For millennials, retirement is looming closer than you think, and if you haven’t given thought to a savings plan, the future can be more than a little uncertain.

While setting money aside and finding a retirement plan that works is easier said than done, there’s no better time than now to get started. The problem for millennials and other generations, however, is a lack of extra funds and crippling debt.

It’s difficult to set aside money that you don’t have. No need to worry! The resourceful millennial generation has adapted to this financial crisis using new tools, tactics, and investment strategies.

From Gen Xers to baby boomers, good financial advice is helpful for everyone. Smart money moves, at any age, are crucial to building a successful retirement fund. If you are looking to get control of your finances, here are a few tips to help you get started.


Maintain a Budget


Before you start investing, managing your money is a huge factor in your savings. To maintain a budget, you must keep track of where your money is going. With an eye on your spending, you may discover that your funds are being drained by hidden fees, monthly transactions, or a trip to the coffee shop daily.

Having a solid budget can stop you from overspending. As you accumulate funds, you can incorporate investing in your budget. Decide how much you want to invest and plan to build up your resources. The key is to avoid overreaching; the goal is to save, not to overspend.


Do Your Research


One of the smartest moves for any investor is to perform due diligence. Study your potential investments, the market, and the trends. Look up values, rising opportunities, and causes that stir your passions. Performing research will help you get a handle of the rules for investing, discover new assets, and really explore your options – such as a self-directed IRA.

Find out where your money is going to grow! Research can start easily with a conversation with a financial advisor or by reading up on potential markets. Knowledge is power; without it, you may be investing your hard-earned cash blindly.


Beware of Shady Advice


Much like that strange e-mail telling you that you’ve won a free iPad, if something sounds too good to be true, it probably is. There is no “secret” to investing or overnight success.

Every investment carries a certain amount of risk and it takes some finesse. While discussing investments is important, you should do so with someone reliable – with experience and certifications. Don’t invest in someone or something you don’t know. The last thing anyone wants to do, especially if funds are slim, is lose everything on a bad investment.



Consult with Horizon Trust



Don’t Forget Long-Term Investments


When selecting your investments, where you put your money is important. As you select your assets, consider putting your money into something that will grow over time. Though you won’t see an immediate increase in cash flow, it will be consistent. Rather than putting cash into a risky, up-front investment, long-term investments will build up for a better payoff.

Consider a tax-advantaged savings account; the overall growth is worth the investment. Sometimes playing the long game can give you a secure platform to try out other investments without the fear of losing everything.


Well-Rounded Portfolio


The most ideal way to build up your retirement savings is by having a diverse portfolio. A mix of long-term and short-term investments can help build your account and protect your savings. Balance is key. Though long-term investments are great for building your account, short-term investments, though riskier, can give your funds a much-needed boost.

Again, with careful planning and due diligence, you can build an investment portfolio that can result in a nice nest egg.


Managing Your Debt and Purchases


Before you can build up your retirement fund, there is that looming problem of debt. It’s hard to think of the future when you are facing a financial crisis. Whether you have credit card debt or student loans weighing you down, it can be difficult to focus on squirreling away money when you have so many demands up-front. Finding ways to pay down your debt without breaking the bank, balancing your living expenses, and saving for retirement is a difficult task.

To make your debt management a bit easier, it may be wise to approach your payments in a different way. Using your budgeting plan, eliminate spending that isn’t needed. Not to say you can’t enjoy your morning coffee but find areas where you can draw extra cash to start saving. Try not to increase your debt if you can help it; save up for big purchases. Life happens – so manage your debt one step at a time.


Utilize Technology


With budgeting, bill pays, stock options and financial advice swirling around, keeping up with your life and investments can be difficult. Don’t worry – there’s an app for that. Technology has given us the opportunity to manage our lives on-the-go. You can update your portfolio, speak to an advisor, pay bills, watch the stock market, and check on your budget anywhere. Taking advantage of these new advancements is not only a smart way to invest and manage money, but it’s a huge time-saver as well.


Planning for the Future


Investing money can be a trial, especially when so many other factors are involved. You don’t have to feel trapped in your current situation. It’s time to act, plan, and be smart about saving money. Regardless of what generation you grew up in, in the long run -helpful investment strategies are good for everyone.

Take the time and start investing today; contact one of our trusted investment custodians today.