By: Chris Haymon
Regardless of how the economy is doing, it’s essential to have your finances in order. For some people, that might mean saving for retirement. Millennials, in particular, prioritize saving for long-term “financial freedom,” while Baby Boomers must adjust their lifestyles when they no longer have an income.
If you’re an absolute beginner to financial planning, you may be unsure of where to start. Luckily, getting your finances on track is about practice and consistency. Here are some tips to help you get on track and stay there, presented by Adulting Is Easy.
Compare Insurance Rates
One of the easiest ways to start saving money is to shop around for deals on insurance. Thanks to modern technology, you can use online tools to conveniently compare rates from different providers whether you’re in the market for automobile, home, life, or even health insurance. That way, you’ll know you’re paying the lowest cost for the exact coverage you need.
How to save money on insurance.
What type of life insurance policy should I get?
How much car insurance coverage do I need?
Plan for Retirement
No matter your age, you should invest part of your income into your retirement fund each month. Ideally, these should be automatic investments. If the money is pulled from your paycheck or bank account without you needing to do anything, you won’t feel like it is “missing.” Other small actions, like cutting back on unnecessary expenses (like eating out) and taking advantage of an employer’s 401K match, can pay off big time in your future.
What kind of retirement savings account should I get?
How much should I contribute to my 401(k)?
How much should I contribute to my IRA?
Request Your Credit Report
Many people don’t check their credit score until they’re in the market for a home or vehicle, but it’s important to regularly monitor your credit history. Not only will you be able to keep an eye on your credit score, but you’ll also be on top of addressing any fraud or clerical issues that could impact your finances.
Why should I get a credit report?
What does my credit score mean?
How to improve my credit score.
Find Ways to Save and Manage Your Money
There are ways to save money all around you — the hard part is determining how to go about it the right way. This could include everything from finding ways to save money at the grocery store to learning how paying points can help lower your interest rate when buying a home.