Ways to Save
D. Woods has always been good at singing, dancing, and saving money. Listening to experts, she has an emergency fund with three months of living expenses. Woods also has separate bank and credit union accounts for saving, checking, and investing.
Saving for Retirement
Maria Cortez helps run her family’s Mexican restaurant in New York. Hoping to retire - and help her parents retire - when she turns 55, Maria discusses her future with a financial advisor. He suggests starting an IRA, a tax-free investment account.
D. Woods - a lifelong entertainer - was an original member of Danity Kane, a popular music group that started on MTV. D. has learned to diversify her talents and her savings to prepare herself for lean times.
Maria Cortez brought her business experience and her education to her family’s traditional Mexican restaurant. Long-term, Maria would like to retire at 55 and travel between homes in New York and Mexico.
"In tough economic times, people really need to have a set savings cushion of money. The key is to save three months' worth of living expenses in that fund."
"When you start in your 20s and start to save long term, you can end up with tens of thousands of dollars more just by starting early."
Beth Kobliner, Financial Author
"You should start saving for retirement the day you get your first job."
IRA (Individual Retirement Account):
401k:
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Now is the time to take charge of your personal finances. Here are three easy ways to save more now - so you have more later: