If you want to improve your financial situation, start saving money. That may seem like a simple thing to do but, for many, it is a daunting task. Alloy Wealth can help you understand your current finances and gain the confidence you need to make smart financial decisions. Once you have decided to start saving money you need to figure out where you can reduce spending. That’s where we come in. A complimentary written financial plan, in a nutshell, is a snapshot of your current financial situation and what strategies are needed to help you achieve your goals.
Your written financial plan will point out where you can reduce unnecessary spending and how much you can afford to save each month after paying monthly expenses. Paying yourself first and negotiating credit card interest rates can help you reduce debt and stay on track to achieving your goals. As for where you should save your money, the interest that can be earned with traditional savings accounts is very low compared to that of money market accounts and CDs. Yet you may need to begin by opening a savings account at your bank until you can save enough to make the minimum deposit required for an account that offers a more substantial interest rate. The typical minimum deposit for a CD or money market account is between $500 and $1000.
If you can set a goal to save $1000 over a 6-month period that will be a great first milestone. From there, you can set an even larger goal until you have built a comfortable emergency fund or have a nice chunk of money to put towards a retirement account, or both. The sky is the limit after you make the initial decision to start saving money. Alloy Wealth Management works with retirees and pre-retirees from all walks of life. No matter your age or income, we are here to help. Call 800-689-3935 to speak with one of our advisors.