Simple Steps to Follow on the Path to Financial Freedom

Simple Steps to Follow on the Path to Financial Freedom
(NewsUSA) - Tax season is underway, which means money is on the mind. But paying taxes or anticipating that refund are not the only things you should be thinking about.

Whether you make a six-figure salary or just started climbing the corporate ladder, setting long-term financial goals is crucial for your future.

Here are three easy steps to follow toward the path to financial freedom:

* Watch your spending habits. Credit debt can take a lot out of your retirement earnings. Set a budget and be responsible about sticking to it.

* Make the most of your money. Diversify your investment portfolio with the right mix of growth and stability, including large and small stocks and company shares and bonds. This will minimize risk and help you produce additional growth.

* Get the most from the IRS. "Consider savings plans with tax advantages, like IRA's," says Eric Solis, certified financial planner and CEO of SAVE252. "These will help you reach your financial goals sooner."

Individual Retirement Accounts (IRA's) offer huge tax breaks. Even if you contribute to your company's 401(k) plan, it is still possible to put additional earnings aside. If you are under 50, you can put up to $5,000 in your IRA account every year tax-free. For those over 50, there's a catch-up provision that allows you to put in an extra $1,000 tax-free.

For those who can't come up with IRA money by tax day, there are programs like SAVE252 designed to allow individuals to fund IRAs in increments throughout the year. Taking advantage of such programs can help provide some discipline into saving more money while allowing you to be in complete control of your savings.

For example, putting $19.92 away 252 times a year with the SAVE252 program will allow you to have your maximum IRA contribution in by the end of the year and save $1,600 on your taxes, depending on your tax bracket. If you are in a lower tax bracket, you can opt for a more flexible program that allows you to put as little as $1 a day into savings for your future.

For more information and more money saving options, go to www.save252.com.