5 retirement savings ideas for young people
New job brings income, more expenses
Once you've landed your first job, you may need to move, buy some new clothes for work and reorganize your finances. One key aspect of moving into this new phase of life is budgeting, Corn says.
"Every young person needs a budget," he says. "You need to understand what's coming in, net of taxes each month, and what's going out to pay your benefits. Then you have rent, utilities and all the other expenses, like student loan payments."
You can use free budget software at websites such as Mint.com to help you track your income and expenses and set goals. "Your first expense should be to pay yourself, especially to establish an emergency fund in case you lose your job," he says. "You can also save for short- or intermediate-term goals like a new car."
Retirement planning should also be a priority.