4 Common Budgeting Mistakes
- No specific motivation
- Unrealistic spending estimates
- Overlooked expenses
- Too many restrictions
Whether you’re just starting your first job or only a few years from finishing your career, it’s important to know how to start saving for retirement. Early retirement planning is best, of course, but if you learn how to budget your money, you can plan and put away savings for your future at any time.
There are many ways to save, and they all center on two key principles:
That sounds simple, but because it’s even easier not to save, many folks put off getting started on their retirement savings.
As you begin your early retirement planning, set savings goals and track your progress against the goals. If you’re not making the progress you want, make adjustments to your financial lifestyle to get on track.
Remember: This isn’t rocket science. Anyone can learn how to start saving for retirement. Once you know how, start saving and keep saving. When you do finally retire, you’ll be very happy that you took these steps earlier in your career.
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1 “Expenditures on Children by Families, 2015,” Revised March 2017, Center for Nutrition Policy and Promotion, United States Department of Agriculture.
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