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Personal Finance
| How to Save Money at Every Age |
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Submitted by: Tip Hero 12/03/2010 2:35 PM |
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Saving money is essential at every age, but the way you should go about it can actually depend on your age and where you are in your life. Take a look at some advice from Esquire: Age 25: Firstly, start throwing a few dollars (at least) at month into an online savings account. Be sure to pay enough into 401(k) accounts to take full advantage of employers who match your contributions. At 25, you can also be a bit aggressive with stocks. Esquire recommends putting up to 70% of your money into stocks if you've got the courage to ride it out if the markets take a dive. Age 35: Keep your 401(k) cooking so that your retirement savings are in good shape. If you have kids, open up a 529 plan for their college educations. You can also reconcile the demands on your money with a Roth IRA. Take penalty-free distributions for qualified expenses (like your first home) after 5 years. Age 50: When you're 50, you should consider being less aggressive with your investments in stocks. Take enough of a risk to beat inflation, but Esquire says to keep it at around 50% stocks. You could consider buying gold in an ETF. Also, try to make an extra mortgage payment each year to have less debt in the long run. For more savings advice, head over to How to Save (and Spend) Money at Any Age. |
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