Updated: Jul 31
We know how hard it can be to start saving money.
But we also know that the sooner you start, the more money you'll earn over time.
A recent report by Bank of America shows that 50% of women participating in the study aged 65 and over said that their most significant financial regret was not saving or investing sooner.
Don't worry 🤩, you still have plenty of time to learn about money management, investing and building a solid financial future. You don't have to become an expert overnight—just take it one step at a time.
Here are some tips to help you get started:
Set a goal
The first step is setting goals for how much money you want to save and how much risk you're comfortable taking with your investments. This will help you decide how much money you need to put aside each month.
You don't have to become an expert overnight—just take it one step at a time.
Start saving early
The earlier you start saving for retirement, the more time your money has to grow through compounding. If you've been putting off saving until now, don't worry! It's never too late to start building your nest egg — just set up an automatic savings plan so that a portion of every paycheck goes directly into your 401(k) or IRA account without even seeing it first (or asking for permission). If 5% isn't enough for your goals, try 10% or 15% instead — whatever works best for your lifestyle and budget!
I'm now going to motivate you with some numbers!
Based on a median household annual income of $68,703 and assuming an average annual return of 6% if you're 25 years old and start saving 10% of your annual income each year by the time you're 65 years old, and you'll have $1,063,261. That's a lot of money!
On the other hand, if you wait until you are 45 years old to start saving at the same rate, that number drops to $252,728—a big difference!
We know it can be overwhelming to try to figure out where to start when it comes to investing. That's why I developed the Her Investing IQ Quiz, which gives you course recommendations based on your answers.
What are you waiting for? Take the quiz today and find out where to start!
And hey, if you want to supercharge your financial knowledge and strengthen your budgeting skills, don't forget to check out our fantastic HerFinIQ courses. They're designed to help you take control of your finances, make smarter money decisions and start investing. Happy shopping and happy learning!
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Dear Friend: This content is for educational purposes only and is not investment, tax, or financial advice. Always do your own research. You are solely responsible for all investment, tax, and financial decisions that you make. Please read the full disclaimer here.