BOSTON (MainStreet) -- Their retirements may be decades away, but 20-somethings are already doubtful they will have enough saved to sustain their golden years.Only 18% of Americans ages 20-29 are confident they will have enough money to live comfortably when they are ready to retire, found a survey by The PNC Financial Services Group ( PNC).
|With decades to go before they retire, Millennials are already feeling a financial pinch.|
- "Don't panic now, and plan for the future," he says. Time is on your side: You're still young, and it's important that you're thinking about your financial future, but don't beat yourself up for not meeting your own expectations. Try to think positively about your financial goals.
- Pay yourself first. Establish a regular savings program. A 401(k) plan through your employer is a great place to start.
- Avoid debt traps. Not all debt is bad, but consider interest rates seriously to be sure you don't accumulate high-interest debt that can keep you from using that money to save or invest.
- Budget and track spending. It sounds easy, and very basic, but this can be one of the most difficult things to do consistently. Make use of online money management tools that can help you better manage spending, payments and savings.