Saving -€“ At Any Age! February 7, 2012My MoneyOff

Financial analysts say putting away about 10 percent of monthly income is enough to build a substantial nest egg.

But where do you find the money?

It differs at various stages of life. But at any age, the constant is making a solid commitment to properly allocate the extra cash.

Your 20s seem like an ideal time to save, since you likely have fewer responsibilities. But for some, income is low.

The median income for a single 18-24 year old is a little over $10,000. With the addition of student loan debt, some are barely covering bills, let alone saving significantly.

Financial analysts still say save what little you can, pay bills on time to avoid 

fees, establish your credit score and explore investing.

In your 30s, income may have increased – but so have your liabilities. Add a spouse, your first home and maybe some little ones, and saving may become difficult. Experts recommend trying to pay down debt as well and building your IRA or employee-sponsored plan.

Your 40s, finance specialists say, is a time to re-establish financial goals. Cut the excess and contribute more to your 401(k) if it’s an option.

Your 50s are generally when you decide when you’re retiring, if you’ll downsize and where you’ll end up living. You have more of a maximum 401(k) contribution at this stage.

No 401(k)? Consider a Traditional IRA, Roth IRA or even a do-it-yourself retirement plan if you’re a business owner.

Bonus PINK Link: Keeping finances on track may be easier than you think. Here’s why.

By Gena Latrell

“If you want change, you have to make it. If we want progress, we have to drive it.” Susan Rice

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