5 Best Savings Tips From Money Experts To Kick Off 2025 Right

5 Best Savings Tips From Money Experts To Kick Off 2025 Right

Chris Adam  Wed, December 25, 2024  GOBankingRates

If you’ve decided to make 2025 the year of savings, there are a few steps to take first whether you are looking to improve your finances, save for a big purchase or plan for retirement.

You’ll find lots of advice and expert tips about the best ways to save and what to do with that money. Here’s a look at some of the best tips we’ve found from five top money experts.

Suze Orman

If you’re looking for financial freedom in 2025, money expert Suze Orman said it starts with a commitment. According to Orman, you need to live below your means, but within your needs.

Orman said this rule is all about how you use the money you have and will have.

“Living below your means is simply choosing not to spend every penny,” she said. “Instead, make it your lifetime goal to spend what is necessary to meet your needs.”

Further, Orman said money isn’t the key to happiness, but overspending can get in the way of it.

Dave Ramsey

As we start a new year, you may be wondering about your savings. Specifically, you may be curious about how much money you should have in savings.

According to financial expert Dave Ramsey, “Eventually, your goal is to have 3-6 months of expenses in a fully funded emergency fund and at least 15% of your gross pay going into retirement savings.”

The idea is that once your savings are ready for bigger emergencies, you can focus on saving for retirement. Ramsey suggested setting a plan with savings goals along the way.

Rachel Cruze

TO READ MORE:  https://www.yahoo.com/finance/news/5-best-savings-tips-money-121508137.html