Do that, and you ll have money left over to start an emergency savings account.
That doesn t mean you should stash emergency cash in a jar or under your mattress. Your best bet is to put it into an online savings account, which tends to yield more interest than what s offered by your local bank. Check out bankrate.com to find some of the best deals out there.
Just try it. Many companies have switched to a system of automatic enrollment when it comes to their 401(k) programs; when you fill out your new employee paperwork, the default option is to participate. You can still opt out, but why not give it a go for a month or two and see how it suits your budget?
Plus, there s a good chance your company will match a portion of your contributions. Who doesn t like free money?
Consider an IRA
Source link: http://www.caycompass.com/cgi-bin/CFPnews.cgi?ID=1026895
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