This should come as no surprise to those of you who have read my column in the past. This is a topic we have been talking about for months and I have been provided guidance on the need for savings and ways to save.
Do you know what your disposable income is? How much do you have available for what you really want after you pay what you need? To help you find out, here is a fun little calculator http://www.disposableincome.net/. The goal is to now take that disposable income and allocate out to savings and the fun things in life you want, but don’t necessarily need.
As I have mentioned before, you need to “Pay Yourself First.” This means setting aside some of the disposable income into various savings options before you start spending on the discretionary items in your life. So, what savings vehicles should I use? Well, that will depend on your specific goals, risk tolerances and the time you can afford to leave the funds in the account. So you will need to determine what works best for you.
In the coming weeks I will go into detail on some savings options you should consider.
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