2016, the Year of Saving

I’ve always been into saving. I’d say it comes from the fact that my dad is a Financial Advisor. Since I was 16 and working at Starbucks, he made me save 10% of my paycheck. When I was 22, all the saving paid off; my husband and I were able to use my savings for a down payment on our house. It was amazing to me to see what 6 years of saving can do.

Saving is tough, though. It is especially difficult in your 20s. The hardest thing is that somehow I see my friends with new everything, and I’m just trying to buy pizza for lunch.

In 2016, I challenge you to make saving a priority. Don’t allow the fact that your friends have something new make you want something new. Trust me, having no car payment is worth it.

Start by finding yourself a Financial Advisor. You might think you’re too young to have one, but it’s better to start now. They are able to be solely focused on your finances, and it a great way to get the best advice possible.

Secondly, you need to check with your company to see if they have a matching 401k. It’s basically free money! If your company matches 5% of your $40,000 salary, you’re leaving $2,000 on the table if you aren’t utilizing it.

I also recommend not saving in your bank account. Don’t get me wrong, you definitely need an emergency fund, but you shouldn’t save more than that in your savings. Saving in your bank account makes it really easy to make impulse purchases.

You will also want to take the money that you’re saving out of your check immediately. My work allows me to deposit the $100 I’m saving with my Financial Advisor directly out of my check–never touching my checking account. This allows you to never have a chance to spend it or think about it.

Savings gives you a sense of security. Do you have any saving tips of your own?


-the Helm Household


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