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Importance of Saving Money at an Early Age

BY: S Edwin | Category: Finance | Submitted: 2010-04-28 08:51:08
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Article Summary: "There are many reasons for you to save money from a very early age and some of these are listed here in this article..."

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Saving money when you are young is an important lesson. Saving is a skill that everyone needs, and all good lessons and habits begin early. Making sure you don't spend too much and saving at an early age is a good way to accumulate wealth.

Saving early is a great way to have enough money when you grow old. When you begin saving at an early age, you can have more money than when you start later in life. You have more money to save when you are young, since your parents take care of almost all expenses. When you grow and have a job however, you have to make a lot more expenses, and what is left for savings is little or nothing at all. You may even have to borrow to meet all the bills.

Besides being a great way to ensure you have enough money for your old age, saving at an early age can only help you in the future. It has been found that, habits cultivated at an early age stay with people almost all their lives. Saving early in life will inculcate in you the habit of saving all throughout your life. You can save without any difficulty.

Saving at an early will mean you will have to work fewer years when you are older and allow you to spend time doing things you want. You also want to be financially secure so you can live the way you want without worrying. Also, you will be able to retire at a reasonable age.

Saving at an early age also saves you from having to borrow later in life. Sometime in your life, you may need some money which you could not have saved during your working years. This may force you to the banks and credit agencies, which will give you the money alright, but at a cost. When you have your own savings, you will avoid paying the so called low interest rates and processing fees, which are actually not low at all.

Saving at an early age can also come handy when for one reason or the other, if you cannot work (at a working age). In this time when jobs are difficult to come by, when you have some savings from an early age, it can take care of your expenses during unemployment. You may also be unable to work due to an illness or deformity as a result of an accident in your early working days. Early savings can save the day here, it may provide your needs at least for sometime.

Saving at an early age will also bring you more income. You can invest your early savings in the stock market. Stocks may give you up to twenty-five percent interest per year. This is great. In just about three years, your money will double. If you have no savings at all, you cannot benefit from this. You need to save money to get more money.
Save at an early age! Prepare for the rainy day!

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