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Real Concerns Millennials Have About Saving

September 16, 2015 by Opportunities Credit Union

Portrait Of Teenage Group Leaning Against Wall“I’m only in my 20’s, why do I need to start saving for something more than forty years from now?” That’s a commonly asked and valid question in the financial world. But the reality is, if you start saving now, it’s less to worry about down the road. You can spend all day sitting at a desk job picturing yourself retired on the white sandy beaches of some island in the Caribbean but stop: who is funding that?

It can be hard to be a millennial in today’s post-recession financial world. Some “experts” say this generation is better at saving than the last, others say they’re worse. Some say millennials are investing too conservatively, but after watching what happened to the economy in 2007, can you really blame them?

Relax and take a deep breath, because when it comes to savings, even just thinking about saving and reading this blog means you’re planning for your future and investing in yourself. Thanks to CNN Money we have some tips on how to start saving now and not worry in the future.

Let yourself get bitten by the savings bug. It may seem intimidating when all this information about investing, stocks, etc. is getting thrown at you, but if you focus on yourself and not market trends, financial security is simple. The key is habitual saving. It doesn’t have to be a large chunk of cash being saved at a time, but maybe 10% of your paycheck. Look at how much on average you use from a paycheck for necessities like rent and groceries, and save half of what’s left! A little bit on a regular basis adds up quickly.

Start building an emergency fund as a solid foundation, and from there you can focus on the long-term. According to experts at Real Deal Retirement, you’ll want to put 10%-15% of your paycheck in savings annually  to have a comfortable retirement.

Spending her free time in the net. Attractive young woman working on laptop and smiling while lying on the hardwood floorWhen you feel more comfortable with investing, talk to an expert, but be very careful when seeking help. There are good and bad people out there, and unfortunately the bad will do anything to take your hard-earned money. Meet with a few financial advisors to get the feel for what the best fit for you would be. Demand a breakdown of fees, and don’t be afraid to ask the tough questions. If they’re legitimate, they won’t mind answering them.

After the economic crisis in recent history, the Department of Labor has focused more effort towards better protecting consumers who are seeking financial advice, but there will obviously be some con artists that can fall through the cracks.

Being on your own financially is scary. And no one expects you to become a Vanderbilt after reading this, but the main goal is financial security. Because no one knows what life can bring, it’s good to have a cushion. Pretty soon you’ll be on your way to that sandy beach of retirement! Just forty plus years to go….

Filed Under: Blog

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Virtual Annual Meeting

March 24, 2021

The 2021 Opportunities Credit Union Annual Meeting will be held on April 20th at 4:00PM Please, send us an email or call for a link to our virtual meeting. email: info@oppsvt.org (802) 654-4540

Vehicle Financing

February 25, 2021

My fiancé has driven the same vehicle since he drove it off the showroom floor 13 years ago. With the decision made to retire this vehicle in favor of something more reliable and more importantly affordable, we began the process of looking for the right family vehicle.  His birthday was coming up and living through […]

Challenges of Finance Being a Single Working Mom

January 13, 2021

The author of this blog qualified for an auto loan after working with Andrea Heller, our Money Sense Manager, to tackle bill paying and face down a creditor. I am a single mother and an educator. My child has complicated health and educational needs. We have moved many times in the past two decades, and […]




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