Budget, Save & Invest: A Guide to Managing Your Money

In need of some guidance on budgeting, saving, and investing? We’ve got the perfect video to help get you started down the right path. In this informative video, we share valuable tips and strategies that will make it simple for you to understand how budgeting, saving, and investing fit into your financial plan. The good news is that taking control of your money doesn't have to be difficult or stressful. Let’s begin!

Video Transcript:

Coming up with a plan is one of the most important things you can do to set yourself on the path toward your retirement goals. But like many people, you might be unsure how to get started. Let's take a look at three financial planning steps you can put into action today.

Budget: Taking a close look at how much you earn and what you currently spend your money on is the first step.

What are your essential expenses like rent, groceries, and transportation? Next, determine your non-essential expenses. Going to the movies, a cup of gourmet coffee. See where you can cut back and write it down or enter it into an online budgeting program. This will allow you to see what you have to work with and where you can make smart choices about your financial future.

Save: Now it's time to tuck some of that newfound money away. Remember, it's never too early or too late to start saving for retirement. An IRA or your company's 401k plan is a great place to start. You'll enjoy some tax benefits and your company may even reward you by matching a portion of the money you invest in your 401k. That's right. Free money to help kickstart your retirement piggy bank.

Invest: The investments you choose will depend on your age, your tolerance for risk, and when you'd like to retire. But don't worry, you don't have to go it alone. Retirement plans like 401ks usually offer investments called target date funds, professionally managed mutual funds that take the guesswork out of investing.

A financial advisor can help you through the decision-making process. Budget, save, and invest in a plan to help you make smart retirement choices today. Your future self will thank you.

Disclosure: Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date.