Money Matters: Things you should be saving for

December 22, 2017 01:30

Sponsored by NEFE

Saving money isn't easy. A recent survey says 69 percent of Americans have less than a thousand dollars in the bank. But if you have an income, no matter how small, it's important to save at least part of it every month. Depending on your age, retirement may seem like it's a long way off, but the sooner you start saving, the more money you'll have to look forward to in retirement. And other than retirement, there are other reasons to have at least some savings on hand.

As CNN Money outlines, everyone should try to have an emergency fund. Experts recommend a minimum of three to six months take home pay. If you don't have that amount saved, consider reducing spending on anything discretionary until you build up a balance. Save up for down payments on big loans. If you have a house or a car in your future, having at least some money for a down payment will be required, and the more you start with, the lower your payments will be. Child care, vet bills and your own medical expenses can be expensive. At minimum, you'll want to have some savings to pay deductibles if necessary.
To help your listeners/viewers/readers understand more about saving money, talk with credit counselors or financial planners in your area. They can explain the basics of coming up with a monthly budget and simple savings plans, and they can make suggestions about how to keep expenses down so you have money at the end of the month to put toward your future.

Sponsored by the National Endowment for Financial Education
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Tara Lynn Wagner of NY1 News entered the 2016 NEFE/RTDNA awards contest with her ongoing series of reports about personal finance issues and consumer rights.