Looking for smart ways to save as you start your career?

Looking for smart ways to save as you start your career?

By Matt Gentile, APMA™, CRPC™

Financial Advisor
What are your money pain points? Paying off college debt, planning for a marriage, buying a house? If you're in your 20s and 30s and want to start saving for your dreams, it’s never too early to start. At Inspire Confidence Group, I am here to guide you and help your money grow. Here’s what I’d recommend:

1. Make a Budget

Track your income and expenses so you know where your money is going. The 50/30/20 rule is a great way to get started: 50% for essentials, 30% for fun, 20% for savings.

2. Build an Emergency Fund

Save 3-6 months of living expenses for unexpected situations like medical bills or job loss. It’ll help you avoid dipping into savings for your future goals.

3. Pay Off High-Interest Debt

If you have any high-interest debt (like credit cards), focus on paying that off first. It’ll free up more cash for saving and investing.

4. Start Saving for Retirement Open a 401(k) if your job offers one, especially if they match contributions. If not, consider an IRA. The earlier you start, the better!

5. Set Clear Financial Goals

What are your dreams? Whether it’s buying a house or traveling, make specific goals to keep you motivated and on track.

6. Build Your Credit Pay bills on time and keep credit usage low to build a good credit score. This will help when you need loans or want lower interest rates down the road.

7. Invest Early

Even small amounts matter! Look into low-cost index funds or ETFs. Start investing as soon as you can and use dollar-cost averaging (set up automatic monthly contributions).

8. Avoid Lifestyle Inflation

Consider side hustles or investing in things like real estate or dividend stocks to make money while you sleep.

9. Get the Right Insurance

Make sure you’re covered with health, renters, and possibly disability insurance. Protecting your income and assets is key.

10. Keep Learning

Stay curious about personal finance. The more you learn, the better financial decisions you’ll make. The goal is to balance saving for the future while still enjoying your life now. Start small, stay disciplined, and you’ll set yourself up for success!