Saving For Your Future
Being in the service industry you get to meet a lot of people from all walks of life. Some of the men and women you work with come to be some of your closest friends. We all want to be successful and I for one always want to see my friend succeed and help them in whatever way I can.
Talking with my friends and co-workers the past few years I have noticed one thing that concerns me: little to no savings.
We work in an industry where we make a daily wage with an added bonus being tips. Some of us walk with tips on a daily basis, some of us have to wait for it to show up in the form of a paper check or a direct deposit. Granted we live in California and it’s expensive to live here, but in order to hopefully retire in the future, we need some form of savings because no one is looking after you, except you….
Some people say it’s hard to save money, but if you really boil things down and really look at what you spend your money on during the course of a month, there’s some areas you can save in. Instead of going out to dinner or drinks for a night, put that money in your savings account. That could be $100 a week or $400 a month, or $4,800 a year. Having emergency savings is always a great idea because you never know what may happen, but if you can also afford it, start a Roth Ira as well (which I will dive into later).
If you’re fortunate enough to have a 401K plan offered where you work, invest part of your check in the plan, especially if your company matches part of it. I’m honestly so surprised at people who don’t invest in a matching 401K….it’s free money! Your bosses want to give you extra cash! 401K’s are fairly simple. Most companies have basic funds they automatically invest in for you, but if you really want to geek out, you can do you own research and invest yourself, it’s really up to you, it’s your money. It’s pretty amazing to see how much you can really save in a year when you watch your funds and interest start to compound.
Now I won’t dive in too deep to things in this post, but I’ll most likely go deeper in a few future ones. I’d like to see and hear of more people being able to save. Saving for your future, vacations, retirement, etc. There’s ways to make it happen, it’s really just up to you planning on how it happens.