'You need to divide your time between debt and savings. If you neglect the savings, you put yourself further into the hole,' says Brian T. Jones, author of 'Getting Started: The Financial Guide for a Younger Generation' (Larstan Publishing, 2006). If you don't have liquid savings to fall back on when your car breaks down or your pet needs to see the vet, those bills are going to go on a credit card.
That doesn't mean you should stash emergency cash in a jar or under your mattress. Your best bet is to put it into an online savings account, which tends to yield more interest than what's offered by your local bank. Check out bankrate.com to find some of the best deals out there.
Just try it
Many companies have switched to a system of automatic enrollment when it comes to their 401(k) programs, meaning that when you fill out your new-employee paperwork, the default option is to participate. You can still opt out, but why not give it a go for a month or two and see how it suits your budget?
'Most people think of this as running a marathon, not a sprint, so it's OK to pace yourself and do a little bit at a time,' says Jones
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