Twenty Sometings, it's Time You Started Saving Some Real Money

If you've just recently graduated and have landed your first full-time job, you might think it is a bit soon in your career to start concerning yourself with your savings and investments. Unfortunately, that couldn't be further from the truth - regardless of how you approach at it, the earlier that you start saving, the more of a financial cushion you'll have later on in life. Plus, determining how to properly handle the money you have now will make make things much easier later if you, say, want to buy house or want to devise a retirement plan. Initiating prudent financial habits brings lasting rewards later in life; these initial budgeting habits will hopefully help you create a bit of financial security for yourself so you can start to invest in your future.Cover your bases.When you begin considering long-term career goals, be certain you have a financial strategy in place that addresses your current situation. For some millenials that should include paying off any private/federal student loans you may be obligated to. With an interest rate of 5-6% or more, it's very important to take care of these loans as soon as possible-especially considering federal student loans are often the most difficult ones to pay off. There are many laws currently in effect that actually make it rather difficult to forgive federal student loans in the instance of bankruptcy. Of course, no one should actually be planning on eventually going bankrupt, but the key to a financially secure future is to address financial struggle before other obligations make your life get even more frustrating. You don't want past debt hovering over your head while you're planning a family or putting a down payment on home.Beyond paying off your debt from loans, it is also necessary to put away emergency savings. At some point in the near future, you will probably get hit with some totally unanticipated expenses. If you have to pay for serious vehicle repairs or an unexpected vehicle medical procedure, you'll be able to thank yourself for setting the funds aside to begin with, and effectively saving yourself from extra debt.Factor in your future goals.Even if you don't have your whole life mapped out, chances are you've got somewhat of a notion of what your biggest interests and priorities are. If you'd like to travel the world while you are still young your saving approach is probably going to look quite different than if your ultimate goal is to enjoy an early retirement. Imagining your professional goals will help decide how much you need to save every pay period. Some people have even advised young people to save as much as an entire third of their paychecks, with others suggesting that putting away at minimum 10 percent is a good way to start saving. Whatever amount you decide on, be sure to put aside finances for whatever your important goals are (from owning a home, to traveling the world, to having your dream wedding) every month so that none of your goals are overlooked.The best part about practicing good saving habits is that you won't start getting used to a way of life that you later find out is too expensive. It's definitely easier to start lean and work toward a more extravagant life than it is to get rid of what you used to love.Frank Stafford currently writes freelance for tax lawyers in the city of Dallas, TX. With a history in business and a degree from SMU, Frank lends practical financial/budgeting advice to his peers across the web. He currently writes for medical professionals, lawyers, and even prominent attorney Joe Garza - Attorney at Garza & Harris Ltd.