You’re eyeing center-hall colonials in your neighborhood and dreaming about the garden you want to plant in the backyard and all the holiday celebrations you’ll host. You’ve saved toward this goal and think you’re ready to pull the trigger. But the real question is: How much house can I afford?
Or is it?
Determining an appropriate mix of investments and matching those choices to your retirement goals is a keystone of successful retirement planning. If your eyes glaze over when someone starts talking about asset classes, diversification and allocation, you’re not alone. Here’s a quick guide:
What Is an Asset Class?
Saving for retirement is very important, but many people feel that they can’t spare the money to participate in a retirement plan or even create a basic savings account. Retirement plan consultants suggest that the first step is to create a budget. Once you figure out where your money is going, you can look for ways to save more.
Track your spending
When it comes to preparing for a rainy day, the best time to act is now. Establishing a 3-month or $10,000 emergency fund is a critical pillar to your financial wellness — and it will help you sleep a whole lot better at night.
But how can you find room for this essential line item in an already tight budget? Here are 12 tips to help get you there.