Making the Most of Your Money

If you’re debating whether you should begin saving money in your 20s, just stop. A little simple math makes it quite clear what you need to do. According to MSN Money, “If you are able to sock away $4,000 a year into a Roth for 40 years, and if it earns 8% annually, you'll be a tax-free millionaire at retirement.” Of course, for some, $4,000 is not a feasible amount. But even if money is tight, think about skipping a few frills and putting $20 or $100 in the bank whenever you have it. But once you’ve piled up a nice chunk of savings, don’t limit yourself to putting all into a savings account or government bonds.

Before you can plan your future, you need to understand your present. Start by asking yourself: How am I doing financially? Money Answers, a blog by financial journalist Jordan E. Goodman, will help you start to answer that question and start making improvements in a section called “Smart Money Strategies: 20s and 30s.” The tips are most useful for those already drawing a steady paycheck as they focus on “establishing your financial foundation.” Get comprehensive answers to questions about taxes, investing, owning vs. renting and how to make the most of what your company offers you.

Wi$eUp targets women in Generations X and Y, but anyone can benefit from the numerous financial planning tutorials on the site. Wi$eUp will teach you how to start thinking about your financial future, analyze your current financial situation and employ tools to help you reach them. Wi$eUp is thorough, interactive and cuts to the chase. Get more help from the site’s financial expert Q &As, seminars and webcasts.

Finally, if you were the kid in college who just scraped by looking up answers from the back of the book or borrowing from friends, never fear. You can be financially successful using the same strategy with Money Smart Life’s “Cheatsheet for Managing Your Money.” Get tips for budgeting, understanding health insurance, managing your loans, investing wisely and choosing the best credit card for you.