How best to ensure my financial future

[zackbent00]

Hi All,

I am 19, and have no money saved. I have a terrible spending problem, but am learning to budget. Assuming that my job pays about 2000 a month, after taxes, what would be the best way to save/invest/portion off this money to ensure my financial future? Just trying to get a few outside ideas...

[LudwigVan_fan]

First, I would start a plan to start saving money to have for emergencies.  Put whatever you can afford into a fairly liquid savings vehicle.  I would suggest an online savings that pays a decent interest rate.  Various "experts" say you should have 6-9 months of salary in an emergency savings.

Then, if have a vehicle, I would start a savings plan for replacement of a vehicle.

Finally, start saving for retirement.  If you have a retirement plan at work...try and maximize it.  If no savings plan at work, look at IRAs.  ROTH and IRA.  Personally, I would suggest ROTH.  Unless you're very financially savvy, I would suggest looking at a mutual fund that has a target index fund.  Look at the fees and loads of funds and try to find one that has the lowest fees/loads and a good track record.

When starting out, some funds charge a fee until you reach a certain balance.  Others will waive the fee if you have a automatic deposit system in place.  Wherever you start, remember, you're not locked in forever.  You can roll over IRAs from one mutual fund to another, or to another vehicle if you so choose.  It's a place to start. 

[money_multipli]

The key to ensure best financial future is proper money management. 

There are many individuals who are making hell lot of money but they are poor when it comes to management. 

When you manage your money properly. You save your money and when you save your money you are able to invest it that help you to ensure your safe financial future. 

There are various methods to track your expenses. The very first method is to manage your expenses for which you can check best management apps for android and iphone on internet. 

Once you get those apps, you will get the idea of what you need to spend and how much you need to spend. That will give you a sound idea of managing money.