Jasz
VIP Contributor
When you're young and your life is just getting started, it can be tempting to spend money on things that are fun. But as you get older, the reality is that there are few things more important than saving money. The best time to budget is after you've had a few years of experience working and have accumulated some savings.
This is why you should start saving early:
You won't need as much money when you retire if you've already saved some money up front. This is because most people don't have enough saved up before they retire so they end up having to rely on the government for their income in retirement (Social Security). If you haven't saved enough by age 40 or 50, it could mean that Social Security won't be enough to live on - and then what?
You'll be able to pay off your house faster if you've already paid off a large chunk of it with your savings instead of relying on credit cards or other loans. As a result, it will take less time for you to pay off your mortgage or other debt through traditional methods such as monthly payments rather than using a loan or credit cards.
This is why you should start saving early:
You won't need as much money when you retire if you've already saved some money up front. This is because most people don't have enough saved up before they retire so they end up having to rely on the government for their income in retirement (Social Security). If you haven't saved enough by age 40 or 50, it could mean that Social Security won't be enough to live on - and then what?
You'll be able to pay off your house faster if you've already paid off a large chunk of it with your savings instead of relying on credit cards or other loans. As a result, it will take less time for you to pay off your mortgage or other debt through traditional methods such as monthly payments rather than using a loan or credit cards.