1) I Don’t know where to get started when is coming to savings?
About 50% of millennials and nearly 40% of Generation X feel they do not know what their best investment options are, according to a survey by Schwab Retirement Plan Services.
A good place to start is your workplace retirement account — likely a 401k plan. Ideally, set aside 15% of your annual pay but contribute at least enough to get the full matching contribution from your employer, if it offers a match.
2) I Have Too Much Student-Loan Debt
More than 1/3 of millennials say they cannot set aside more money for retirement because they are still paying off student loans, according to the Schwab Retirement Plan Services survey. Look into loan consolidation and refinancing programs so you can lower your monthly payments and save money by doing so. Take that savings and set up a savings or investment account.
3) I Need to Save for a House
Homeownership still is a big part of the “American dream.” In fact, nearly 2/3 of adults view homeownership as either “an accomplishment to be proud of” or “a dream come true,” according to a survey by Wells Fargo. However, if you aspire to own a home, you likely dream of retiring someday, too.
In fact, you should start saving for retirement as soon as possible, then start putting money away for a home when you can afford to do both. Another option is to look for ways to earn extra income and cut unnecessary expenses in order to save for the down payment.