For those born in or after 1997, now is a good time to start focusing on savings.
When it comes to saving money, the earlier you can start, the better. For Generation Z, broadly described as those born in or after 1997, now is a good time to start focusing on savings. Money-saving advice can be applied at any age, though, so it’s never too late to start. If you or your kids are ready, these tips can help make saving easier.When it comes to saving money, the earlier you can start, the better.
If you aren’t sure how much you can afford to save each month, you can start by taking a look at your major expenses. “Interest rates are low right now, so it may seem hard to see the value of some savings accounts,” says Cameron Zabko, a certified financial planner in Atlanta. In fact, the national average savings rate is only 0.06%, according to the Federal Deposit Insurance Corporation. But the best savings accounts have annual percentage yields that are much better, with some nearly 10 times higher than the average. Many of these accounts tend to be online-only accounts.
Go on savings cruise control “Automation is the key to success,” Bell says. Once you have an account and a plan in place, make following through this task nearly effortless by setting up automatic deposits.
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