Is It Time To Start Saving?
When and what age should you start saving? Saving money of any size is a clever financial exercise at any age for that matter. Doesn’t matter if that’s making money through chores at home or working for someone in a company, when you make money you should be saving!
The first step when wanting to save is to figure out what you want to save for and whether that goal is short term or long term. Both short- and long-term goals require different time periods. Short term goals require 6 months or so to be completed. While long term goals can take up to 5 plus years to be completed. Figuring out whether you’ve got a short- or long-term goal is extremely important.
When is the right time to start saving? What age?
The short answer to this will always be now. No matter where you are in life, there is a huge benefit to start maintaining a healthy savings plan. Here are some tips on prolonging a healthy, stable yet indulgent financial future.
Bills first, savings second, then indulge
It’s inevitable that unplanned expenses will pop up, for example last minute purchases, medical bills and birthday dinners. However, paying your non-negotiable expenses first, then your savings commitment second gives you the clearest possible idea of what spending money you have left over each pay cycle. From there its suggested that you prioritise accordingly. Automatic direct debts are great for this!
Support your budget
The term budget can sometimes be daunting. MoMa has designed an in-house budget planning app for all customers to use and follow. Record your income, fixed expenses, and savings goals and MoMa will provide benchmarks so you can manage accordingly.
Treasure the memories and take action
To keep it short and to the point, spending money on an experience is so much more important and valuable than spending money on a new pair of shoes or a new video game. Having a wider picture approach towards life is one of the easiest ways to always stay on track with whatever goals you may have. At the end of the day completing your goals is what it’s all about.
Taking action and most importantly responsibility with your money and finances could really help set you up in the future. No matter if your goals are extremely short term or are in fact long term, practice makes perfect – all you need to do is start the process!
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