Regardless of your age, proper budgeting is essential to reaching your financial goals. “Failing to plan is planning to fail” is an old quote that rings true however most people don’t understand its true meaning until its too late. Lets take a look at a few scenarios where your goal is reach $750,000 in retirement savings with 8% growth per year:
# 25 requires $213 per month ($102,240 total investment)

# 35 requires $500 per month ($180,000 total investment)

# 45 requires $1,65 per month ($396,000 total investment)

# 55 requires $4,072 per month ($488,640 total investment)

Obviously starting at a young age provides you with a huge advantage with reaching your goal. Regardless of your age, you will need proper budgeting information and discipline to get to where you want to. Here are a few ideas on how to budget properly:
# Live within your means – Almost everyone wants to live in style and keep up with your friends and family. When it comes to money, suffer the pain of discipline today or suffer the pain of regret tomorrow.

# Count your pennies – Every penny counts. Go through your bills with a fine-tooth comb, question and justify every purchase, and do not be too proud to pick up change on the ground.

# Buy in bulk – There are certain perishables that you can save a ton of money on if you buy in bulk: toilet paper, toothpaste, condiments, etc.

Unless you are one of the lucky few (lotto winners, professional athletes, inheritance, etc) you cannot afford to let your hard earned money slip through the cracks. While money definitely doesn’t buy happiness, not having it adds unwanted stress in your life.