Prompt: Explain what young adults can do to become better savers? What will you do in the next 5years to secure the future of your retirement?
Acquiring the tools to save money can be difficult, especially for those who are young.
Starting to work on the necessary skills to become a better saver now is the foundation to be the best saver possible, which will then lead to a secure retirement. Making money is important, but saving it is even more important. If you know how to make money and also save money you’ll never have a won financially.
Young adults spend money carelessly because they don’t value it. When you don’t have responsibilities like paying bills, rent or mortgage, and transportation one will unconsciously tend to spend money on things like food and other unnecessary items that won’t have value in the long run. It is when you start to make your own money that you immediately must become responsible and mature. Thinking of ways you can take the money you’re making and not only save it, but invest it in something that will make your money grow is pertinent. Some ways in which one can start on saving money is putting your money up somewhere you can’t touch it, for example, a savings account. When going about starting a savings account, finding the one that offers the most interest will be the best one to choose. Creating a budget for yourself and then putting the rest of the money away will allow you to be smart with how you spend your money and what you buy. If you keep track of what you’re buying and just spend your monthly or weekly budget it will start to figure out what you can do next time to be smarter with your purchases. Luckily, we live in an age where technology is helpful with almost anything you can think of. Apps such as Mint or Banktivity are made accessible to everyone and since teens use their phones a lot, they can also give apps like these a chance. It will also be more convenient than trying to keep up with a notebook. With some young adults they are quick to spend their parent’s money, but are more frugal with their money and are able to eliminate the things that they buy that might be that important. Cutting out expenses that aren’t needed or even wanted badly will save way more money than you think. Buying things just because you have money is very common for young people, so asking yourself if what you’re buying is worth the buy in the long run will also save you that much money.
The first step to being a good saver is starting as soon as you begin making money because if you don’t practice as soon as you can it will be hard to start later on. Saving money is the only way to secure the future of your retirement because when you’re finished working your savings is what you will live off of for the most part. This is why making money is important, but knowing how to save some of that money is even more important being that your future retirement depends on that. It’s never too early to start saving if you can make money you can also save it.