We all know that money is fun to spend ... saving, however, is a little trickier. But as mom and dad always told you, saving now can pay off later.
But if you’re a total noob when it comes to saving money, never fear! We’re teaming up with Charles Schwab and their personal financial expert Carrie Schwab-Pomerantz CFP® to create the total beginner’s guide to saving money.
Step 1: Prioritize
When you’re thinking about how much to save, you want to prioritize savings according to your goals. Perhaps you want to go on a vacation! Or maybe save for a house. We’ll get into short, medium and long term goals later, but for anyone, one of the most important but mystifying financial priorities is saving for retirement.
“A comfortable, secure retirement is the biggest financial challenge most of us will ever face, so it’s smart to put it at the top of your priorities,” says Schwab- Pomerantz. No matter who you are, and what your means might be, retirement should be top-of-mind when saving.
