5 retirement savings ideas for young people

Budget carefully when looking for work
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Budget carefully when looking for work

It's not really possible to start a retirement savings fund when you're going out on interviews and looking for a job. But there are ways to cultivate a low-spending mindset to prepare for saving for retirement once you do get a job.

"Living with your parents while you look for a job, and even after you get one, can help you save money, more than if you were living on your own," says John Corn, CPA, a financial planner with Buckingham Asset Management in St. Louis. You can save up for a deposit on an apartment or begin to accumulate an emergency fund to see you through unexpected expenses like car repairs.

Even if living with your parents isn't an option, you can minimize your expenses by living with roommates, deferring any student loan payments for as long as possible and choosing inexpensive entertainment options.




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