Financial Planning for Generation X & Y Women
 
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Expert Q&A Archive

08/31/2006
How can I save money without a high income?
What can you do if you don't have a very high income--in terms of saving money? What would be your suggestion for people who don't have a tremendously high income in terms of saving?
Gail V. Marquet:
expert info »
No matter what the income level, it's really important to save. Emergencies and life happen to everyone. Look at your budget and make your first goal of saving $1000. You may only be able to set aside $10 per pay, but you have a goal to work towards. Once you get in the habit and see the savings grow, it will be easier to increase that level of saving.
Barbara Babcock:
expert info »
Does your employer offer direct deposit? Can you split your paycheck among two accounts? If so, take a small amount—say $20 per paycheck—and have your payroll dept. send that right to your savings account. If you don’t see the money you won’t miss it, and you’ll probably be able to stretch your budget to cover that small downfall.
Claudia James:
expert info »
People will spend what they receive, so take advantage of the 401(k) investment opportunities at work, particulary if the employer matches any part of your contribution (thats free money)
Delores Lenzy - Jones, CPA, CIA:
expert info »
My recommendation would be tax deferred investments such as 401K, 403B, etc.