Putting off saving money is a lot like putting off starting a diet. We tend to wait until all the conditions are right and in the meantime, continue to make unhealthy choices that add up against us. Before we know it, not only are we not saving, but we may even be spending more than we are making. Just like eating right is a habit, so is saving money.
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Here’s the thing: there will never be a right time to start saving money. However, with each day that passes by that you are NOT saving, you are actually making it worse. Why? The power of compound interest.
Consider this: Someone who starts saving $2,000 per year at age 22 will only have to do so for six years in order to have the same savings account balance at age 65 as someone who waits until age 28 to begin, but then keeps saving $2,000 per year UNTIL age 65. You can look at this two ways:
1. The earlier you start saving, the more you’ll have at retirement
2. The earlier you start saving, the earlier you can stop!
However, how do you do this? What does it take to stop putting off finding that money to save? I mean if you had it available already, wouldn’t you be saving it? Here are a few tips to get you started today:
What are you waiting for? Take it from me, you do not want to look back and think to yourself that you wished you’d started saving sooner. Start today!
Question: What are your best saving tips?
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