The New York Times has sagely advice for recent graduates wondering how to juggle saving on an entry-level salary. It is easier than you think:
Be mindful of seemingly inconsequential expenditures. Ask yourself each and every time you reach for your money: "Do I need this?" More than not, the answer will be"no";
Strip your budget to the bare essentials. Not only will you save, but you will become accustomed to enjoying life without extravagant expenses;
Try to save 10% of your take-home pay in a 401k or Roth IRA;
If your employer offers a matching program, use it - it's free money.
Keep the end goal in mind: "[Money] is most useful when you are old because it makes all the difference whether you wait for a bus in the rain to get to the doctor's appointment or you ride in a cab."
Retirement may seem far off, but the sooner you start saving, the easier it will be to grow a nest egg. — CAREY GREENBERG-BERGER
More Advice Graduates Don't Want to Hear [NYT]
(Photo: JP Puerta)
Consumerist
