IRA at 15?

Earlier this week, I attended a seminar for parents on how to teach children to be financially responsible. And even though it was geared toward kids’ saving and spending habits, I found that I was learning quite a bit.
For example, did you know the best age to start an IRA (individual retirement account) is at 15? I sure didn’t.


I didn’t have an IRA at that age, and I still don’t have one now. Although, it seems like a 401(k) is sort of similar, and my company offers one of those. (I’m sitting down with my mom this weekend to go over all the ins and outs of that. She’s a financial analysts and knows way more about that stuff than I do.)
But for me, it’s six years after the ideal start date. Better late than never I suppose.
Even looking at the very very basics of spending and saving, I was learning that I have a lot of room for improvement. I get my paycheck every two weeks. It goes into my savings account. And then it just kind of hangs out there until I need to pay rent or put gas in my car or want to go catch a movie or get a drink.
As a recent college graduate I don’t have huge expenses yet, but there’s no rhyme or reason to when I save or what/how much I spend. It’s just kind of as the fancy strikes me. I have a vague budget in my head and I know I can’t spend over that amount or I’m in some serious trouble, but after sitting through that seminar, I think my finances could use some improvements.
And I bet I’m not the only one out there who could benefit from re-evaluating their finances.
For more details from the seminar check out the article in Sunday’s Money and More, and if you have any awesome financial tips for me, I’m always open to anything.

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