Tips on how to save money for your future

DELMARVA – With the economy rapidly changing, it’s good to find new ways on how to save money.

Even investing a few dollars from your savings can help give you an understanding of where you can grow your money safely over time. La Mar T. Gunn Sr., a financial advisor in Dover, stresses the importance of saving money as young as possible. 

“One of the things they can do is, first off eliminate the idea of being intimidated with the concept,” Gunn said. “Most people aren’t raised sitting around on Sunday and talking about investing their savings into the stock market.”

“In order to break out of that perpetual cycle of say just enough or JOB which stands for just over broke, you have to put your money to work generating returns for you, your freedom fund,” Gunn said.

He said that the first letter in utilities is you. So making yourself a bill,  making paying yourself and living debt free a priority, and free from worries about money, is a priority.

Residents said that living paycheck to paycheck can be a tough way to live. Kaymar James is a resident who has had a hard time building savings and preparing for the future.

“Finances is all about money,” James said. “Other than that I think they should enforce (Financial Literacy) at an early age for kids.”

He said that if there was one thing that he could inform people about saving money is that the older you get the quicker your paychecks are spent.

Building a budget can be a good way to understand more about your finances. Financial Advisor Josh Currence says the earlier you start, the better. Currence says that as you age, it’s important to establish retirement accounts that have tax advantages and when you go to retire you have a nest egg.

“I think everybody does the best that they can. I think that life can throw curveballs at you and sometimes you got to tap into your savings,” Currence said. “But for the most part, I would say people care about it. Everybody wants to have financial freedom.”