When we all gain our first employment, receiving our first regular income, it is likely that we just want to spend it. It is the perfect opportunity to finally be able to treat ourselves. While it is lovely to treat ourselves, we shouldn’t get into the habit of spending every penny we are given. Saving from the moment we receive our first income is extremely important. In this post, we are going to share with you the reasons why saving is so important.
Saving Younger Is Easier
When you gain your first employment, you are very unlikely to have monthly outgoings such as a mortgage, rent or other bills. Therefore meaning that the money you earn is for all for you, you do not need any aside for these bills. This means it will be much easier for you to save your money for your future than saving when you do have these bills coming out of your account.
More Time To Save
Surprisingly, it does take a long time to save, especially if you are wanting to purchase more expensive items like a house or car. Saving for a house deposit is vital, and doing this over time is easier. The more time you have the more money you can save. Meaning you may be able to purchase a more expensive first home when you come to move.
Consider The Interest
When you are saving your money, it is likely that your bank will also pay you interest on these savings. Meaning saving your money for a few years before you decide to spend it can in fact give you more money. You will receive extra money for free, just because you have not been spending every penny.
We can’t voice this opinion enough, if you are in your young teens, save your money! And parents, start saving some money for your children, don’t spend every penny they are given!