Saving and investing on something might be a daunting task especially if you are still tied with a student loan and you have an entry level job. However, such hurdles should not stop you from starting to save as early as now. All you need are some tips and means on how to actualize such goal even at an early stage of your career. And below are some of the simple saving tips that Kent Grealish, an hourly rate investment planner with Grealish Investment Counseling in San Bruno, California shared via bankrate.
Set-Up Automatic Transfers
It would really be difficult to save especially if you have all the resource in one account. For Grealish, he said that you should set-up "an automatic transfers from your paycheck or checking account to a savings, investment or retirement account. In such a manner you are actually putting aside the money safely before it slips through your hands. And automatic deduction would also save you some time.
Income Increase Save
According to Grealish "You're going to be making more money, so you'll get something in your pocket, but you won't miss that 50% that you've diverted." He advised young professionals to allocate a portion or even half of any raise that a person would be getting in the future. In a way you are practicing how to save every time there is an income increase.
Small Scale Side-Lines
This is a very simple and achievable tip, and yet we often neglect due to a possible insignificant result. However, you should not forget that once these extra small amounts accumulate, it will surely make a difference in the long run. Explore other ways to open more cash flows.
These are some of the many advices that financial experts pointed out that a young adult or professional may pursue. However, the wide array of options, which some are not mentioned here, might overwhelm you that you forget to act upon it. So better choose one or two of these saving options and then actualize it for a change.