Millennials can manage money properly with time, dedication

After you graduate college and start working, it can feel like you went from broke to riches in an instant. Although you may want to spend all the money you have right away on all the things you couldn’t have in college, it probably isn’t the best way to financial independence. Here’s a few ways you can turn your new found financial fortune.

Start developing a solid savings plan

One of the most important things to remember when you’re getting paid is to pay yourself first before you pay anyone else. A good savings plan can range anywhere from 10-15 percent of your gross paycheck. This ensures that you regularly accumulate savings instead of vaporizing your bank account once you receive a direct deposit.

Create a retirement plan

Working for your future means starting early and starting often so you aren’t working well into your golden years. A good start to contributing to your retirement is to match your company’s individual retirement plan that it sponsors for its employees, if there is one. Most people, according to 401khelpcenter.com, contribute 3 percent of their income to retirement. Some companies match that or even more.

Limit unnecessary expenses

Going out to lunch everyday isn’t a necessary expense. Bring your lunch from home to help trim expenses. In addition to saving money, whatever you make yourself is more than likely a lot healthier than something you’d order at a fast food joint.

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