5
Saving strategies for young adults
When a person is young, saving money may be the furthest thing from his or her mind. After all, this may be a time to enroll in college or trade school, make a first big purchase, such as a car, or even get married. Thinking about establishing a solid financial footing for the future can take a back seat when life is filled with so many significant events. But it’s never too early to start saving — even when saving seems to be an impossible task. Young adults should keep saving in mind and look to various strategies that can set them up for long-term financial security.
Set long-term goals
Determine where you spend the most
Saving money on smaller purchases will add up over time, but to really build a robust savings, figure out your biggest expenditures and how you can cut back to pad your savings. The Logic of Money reports that the average American spends more than 60 percent of their income on housing and transportation. Figuring out how to cut costs in these categories can be a great way to save.
Use cashback apps
Young adults are tied to their digital devices. Why not make them work for you? Free cash back apps give you money back for various purchases. Ibotta and Dosh are just two cashback apps available. Some can be linked directly to a credit or debit card to have passive income deposited directly. With others, you can cash out as a direct deposit or via a payment app like PayPal.
It’s easier to save when saving is attached to specific goals. While some may aspire to retire early, establish an emergency fund or to purchase a home, others may want to save for an overseas vacation. Motivation to save can make it that much easier to do so. Set aside one-third of your income Make it a point to put away $1 for
every $3 earned into a savings account, advises U.S. News & World Report. That is a good measure for establishing a rainy day fund. If you don’t trust yourself to transfer the money, have a set amount automatically deposited from your paycheck into a designated savings account.
Treat credit cards like using cash
The “buy now, pay later” option is an attractive trap to fall into. Using credit cards often is a safer way to pay merchants, because you’re risking others’ money rather than your own with a debit card. However, using credit can make it challenging to visualize what you’re actually spending. Do not purchase more than you can pay off within each billing cycle. Set account alerts on your phone to let you know when you’ve hit your budgeted credit card spending limit. Resist the urge to open and use too many cards. Young adults can begin saving early with some conventional and highly effective strategies. Young adults should establish healthy spending habits MM22C517 as soon as possible.
Insurance, Insurance, Agency KaYla Dave Charmaine Brent KunKel YepsenAgency ansen Main,Princeton, h717 Yepsen Il KaYla Dave Charmaine Brent KunKel Yepsen ansen Main,Princeton, h717 Yepsen Il 815-875-6079 Yepsen Agency 815-875-6079 717 Agency S. Main Street Yepsen Princeton, IL 61356 717 S. Main Street Princeton, IL 61356
815.875.6079 815.875.6079
SM-PR2114279
BUREAU COUNTY REPUBLICAN Bureau County Republican / shawlocal.com/bureau-county-republican • Saturday, October 21, 2023
FINANCE MATTERS
Bureau County Republican / shawlocal.com/bureau-county-republican • Saturday, October 21, 2023
BUREAU COUNTY REPUBLICAN
6
FINANCE MATTERS
The future of investing (BPT) - Robinhood was built for a new generation of investors. For millions of people who have felt left behind by America’s financial system. For people who felt turned away by the big Wall Street financial institutions. For those who are making their voices heard through the markets and showing the world that investing is for everyone. Robinhood was founded to help more people build wealth - not just the 1%. Before Robinhood, investing required expensive commissions to place trades, making it impractical for people with smaller balances to participate. In addition, many were unable to satisfy minimum account balance requirements, or were otherwise uncomfortable walking into a financial institution to complete paperwork or answer jargon-filled questions they did not understand. Robinhood pioneered commission-free trading with no account minimums. They built a modern financial services platform to serve everyone, regardless of their wealth, income or background. Because Robinhood believes that everyone should be welcome to participate in our financial system.
sponsible partner and being there for its customers through any trading environment - and communicating about the rules their industry faces and how they’re living up to them so they can be here for customers for decades to In late January, we witnessed some- come. thing the stock market has never quite experienced before. Short squeezes The world is witnessing a massive on a small number of stocks triggered transformation taking place across fiwild gyrations in prices, massive volanancial markets, driven by the intertility that prompted clearinghouses to take swift action to protect the plumb- section of technology, democracy and ing that handles stock trading every finance, and one that is ushering in an entirely new era of financial participaday. tion and market dynamics. With a new In a matter of days, Robinhood’s generation of investors at the helm, clearinghouse-mandated deposit re- the future looks a little brighter. quirements related to stocks increased tenfold. These deposits are the collatRobinhood Financial LLC is a regeral they post to ensure their access istered broker dealer (member SIPC). to clearinghouse services on behalf Robinhood Securities, LLC provides of their customers. They are what led Robinhood to put temporary buying brokerage clearing services (member restrictions in place on a small number SIPC). Robinhood Crypto, LLC proof securities that the clearinghouses vides crypto currency trading. All are had raised their deposit requirements subsidiaries of Robinhood Markets, on. It was not because they wanted to Inc. (‘Robinhood’). stop people from buying these or any stocks - Robinhood was built to proAll investments involve risk, invide access to investing for all. And cluding the possible loss of capital. it certainly wasn’t because they were Commission-free trading means $0 trying to help hedge funds. commission trades placed on self-diIt was a week that Wall Street and rected accounts via mobile devices or Main Street won’t soon forget. It is web. Keep in mind, other fees may still possible the unusual and dramatic apply. Please see Robinhood Financial market swings could occur again. Fee Schedule at rbnhd.co/fees to learn Robinhood is committed to being a re- more.
Let us help you plan for a happy and
financially secure retirement! Personalized investment plans that meet your financial goals.
306 Backbone Rd. East, Suite 1 • Princeton, IL
815-915-8646 Steve Bouslog
Visit us online at kbelliot.com
Ian Legner
Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. KB Elliott Financial Advisors is not affiliated with Kestra IS or Kestra AS. Investor Disclosures: http://bit.ly/KF-Disclosures.
7 BUREAU COUNTY REPUBLICAN Bureau County Republican / shawlocal.com/bureau-county-republican • Saturday, October 21, 2023
Michael Alvarado Spring Valley (815)664-4145
Ron Behrends Tiskilwa (815)646-4121
Tyler Hansen Walnut (815)379-9297
G.W. Leynaud Spring Valley & Princeton (815)872-0914
"COUNTRY Financial®” is the marketing name for the COUNTRY Financial family of affiliated companies (collectively, “COUNTRY”), which include COUNTRY Life Insurance Company®, COUNTRY Mutual Insurance Company®, and their respective subsidiaries, located in Bloomington, Illinois. 1220-506HC_-10/5/2023 SM-PR2114131
Mike Morris Princeton (815)872-3333
TJ Scruggs Princeton (815)872-3333