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Money mentors can help boost your savings

In the work world, getting help from an experienced “mentor” can catapult a career. But the principles of mentoring also apply to money. That’s why linking up with a “money mentor” could boost your savings and personal finances.

Managing and budgeting money isn’t an area of expertise for most Americans. Doctors know medicine. Electricians know wiring. Attorneys know the law. But most people don’t know how to manage money and all the complexities that come with it.

That’s when getting help from a money mentor can be beneficial, says Kelly LaVigne, vice president of consumer insights for Allianz Life.

“Having someone you can look up to and go to for advice … is a good thing and can help you on the path of developing better financial habits,” LaVigne told USA TODAY. “A mentor can really be anyone who you consider to be ‘good with money’ and is willing to share some of the tips and good habits that have helped them achieve their financial goals.”

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Benefits of having a money ‘confidante’

Think of a money mentor as part confidante, part teacher. In short, someone who has the expertise and life experience to offer guidance on basic budgeting, setting spending limits, ways to control financial losses, how the stock market and retirement accounts work, and all things financial.

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