There is no excuse not to start saving early. It’s preparation for the next chapter of your life. You don’t need to reach a certain age to start thinking ahead. Anything can happen, and the savings you have set aside might be useful even if it’s not for the original purpose it was intended for.
Prepare for the following chapters of your life:
When you’re in your last years of high school, you start to think about the college you’ll want to go to. Sending in your application and passing their standards depends on your grades, but you still need to pay for your tuition. Parents who have a bit more to offer may have already set up a college fund for their children, but that doesn’t mean you can’t help by looking for a part-time job.
As soon as you start working, you should be setting aside a portion of your income for your future family. Even if you have no plans of getting married just yet, the amount you save in banks can be handy when you finally get to that stage. And if you’re not a fan of marriage at all, this can still go into sustaining your lifestyle, especially if you don’t want to work for someone else your whole life.
When you reach the age of 65, you are eligible for retirement. Some retire earlier than this, if they’ve got enough money saved or if they are physically incapable of working anymore. You’d want to have financial freedom when you’re aging because there are medical expenses to deal with. You’ll also want to enjoy the same lifestyle you enjoyed while you had a steady monthly income.
When you’re an adult, you need to think about your future. Being financially independent starts with thinking ahead.