The New York Times recently wrote a piece titled, “Young Women Have to Play Catch-Up in Retirement Savings.” The piece contained numerous insightful studies and research about the obstacles young women face when it comes to saving for retirement.
What We Recommend at Doyle Wealth Management When it Comes to Saving:
1.Start somewhere. When it comes to your savings, even putting a small amount away will a) accumulate over time and b) help you become more aware of your spending habits.
2. Make saving a priority. Consider taking an online course in savings or a class at a local community college. More and more wealth management firms are also offering financial assistance / sliding scale programs to help individuals with lower income levels receive financial guidance. It’s worth doing some research in your area.
3. Understand your priorities. It’s important to know what your priorities are when it comes to spending. If eating out at local restaurants is important to you, that’s okay. But what should also be important is knowing the cost of those priorities and what you can actually afford. What you can “afford” doesn’t always translate directly to what is immediately available in your bank account.
For example, maybe you set aside X number of dollars per week for eating out and budget more towards grocery shopping. Or, only going to restaurants for special occasions and celebrations.
Ready for the next steps of saving? Or just need some help getting started? Contact Us for a free consultation.