In the course of your life you may have delayed and postponed many opportunities to save until you regret it because it is too late to do so:
1. Do not develop the habit to save when you are young: Perhaps your parents do not get you a piggy bank to start this thrifty habit. When you are much older your parents have forgotten to take you to a bank in town and open a savings account for you. Yet, it is the best time to develop a habit to save.
2. Your first job: You are excited when getting yourself a job and you want to treat yourself with your money because you are capable of earning a living. You also want to have a car to drive around. You want to have fun. You think you can save later in life because you are still young. It is wise to set aside an amount every month after getting your first job and getting paid every month. Start small and the amount can be substantial over time because of compound interest.
3. Building your Career: As you move on in life and get yourself established, you are thinking of buying your first house and getting married. The financial commitments deter you from the thought of saving money until later in life. It is never too late to save and the key is to get it started. When you decide not to save, there will be no money left over for a rainy day.
4. When you are much older: As you grow older you are the husband and the father of two or three children, you are thinking of meeting the financial needs of your family and children’s education. It is still Ok to save at this stage because there is a constant source of income every month. If there is a will to save, there is a way.
5. When you retire: If you are thinking of saving money, it is too late now because there is no more regular income to save even if you want to. You can only rely on your pension money which is too little to meet your normal requirements and not to mention unexpected medical expenses. When you are gainfully employed previously, you will be able to build an emergency fund and invest the extra to build a nest egg, life will not be gloom and doom when you are old.
Save now while you still can and change your life for the better.
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