Dec 22nd, 2009
How Much to Save?
I’m finding to my dismay that many of the people I know–some of whom are my peers, some of whom are others I work with who are in jobs that pay lots more than my social work job of 14 years–are saving a whole lot of nothing for their future.
I find that really scary and disappointing.
Saving is an important part of a financial plan for the future; particularly for my young friends in their 20s and 30s, they have so much time to build a nest egg it’s a tragedy that they’re instead living paycheck to paycheck. Just 10% of their money would make such a difference in the long term.
While more is better in this case, please–save 10% of your money for your future. We can talk about wise strategies and what kinds of accounts make the most sense or what kind of investments to use, but let’s start with something really basic: just save. At least that much. The rest we can work on.
ITs best to auto debt your account so you dont even see the money.