Financial saving money
As a 22 year old adult who works part time I want to save a few checks do you have any tips for doing so I’m impulsive and I have severe ADHD so I want to save 2 or 3 checks for something I want to buy how can I go about that
Terry Says
Well, good for you for recognizing your own challenges, along with the need to save regularly. I’ve found the easiest way to make that happen is through an automatic plan — one that takes the money out of your hands before you see it and spend it.
So, for example, if you have your paycheck direct-deposited into a bank checking account, you could also ask them to move a fixed dollar amount out of checking into a simple savings account. Since it happens automatically –and they are separate accounts– you are less likely to spend it — and will have a cushion for emergencies.
Or if you’re thinking ahead to retirement, you could make that automatic money go into a Roth IRA account — where it should stay and grow tax free until your retirement. Once you get more than $1,000 in your savings, you could call 1-800-FIDELITY and ask them to open a Roth IRA account and have the monthly money deposited automatically into that account. Then you could put the money in their stock market fund — the S&P 500 Fund — and watch it grow over the long run. There will be ups and downs, of course, but you will come out way ahead in the long run.
The more you work and the more you set aside in savings and then investments, the more exciting it gets to keep building your savings. Suddenly, your money is working for YOU!
