If it’s relatively early in your career, planning for retirement may not seem important. You have bills to pay after all. If you’re having trouble starting, work on contributing just 1% more each year.
Photo by American Advisors Group
Waiting until later in your life to save is one of the biggest money mistakes you can make. Although it seems like you can’t afford it right now, you’ll be in worse shape if you don’t start somewhere.
Good Financial Cents share a bunch of financial tips for millennials. Starting this year, try saving just 1% more towards your retirement. Increase that contribution by 1% each year — so your first year is 1%, the second year 2%, and so on. (That’s on top of what you’ll be getting in basic superannuation, which is helpful but not scheduled to rise any time soon.)
If you keep this strategy going, you’ll eventually max out your ability to contribute to your retirement. By then, saving will be a habit for you. Hit the link for other financial tips.
29 Actionable Financial Tips That Millennials Need to Take Right Now [Good Financial Cents]