Why you should start saving money at a young age

During these challenging times do people only realize that they should have started saving money when they had the chance.

Many Filipinos do not prioritize saving—people tend to focus on being able to eat today with the money they earn, but not totally thinking of what to eat tomorrow or the days after that. While we cannot blame those who strive to live day by day because they support not only themselves but also their family, we should normalize the idea of saving money at a young age and not look at it as unnecessary or a burden.

You have plenty of time

Starting with your savings at a young age is an advantage. This gives you enough time to save for yourself while you are single and laddering in your career. It’s better to be ready in case you’ll have long-term plans in the future than thinking of what to invest in first before you actually save. Having plenty of time is not an excuse to procrastinate with your savings. No matter how small of an amount you save up monthly, it’s better than having nothing at all in the long run.

Tomorrow is not promised

This is what I realized amidst this COVID-19 outbreak. People who even earn as much as Php25,000 suddenly have lost their jobs and many establishments have filed bankruptcy. Millions of Filipinos have lost their source of income just like that. Nobody foresaw this coming, and many of them worry about where they’ll get money for daily expenses during the lockdown. This situation only proves that having saving money is a safety net when your job or government cannot even rescue you in times of need.

It’s nice to get old sans money trouble

Many people start with their savings a few years before they get married or retire, which I find wrong. When people save money at a young age, this gives them a bigger chance to do more and save more in the future. You can launch a business or get insurance early or go places you want to be in. More importantly, you can retire whenever you want when you think you’re doing well with finances, giving you time to enjoy the best of your life.

Financial independence

It all boils down here. Being able to save has long-term benefits especially when you want to buy a house, car, or just being able to pay for your living expenses without debt, asking relatives or government (which is not-so-reliable) for assistance. It is a rewarding feeling to be able to provide for yourself with the money you saved yourself. It may not happen overnight, but securing your financial independence does pay.

Personally, I believe we should be proactive rather than reactive when it comes to handling our finances. Saving money should not start at the time when we have an idea of what to do with it—we should do it just because, and use it when necessary. Do believe in yourself that you can do it even in your teenage years or twenties, and soon you’ll find yourself happy with the digits in your bank account.

Hope you find this helpful!