Why To Start Early
Here, we will discuss the valuable impact of beginning to save from an early age.
It is a very common belief that the money that a person has in their younger life is negligible in comparison to their future salaries and the money which will be earnt in their future carrers. Of course this is a very valid thought,
due to the fact that a salary of a 16 year old who has a saturday job will be far less than what is needed to even survive on in the future, however,so will the costs that they have. There is no need to pay for their daily food,
no rent, and parents and careers will cover almost all living costs.
Due to this, this means that despite the fact that someone at that age is earining much less than they will in their future life, they also will be spending
much less than they will be in their future lives. This gives the opportunity to begin to save any small amount of money (regardless of how much that amount of money is). Whether someone saves £1 a week, £10 a week or more. Every
penny contributed adds up significantly.
Small Changes
Even making small changes to spending habits can have very significant effects:
- Making a meal at home instead of buying lunch.
- Not buying a coffee each morning.
- Buying clothes second hand or from charity shops.