Helpful Tips for Saving Money at Every Career Stage

Whether you are in the middle of your prime working years or just beginning to guide your teenagers on what to do with their first paycheck, it’s never too early or late to think about saving money.  But people at different working stages in their life do need to approach saving in their own unique way.  The professionals at Broussard Poché, LLP want to share these tips for saving money for workers at every career stage.

Just Starting Out (First Job)

  • Budget: Learn this lesson with your first job.  And to parents reading this, teach this lesson early on.  Making a budget is essential to saving money down the road.  Create a budget and practice living on only what you’re bringing home.
  • Saving a bit:  Start small but make it a habit.  Set aside a certain percentage of each paycheck.  Consider making investments in school, like a new computer or tuition.

First “Real Job”

  • Reinforce the habit: Set aside a larger percentage from each paycheck.  Make the deductions automatic.  Once you get enough set aside, talk with a financial planner to consider investments.
  • Risk management:  People getting their first “real job” should build a savings account that will cover job loss or emergencies.  6-12 month’s salary is best practice.
  • Retirement:  Use what your company offers, or enroll in your own retirement plan.  Time is on your side here, if you start now you will be in good shape when retirement age rolls around.


  • Real Planning: At this stage, you should consult with a finical planner on how best to invest your savings.  Make your hard-earned money work for you.
  • What to Save For:  You may have kids that will be headed to college soon, but think seriously about your retirement.  College students will have access to financial aid, but retirees are on their own.

Established Career

  • Retirement savings:  This is now the priority and is no longer an option. Remember, workers over 50 benefit from higher savings limits on 401(k)s and IRAs.
  • Financial professional:  You will need expert advice at this stage in your career.  Find a financial professional and get to work.


  • Budget:  Living on a budget will come full circle.  You’ll probably be on a fixed income, so the lessons of staying within your means will pay off.  This doesn’t mean you can’t travel or purchase “that boat,” but make sure you have the finances to cover expenses.
  • Financial professional: Talk to your financial professional about the best investment strategies that can benefit you the most.

There is always something that can be done to make yourself and your family more financially secure.  If you need help planning for your future at any career stage, contact the team at Broussard Poché, LLP.