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Posted by Jessie (MONEY FORUMS: 1, Answers: 0)
Asked on November 5, 2015 10:06 am
In general, you should always endeavor to save money. If you don't have any/much income, then savings takes the form of spending wisely and comparison shopping...having some cash left in your pocket or bank account. Once you have an income, the best way to save is to have money automatically taken from your paycheck and put into a savings account (for emergency savings), as well as some form of retirement savings. (Your employer may have a 401k or 403b plan, or you can open your own IRA account and have fund go directly from your paycheck into that fund.) Once you have an emergency cushion saved, you can divert more to retirement as well as start saving for future purchases.