When Should You Start Saving?

Likhita S
Apr 20, 2019   •  7 views

There is a lot of talk that the present generation spends money aimlessly without thinking about the future and savings. All the people from the present generation say that they are just having fun since they are young.Most of the young adults who are earning also do not bother to save any money from their earnings. They also think that savings are for older people, which is not true. In fact, you save more when you are young.

So, when should you start saving? This is a very important question because what we do today affects us tomorrow. But there is one more thing to ponder about. Should you only start saving after you start earning? That is not true. Every time you spend carefully, you are saving money. So, spend money wisely. This does not mean you have to be a miser. The answer to the first question is that you should start saving as soon as you start working. It is easier to save when you are younger because you are more energetic and healthy. It is also advisable that parents teach their children how to save money and develop that habit, so that children do not realize it too late.

Every cent counts. Do not think that a small amount does not matter. Over a long run, it makes a lot of difference. There are many ways to save money.

Create a separate account for savings. Also, there are many plans available, which provide an interest over the money you deposit. Only buys things which are required. Try to reduce your utility bills if possible. Decide how much money you want to save. Set a goal. You can have a long term goal, which is usually for retirement. Many people tend to ignore this, but it is very important to save for your retirement. Since you can’t earn after retirement, you need to save money beforehand. Your children may also need money during that time. So, always set a long term goal. Apart from this long term goal, you also have other needs for buying various things. For such needs also, start saving money beforehand instead of just buying them whenever you want.

You should always have some amount in case of emergencies. So, do not use the entire amount left over from your pay for savings. By saving a little today, you can live a carefree life tomorrow.



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Good one! Check out my articles too!