25 Money Management Tips for Young People
8. Begin Saving for Retirement
An often overlooked money management tip for young people is to start saving for retirement now. The sooner that one is able to begin saving money towards their retired years, the more that he or she will be able to take advantage of the magic of compound interest. A common mistake that young adults can make is thinking of saving for retirement as simply subtracting money from their paycheck each week or month. A better way to view these payments is that they are automatic payments to yourself in the future. Setting up retirement contributions so that they come out of one’s paycheck automatically also helps young adults stick with a retirement savings plan.
