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Saving Tip For Young Women

Savvy Notes: Savings Awareness Event

There are few things that can tear me away from my computer, but the possibility of watching people grab flying dollars in money booths is one of them (and the rare SoCal-esque weather here didn't hurt, either.) Yesterday I took a mini field trip with LibertySugar and Vidiot — we walked a few blocks to Union Square where Wachovia was hosting its Savings Awareness Event that challenged Americans to save more. To check out a fun video and my chat with the onsite economist just

.

The event featured eight glass money booths where people had the chance to grab flying dollars. Unfortunately, I didn't get the chance to participate but I did have the opportunity to briefly speak with Dr. Julianne Malveaux, an economist and author who was there grabbing dollars for charity. I asked her what she thinks is the number one thing young women should be doing now for their financial future. To see what she had to say just

.

Dr. Malveaux said that the best action you can take right now is to invest in yourself. By that she means building up your savings and retirement accounts, and to make it easy for yourself by "taking it off the top" of your paycheck. Paying yourself first is the best way to invest in you and secure your financial future. She added that in order to serve our finances best, we must distinguish needs from wants and that's often a difficult lesson for young women to learn.

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