SaveItUpMoment – 5 Important Financial Moves for Your Life


Hi, this is Andy Mattingly and in this week’s SaveItUp Moment I want to talk about some financial moves that you should
make in every decade of your working life. For most people and it starts in
your 20s and this is where you need to make sure that you’ve set up a budget,
even if it’s not a completely formal budget but something that helps you know where your money is going, what you need to do with your money, and it’ll help you
make decisions all the rest of your life if you can set up a budget and try to
live by that. When you get into your 30s this is when you really need to make
sure that you’ve made savings a priority. It starts with building that emergency fund, making sure that you’re contributing at least 10% to your retirement funds, and
then maybe education savings if you’re starting to build a family. But you
should make sure that you’re getting that savings in your 30s. And you may
still have student loans and other things like that, but that’s where your
budget will help you make sure that you can have money to save even if you’re
paying off student loans. When you get in your 40s this is the decade that you
really want to make sure that you’re paying down all of your high interest
debt, especially credit card debt. You want to start building equity in your
home and maybe using your home equity for things and start paying other things
off because you should hopefully have built your credit score where you can
get lower cost of debt than what you could get on a credit card. When you get
to your 50s the smart move is to make sure that you’re making the catch-up
contributions. So you may already be contributing 10%, but now you may be able to contribute more so make sure that you’re adding more to your retirement
funds so that you can build it especially in your 50s. When you get to
your 60s start living your retirement budget even though you haven’t retired.
This is a great way to check to see if you can really live on how much money
you have saved and if you’re doing this, hopefully you’ll start saving more money
and so you’ll have a little bit bigger pot of money when you retire. It also
helps you decide when you can retire. Making all these moves all through your
life are really important if you want to have the retirement that you really hope
to have. If you want any more information on this topic or any other
topic make sure you visit the SaveItUp page at forumcu.com.

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