Starting Out: Balance Spending, Savings, and Debt

Make the most of your paychecks

Some friends and family members seem like natural-born savers. If you don’t fall into that category, you can still be successful with your finances. Knowing how to effectively invest, save, and spend will help you make smart financial choices.

Fidelity believes you should consider:

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Manage your paycheck

Spending less than you earn.
Having a budget puts you in control, so you can enjoy your money, instead of worrying about the bills.

Taking advantage of matching contributions.
If your employer offers matching contributions in your workplace savings plan, don’t say “no thanks.” It’s like getting free money.

Paying off high interest rate credit card debt.
Make paying down high interest debt a priority.

Establishing an emergency fund that will last at least three months.
Freedom is knowing that you can get by without a paycheck if you have to.

Funding an IRA.
Once you've maxed out your workplace savings plan, a Roth or Traditional IRA lets you save with tax-free growth or on a tax-deferred basis.*

Next steps

Calculators & Tools: Saving for Retirement
Get quick answers on how to get your savings started and how much you may need to save.

IRA Checklist
Whether you're opening a new IRA or transferring an IRA from another provider to Fidelity, the process is easy and help is only a phone call away.