I’ve read a lot of articles and books on finances. Among all those 10,000+ words, what strikes most is how people wished the started saving in their twenties.
There’s nothing as sad as getting older and looking back at your past and wished you did things differently.
Don’t get to a point where these words come out of your mouth:
I wished I started saving earlier.
Saving can start as early as 6 years, but more seriously when you are 18 years and above.
How do you save smartly?
Start by purchasing two saving jars: one for short term expenses and another for long term.
The short term jar can help you plan for things that you need to purchase for your daily survival. It could be a yoga mat, a bed, shoes, décor items for your house etc.
The long term jar is what you continue saving until retirement. This can help you buy a car, house, a vacation or even start your own business in future.
In addition, you will need a savings book where you write down your plan. This includes how much you want to achieve by the end of the year, how you plan on acquiring the money you need for saving, you long term expectation and the date you expect to meet your expectation etc.
It is also important to take a personal inventory every once in a while to check the progress your making as you save.
If you do this as early as possible, you will be surprised of how much money you’ll be able to accumulate by the time you are 30.
So don’t wait, start saving today!