Why should YOU be saving money?
It comes down to this: saving money can give you peace of mind, expand your options for decisions, and eventually give you the chance for early retirement which will have a major effect on your quality of life.
Everyone has to start somewhere.
If you put in the work, your financial situation is likely to improve overtime. There are many people in the world who are constantly burdened by the idea of money where it controls your overall well being. By making attempts to save money a little at a time, it can have a huge difference in the future whether it’s sending your children to college or having enough money after retirement.
How to start saving money:
It is all about living within your means. Budget yourself! Know what you can and can’t afford. Instead of going out for a lavish dinner with your friends, maybe skip dinner and put the money you would have spent that night in an emergency fund. An emergency fund could be an online savings account where you could earn 1% interest annually. Any percentage is better than 0%. From there you can start putting your money into tax-advantaged retirement accounts to grow your money even more.
Overall, the earlier you start saving, the more money you can accumulate over the years for the future. Most people who are wealthy got there through a combination of their own hard work and smart savings and investment decisions. You can become one of those people, too!