It is never too early to start saving for a home! May is the month of college graduations. Whether you are the one graduating or it is your son or daughter, encouraging smart money saving habits is very important. It can seem like an impossible challenge to start saving money on top of student loan debt, bills to pay, and beginning a new chapter in your life, but the small efforts you make now will pay off. Here are some tips to help jump start your savings account and set you up for a safer financial future:
- Open up a 401K. Many employers will match a portion of what you put in. It may be tough to give up a piece of your paycheck, but a 401K is important. Once it is opened, do not take the money out. It can be tempting after a small sum builds up, but cashing out your 401K should be a last resort.
- Protect your credit score. It may be tough to pay your bills every month, but missing a payment on a loan or other bill can create fees and lower your credit score. It is tough to increase your score after a few marks against you.
- Make a budget and stick to it. Keep living on a student budget for awhile even if you are making more money post graduation. Saving money is important not only for your future, but to have a fund for emergencies.
- Putting money away is important, but don’t be afraid to invest some in yourself either. A small fee for a certification course or business class that earns you a promotion can pay off with a salary raise in the long run.
Congratulations to all recent college graduates and the best of luck to you!
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