The Best Time To Start Was Yesterday. So….

[Editor’s Note: This is an independent post written by JJ. This post may contain affiliate links. Please read our disclosure for more info.]

One of my favorite quotes I use when talking with people about the best time to start investing is, “The best time to start was yesterday. The next best time to start is now.”

best time is now quote

So, here we are. Seize the moment and start today! So what are you starting? Maybe you find yourself in one or more of the following:

  • Today I will create a budget and begin tracking my expenses.
  • Today I will start saving for a fully funded emergency fund.
  • Today I will create a plan to payoff all of my debt.
  • Today I will contribute to my retirement account offered through my employer.
  • Today I will open an IRA (Individual Retirement Account) and begin contributing.
  • Today I will open a HSA (Health Savings Account) and begin contributing.
  • Today I will increase my contributions to save/invest in my future.
  • Today I will open and begin contributing to a 529 account for my child.
  • Today I will open and begin contributing to an IRA for my child.

Seize the moment and start today!

I find that if people make tasks easy for me, I’m more likely to get the done.  So let me try and give you some ideas to make the tasks above super easy for you to start investing.

Today I will create a budget and begin tracking my expenses.

Get some paper or a notebook and pen.  Every time you spend money, write it down.  Then at the end of each week, review your purchases.

Today I will start saving for a fully funded emergency fund.

Setup an automatic transfer from your bank account to a new savings account. This new savings account is your emergency fund. Don’t touch it unless it’s a true emergency.

Today I will create a plan to payoff all of my debt.

Once you’ve tracked your expenses, review them to see where you can save money and direct that money to your debt.  I like the Dave Ramsey method of starting with the lowest dollar amount. Once you payoff that debt, roll that payment into your next debt payment.  This is called the snowball method.

Today I will contribute to my retirement account offered through my employer.

Talk to your HR Department and setup and begin contributing to a retirement account.  Choose a low-fee total market index fund or a low-fee target date fund.  Begin piling money into this account.  You can save $19,000 per year into a 401k or 403b.

Today I will open an IRA (Individual Retirement Account) and begin contributing.

I’m a big fan of Vanguard which is the company I’ll typically talk most about, but feel free to check out Fidelity or Schwab or something similar.

Click here and then there’s a button ‘Open Your IRA Today.’ Click that button and get started today.  All Vanguard funds are lower in fees so you’ll just need to figure out what you want to invest in. I’m a fan of total market index funds and target-date funds.

Today I will open a HSA (Health Savings Account) and begin contributing.

Check out this article from nerdwallet to learn more about HSA accounts.

Today I will increase my contributions to save/invest in my future.

If you’re already saving and contributing, try to increase that amount.  Look at what you’re spending to see where you can save some money.

Today I will open and begin contributing to a 529 account for my child.

Savingforcollege.com has put together a nice list of 529 accounts for each state.

So, hopefully that helps you get started.  The second best time to start is now.  Don’t let the opportunity pass, start today!

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  2 comments for “The Best Time To Start Was Yesterday. So….

  1. Kate
    September 20, 2019 at 8:03 pm

    Great reminders of things that we can do to jump start our path to FI! Do you contribute to your HSA? My school district offered a hsa option during our last contract, but the copays are much higher, so I stuck with the old plan. I’m trying to figure out if I made the right choice or not. Thanks!

    Kate

    • September 24, 2019 at 10:21 am

      Kate,

      Thanks for your comment. My district does not offer the HSA option quite yet. We still have the traditional plan and it’s tough to complain because the benefits are so good. I’m also hoping our district begins offering a 457 option, but that hasn’t happened yet either. At least we have access to a 403b.

      Thanks again!

      JJ

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