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Personal Finance Starting Out in Life Four Main Financial Goals Bank of America Merrill Lynch

1) Build a budget and get a handle on debt. Create a budget and stick to it. A budget can help you have more control over your finances so you can save for your goals. First, know how much money you have coming in. When you look at your salary, remember to subtract your employer deductions for Social Security, taxes, 401(k) and flexible spending account allocations. Next, divide your take-home pay into: Fixed expenses like a mortgage, car payment and utilities, which stay the same each month. Variable expenses like entertainment, shopping and travel, which change from month to month. Keep track of your spending and at the end of each month, see how it stacks up against your budget. Make adjustments if your actual differs significantly from your original estimates. Get a handle on debt - There's "good debt" and there's "bad debt." The interest on good debt, like a mortgage, is tax deductible; bad debt, like high-interest credit cards, can be a financial drain. These tips can help you tackle bad debt: Know where you stand: Write down your debts, payoff amounts and interest rates. (A rule of thumb: Your total debt should be no more than 30% of your income). Prioritize payments: Focus on paying off debt with the highest interest rate first, and make at least the minimum payments on everything else. Consider consolidating debts with the highest interest rates to lower your rate. Stop the cycle: Create an emergency savings account with at least six months of living expenses. When unplanned expenses surface, you'll have access to the money you need without upping your credit card balances or tapping into retirement savings. Use banking basics that make saving simpler - Open a linked checking/savings account with a debit cardyou'll get at-a-glance convenience for reviewing your finances, and the debit card can take the place of writing checks, paying with cash or using a credit card. Set up direct deposit for your paycheck if your employer offers it, and put a portion of every paycheck into savings. Used responsibly, credit cards can be a handy way to manage spending and help build your credit history. Look closely at interest rates and rewards to find the card that's best for you. Paying bills online saves time - Online banking can help you keep your finances on track, especially if you consolidate your accounts. You can keep tabs on your spending and investments so you always know where you stand. And paying bills online saves time, makes record keeping easier, and can help you avoid missing payments.

2) Be prepared for emergencies Financial emergencies happen, but an emergency fund and insurance coverage can help you protect your finances. Starting an emergency savings fund now can have a big payoff down the roadit can help you get by in case of an unexpected repair or tax bill, for example. A good rule of thumb is to save enough money to cover at least six months of living expenses. These tips can help you get there: Determine your essential and non-essential monthly expenses, and limit what you spend on the non-essentials. Open a safe, liquid account, like an FDIC-insured savings or a money market account, and keep it separate from your everyday savings so there's less temptation to "borrow" from it. Set an attainable goalmaybe $1,000 to startand then devote a percentage of every paycheck to it. Consider setting up automatic transfers into your emergency fund account. Put aside a small amount each month until you reach your goal, and then set aside as much as you can monthly until you've got enough to cover up to half a year's worth of essentials. If you must tap into your emergency fund, build your savings back as quickly as possible. Health: Sign up for health insurance through your workplace, if available, because it will most likely cost less than buying it yourself. If you are enrolled in a high-deductible health care plan, you may be eligible to open and fund a Health Savings Account (HSA), which lets you use tax-free savings to cover qualified medical expenses. Disability: Many employers offer group disability insurance, but it may not cover enough lost income during a longer-term disability, so check if any supplemental policies are offered. If you can't get sufficient coverage through work, consider buying an individual policy. Life: Life insurance can help protect the financial future of your beneficiaries. Your employer may offer life insurancemost likely term life, which provides protection for a set period of time. Other types, such as whole and universal life, can provide lifetime coverage. What's appropriate for you depends on many factors, so do some research before selecting a policy. Homeowners and renters insurance: Your policy should cover your entire home and its contents from fire or theft. Also, make sure you're covered for personal liability if someone is injured in or around your home. Auto insurance: Along with collision coverage, it's a good idea to insure against any liability involving your car, because a lawsuit stemming from a car accident could be financially devastating.

3) Save & invest for retirement: Start now, even if you start small. Contributions to your traditional 401(k) plan are taken pre-tax from your paycheck, which means you can reduce your tax bill while allowing that money to work harder for you. Contributions to a Roth 401(k) are made with after-tax dollars, so you forego the tax deduction now, but any future earnings are generally federal and state tax-free upon withdrawal. Contribute enough to take full advantage of any employer match it's free money that could make a major difference in your overall savings. You'll still need to manage your 401(k) by deciding how to allocate your funds, and rebalancing your investments at least annually to make sure they're in sync with your goals. And if you can put away additional money, keep it going you can contribute up to $18,000 annually in 2015 and 2016, which may lower your income tax burden even more. In addition to a company-sponsored 401(k), you can contribute up to $5,500 in 2015 and 2016 to a traditional or Roth IRA. Which you choose depends on your income, age and your tax bracket today compared to what you expect it to be in retirement. Traditional IRAs: Your savings can grow tax-deferred, which means you don't pay taxes until you take a distribution. Contributions may also be tax deductible. Roth IRAs: Contributions are made on an after-tax basis. Generally, qualified withdrawals on contributions and earnings will be federal income tax-free and may be state tax-free, as long as you meet certain criteria.1

4) Balance your long- and short-term goals. People often make the mistake of forgoing contributions to their 401(k)s to pay off debt faster. If you do the math, you may be better off starting to save and invest a little for retirement too. For example, you don't want to be paying off too much more than you owe on low-interest loans if that means you can't contribute at least enough to get the employer's match with your 401(k). The lower the interest rate on your loan, the better deal it may be to pay off that loan more gradually and invest in your 401(k) plan at the same time. Not only might your loan be at a lower rate than you could reasonably earn if you invested in the market, but even small contributions to a retirement fund have the potential to grow more than you think over time. Whether it's saving for a down payment on a home, a new car or a big-screen TV, it's good to take a methodical approach so you don't take on too much debt. Plan ahead: Determine what you can really afford and set a realistic target date, then open a separate a savings account and limit your access to it. Consider scheduling automatic direct deposits to keep your savings on track. You may want to think about opening an investment account, which could potentially offer greater returns. Monitor progress: Keep tabs on how you're doing. There's nothing like success to help build momentum. Make adjustments: Take action if you find you're falling behind by cutting back on non-essential expenses.