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- We Finally Graduated!Hey.. you don't look happy, is something wrong?
- Well, do you know what kind of savings account you need or have for your goals?
- I'm just Confused about how to begin saving for my goals after we leave college;I don't know where to start
- Well, How are you using your paycheck every month?
- Well, currently I have a standard savings account. I know it's best for short and mid-term goals, and I know it earns a small amount of interest every month
- Typically, I cover my monthly expenses first, and then I use whatever is left at the end of the pay period to put into my savings
- Why would you do it that way? You should always pay yourself first. Additionally, try the 50, 30, 20 saving method, it makes it easy to regularly contribute to your savings.
- Make sure to use 50% of your paycheck for regular monthly expenses, then you can use 30% for your other unnecessary expenses, and use 20% to contribute to your savings.
- What if I have multiple things I'm currently saving for?
- In that case, divide that 20% up based on how soon you plan on reaching the goal, or how expensive the thing you are saving up for will be. contribute more money to the nearest or most expensive goal.
- Thank you, now I feel like I finally understand how to contribute to my future financial goals and needs.
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