Financial Literacy Video

2011 WCAX Advice

Watch here:

A few more tips:

  • Sit down and create a budget
  • Divide your expenses between necessary, and discretionary
  • Then, of those discretionary items that you can live without, cut 20 percent of those impulse buys to start.
  • Take that 20 percent you saved and add it to a savings account, or better yet, a 401(k)

Experts say investing in your 401(k) if your employer contributes a match is one of the smartest things you can do to save for the long term. Let's say your employer matches 2-to-1-- that pretty much guarantees a 50 percent return. And yet, experts say most people don't try to maximize to the greatest extend they can that match.

Melinda Davenport - WCAX News