When is it best for one to start saving?

It’s never too early to start saving. By making a habit of saving from a young age, you have a better chance of saving more money in the long-term. 

You need to be disciplined if you want to be successful. Doing this enables you to enjoy financial freedom as you become older. Before you start saving, establish a set of goals. This will provide you with the motivation to save more. 

Starting to save at a young age also means that you can learn from your successes or failures. You’ll have more time to monitor your progress and to make any adjustments necessary. 

It enables you to avoid procrastination. By saving sooner, you will be able to avoid constantly putting saving off. By getting into the habit of saving from a young age, you are more likely to prioritise it, leaving no room for procrastination. 

Tips for when you want to start saving: 

If you want to save for long-term retirement goals, the best time to start is in your 20s. While saving at a later stage isn’t impossible, it certainly sets you back in terms of achieving savings goals. 

Save for an emergency fund, which should cover three to six months of expenses. This will be helpful in cases of emergencies. If you have no source of income or if you have unexpected medical bills to pay, these savings can come in handy. 

Use your discretionary income to reach your short and long-term savings goals and opt for a high-yield savings account wherever possible. Be careful to check all fees charged by banks before opening a savings account. 

Benefits of saving from a young age: 

• You will end up wasting less money 
• You pursue more opportunities 
• Your quality of life will improve 
• You can afford to pay for your own education