, something to work towards and measure.  It doesn’t have to be your total retirement savings either.  Make it achievable and measurable.  Perhaps saving $150,000 by the time you are 30?  Create a goal, make a plan, stick to it, and measure it.  Fairly simple, but easier said than done.  There are plenty of resources to help and don’t be afraid to ask for help!

Have a great Holiday and New Year!