March 30, 2016  |   

The word “Saving” only comes with good meaning. For example, saving a life, saving some time, or in this case saving money. There is always a sense of security when you refer to the word saving and here we’re talking financial security. Who wouldn’t want financial security?

When?

First things first, when should you start to save? The right answer is NOW!!! Whatever your age now is always the best time. Know that it is never too late to save! Starting a savings account is valuable to anyone. Now obviously the sooner you start the more you have, so let’s talk about starting young.

Starting Young

I remember being a little kid and my mom walking me into our local bank to set me up with a savings account. I think that is when I first truly felt ambitious towards something. This became my first “real life” long-term goal. Even if I only started with the minimum, maybe built it up to only about $50, and took it out way too young. I still felt as if I just had my first glance into the future that is adulthood. And it felt good!!

Starting to teach your children to save at a young age will not only prepare them for the future, teach them a very valuable lesson about hard work and goals, but also give them a small chunk of change to really start contributing to come their 20’s.

Starting Later On

So let’s move past the young stage and say you are in your 20’s or 30’s. Your savings at this age should be very different in many ways. Your end savings goal will be retirement, your child’s college fund or even just for emergency purposes. By now you will also be earning a consistent amount of money. So the idea here is to contribute to your savings consistently as well. Now the amount you contribute, will always depend on the money you have.

If you are to start consistently saving at this age then you can look forward to things such as, early retirement, putting your kids through college, etc. Starting a solid savings account at this age will benefit you the most in the long run. But what if you are past this age? Again, it is still not too late!

Even Later

At this point the process is the same as your 20’s and 30’s. While your goals may be quite different here the idea and method is the same: Contribute as much as you can for as long as you can! Although you may not have as much saved up, you will have a savings nonetheless. This way you can look forward to having that extra security in your retirement. Or as any hard working retired man or woman dreams of, a well deserved vacation.

So remember, while it may be best to start young there is no such thing as being too old for making the smart decision to save your money. And who said you couldn’t teach an old dog new tricks?