One expense you must budget

Make savings a part of your budget

RICHMOND, Va. (WWBT) - Whether you use an app or a spreadsheet or you just write everything down on a piece of paper, you probably have a rough idea of where your money goes.

People often budget for a rent or mortgage. We plan for car payments, groceries and student loans.

But our partners at NerdWallet say the key is to allocate a set amount to savings right alongside all those other expenses. It’s often the most overlooked step.

If you transfer a set amount to savings after your first paycheck each month, you’ll get into the habit of treating savings as a must! If you make it automatic then you don’t have to think about it. It just becomes second nature.

Those baby boomers who are in or reaching retirement age often say they wish they’d saved more. It’s why you need to make it a priority early on and an expense in your budget that you never skip.

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