This cash is off limits until you're in your golden years!
After 3 months move on to step three.
If you can, use bonuses or tax refunds to top off your emergency fund.
You will need those for later, and you don't want to create more debt.
Progress down the list this way, ending by paying off the card with the lowest rate.
Contact your bank for details.
This depends on your current age, amount of savings you have now, and your estimated costs for life in retirement.
Save the highest legal amount you can annually. That's $16,500 for a 401(k) and $1,000 ;for an IRA.
Maybe it's saving for a college fund, or paying off your ;mortgage.
For college tuition, saving can be tricky because of so many shifting factors. You'll want a more structured savings plan. For paying off loans, keep funds liquid and stable in a CD or interest-earned checking account. Saving cash for a yacht in retirement? It's ok to invest a portion in the stock market...just play carefully!
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Budget wisely and plan for the future with our Financial Plan Checklist. Retirement may be a long way off, but it's never too soon to start saving. Get your finances in order, have an emergency fund and clear all credit card debt. Set your savings up right and you could be living the easy life down the road!