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How to start saving and the sooner the better!

How to start saving and the sooner the better!

Many of us struggle with saving our money, we live paycheck to paycheck.  We say in “this” economy how can anyone save?  But the truth is in “any” economy how do we save.  The more we earn the more we spend, I’m a true believer in that.  It is hard to be disciplined with our money.  I come across singles, couples, and families that all struggle with this.

It is important to learn how to manage our money and be disciplined.  I came across a great article “5 Critical Financial Planning tips for 20-somethings” and realized this isn’t just for “20-somethings” this is for everyone, no matter how old you are.  It laid out the 5 ways we can start putting money aside and preparing for your retirement.  Home ownership is one of the best ways to prepare for retirement if done correctly.  It is one of the most important investments you will make for your financial future.

Included in this article is advice I give everyday to my clients, family and friends.  Such as one, “live below your means”, live on less than you earn.  This is important, if you start this before buying a home then it helps once you are ready to buy a home.  You don’t want to be house poor.  Don’t try to get into a home that all your money goes to your mortgage and home bills.  You want to be able to have room to save, invest and have “play” money.

Another key point is “pay down your debt”!  Organize your debt in order of interest rates and begin paying down the outstanding balances with the highest interest rates first.  It might even be worthwhile to consider consolidating all loans under one – particularly if a lower overall interest rate can be negotiated.

Here is the full article to see all 5 Critical Financial Planning Tips.  Please email me or call me if you have any questions.

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Ray Williams

Branch Manager

Summit Home Mortgage

303-779-0591 ext. 101

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