How to build a nest egg

A nest egg is a large amount of money that someone saves and/or invests to meet a certain financial goal.

Building a nest egg requires some planning and commitment, and this guide will help you get a strong start toward your savings goal.

Step 1: Set a SMART financial goal

You must keep your goal a priority. And you must stick to your timeframe, in order to reach it.

Step 2: Create a budget you can live with

There’s the 50-30-20 plan, the envelope method, the zero-based budget, etc. There are apps that can help you budget, as well as entire blogs and websites devoted to the topic.

Step 3: Pay Off Debt

Prioritizing paying down debt quickly can help save money on interest and reduce financial stress. Adding debt payments into a monthly budget can be one smart way to make sure a debt repayment plan stays on track.

Step 4: Make it automatic

Set up automatic transfers to your savings account every week, or every month. While you’re at it, set up automatic payments to the debts you owe. Don’t assume you can make progress with good intentions alone. Technology is your friend, so use it!

Step 5: Start investing

Set up automatic transfers to your savings account every week, or every month. While you’re at it, set up automatic payments to the debts you owe. Don’t assume you can make progress with good intentions alone. Technology is your friend, so use it!

FOR MORE ABOUT THIS POST, VISIT MEDIA FEED