For generation Z, it's daunting to think about saving, investing and planning for retirement.
For generation Z, it's daunting to think about saving, investing and planning for retirement.
People should also factor in any major anticipated expenses, such as moving or a vacation, and build short-term savings plans accordingly, said Bill McManus, vice president and managing director of applied insights at Hartford Funds. The rule of thumb for savings is to have three to six months' worth of expenses set aside for emergencies, especially if you are worried about job stability in an economic downturn.
In an ideal world, you would put 10 per cent to 15 per cent of your monthly income into a savings plan. If that isn't feasible right now, advisers say even one per cent to two per cent will make a big difference in the long run. Personal debt from student loans or credit cards is not just a financial strain: It affects your credit score and therefore your ability to apply for other credit cards and mortgages.
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