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- Create a budget: try not to spend above your means and don’t spend more than what you have (ie: putting many non-essential purchases on credits cards you won’t be able to pay off in time)
- Pay down your debt: you are not alone if you have any student loans or credit card debt. If you can manage, try to pay more than your monthly minimum payments. This will enable you to pay off your debts quicker and potentially save more money from having to pay those pesky loan interest fees.
- Have an emergency savings fund: set aside some money to keep in an emergency fund. Financial advisor Dave Ramsey recommends starting off at saving $1,000 and after paying off your debt, work up towards saving three to six months worth of expenses. This will come in handy for unexpected life events: such as if you lose your job, your car suddenly breaks down and you’ll need money for immediate repairs, or if you have a medical emergency.
- Open up a High Yield Savings Account (HYSA): open a savings account with an online bank that offers a high annual percentage yield (APY) opposed to savings accounts with traditional banks that offer lower APY’s. This will allow you to collect more interest on your money.
- Invest in a 401(k) or IRA: Both 401(k)’s and IRA’s offer great tax benefits and will help you save money for retirement. Allocate a portion of every paycheck to go towards retirement. Investing your money in retirement accounts is a smart and secure way to see your money grow exponentially.
