Savings reminders for 2022
RICHMOND, Va. (WWBT) - Personal savings advice is often tailored to each person, but there are some general rules of thumb when it comes to saving money we should all strive for in 2022.
The number one thing you can do is prioritize saving money for your retirement.
In an ideal world, you started saving for retirement with your very first paycheck, but we know that’s not always possible.
Several financial firms suggest your save 15% of your pre-tax income, but experts tell us, any amount you can set aside is a good start.
If your work offers a 401K, take advantage. Experts at the financial website NerdWallet say only borrow against or cash out your retirement as a last resort.
The second thing you can do in the new year is save for a rainy day. You can’t predict the next emergency but you can have money on hand.
$500 is a great goal if you don’t have a savings account.
Finally, experts say keep a credit card empty so you have space on it if you really need it.
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