One thing that many young adults and Americans, in general, have yet to come to grasp with is the concept of saving money. There are many ways to save that are quite simple to do.
According to Ms. Monique Davis, a teacher at Lanphier, there are several methods to follow like having money directly deposited into your savings and just leaving it alone, so there is no temptation to touch it. Make sure that you have a budget and live by your means. Weigh your needs versus your wants. Buy most things with cash and avoid any sort of debt that you can. Mutual funds and money market accounts are great methods to help you save your money over time as long as you stay consistent.
“401k’s or 403b’s are long terms but good ways to save money,” according to Ms. Davis.
Another teacher at Lanphier who has good advice with saving money is Mr. Thomas Lamble. According to him, you should try saving and learning on your own, but don’t be afraid to go to a financial advisor for guidance as well. He agrees with the rule of 3’s when you get your paychecks. You put ⅓ away to save, put ⅓ towards bills and expenses, and ⅓ for yourself or anything additional. Mr. Lamble believes that investing is the way to go; things such as mutual funds stock shares.
A citizen of Springfield, Mr. Mike Frooninckx, also has advice on saving money, since he started in a low-income family and worked his way up, and he is now very financially well-off.
“Don’t follow the crowd; don’t be materialistic; live with what you need,” stated Mike.
He says to start saving young and to stay consistent with saving it no matter what. When it comes to investing, his key to success is time, to just leave it alone and do not touch any of it, just add to it.