Have a Side Hustle
We live in a time where side hustles could not only solidify your savings, but they could also save you for financial ruin should you hit a rough patch. The truth is that no job, no matter how good it sounds, is totally secure.
Even companies that are worth hundreds of millions of dollars could go through downturns, so having a side hustle could help keep you afloat by covering a potential pay cut.
Thankfully, figuring a side hustle out isn’t all that complicated. Start with a list of everything you’re good at, from social media to playing an instrument, gardening, editing, or even dancing. Zero in on the skill that somebody would be willing to pay you for.
Luckily, most things can be taught, so that could be an easy way to earn money, but you could also offer your services in a variety of different ways depending on your skillset and level.
Open a Savings Account
Earlier we mentioned that more than half of American millennials have less than $10,000 in savings for retirement. It may be a good start for some, but by now everyone should know you’ll need way more than $10,000 in your bank account for a comfortable retirement.
Do you already have a savings account? Then you should contribute to it regularly. If not, open one up starting today and don’t miss out on any contributions to it.
Setting aside as little as $25 a week will account for $1,200 a year. To start with, you’ll want to get into the habit of saving. Then, once you’re comfortable, start adding more money to your savings account each weak or month.
As your career grows, so will your chances of saving up more, so make sure to take advantage of every possibility, from pay raises to side gigs, even to bonuses, to set aside some cash for your future.
