Why You Should Start Saving Now

September 23, 2016

When you go online you scroll through posts of your friends, with the hashtags #YOLO or #travelgoals. Millennials are all about traveling now and saving later or living life to the fullest. Living in the now could do you more harm than you know. You should be wise enough to know how important it is to spare some of your hard-earned money because you never know when YOLO is suddenly more than just a term.

Young people may not realize it now, but it is very important to start saving early.

So, why start now?

• When you’re still young, you don’t have any bills to pay for… yet.

Take that as an opportunity for you to start saving money. Make the important decision to make a proper budget. Always consider your priorities.

• The earlier you start, the more you develop the habit of saving

and the wiser you become in handling and securing your money as time goes by. You may find it difficult now, but if you begin saving today, it will slowly fit into your lifestyle.

A friendly tip: Most financial institutions, like banks or insurance companies in the Philippines, offer saving opportunities with compounded interest, making your money grow as it accumulates more value over time.

• You will reach financial stability at a younger age

(compared to your friends who don’t even bother with saving). When you get older, you get the chance to live in a better home, drive a cool car, and even travel wherever you want. It is exciting to think of getting all of that now, but what price are you willing to pay to make your future brighter?

• If something unfortunate happens to you or to your loved ones

(knock on wood!), you are financially taken care of. Having comprehensive insurance provides saving opportunities and other benefits that will help you and your loved ones at the time that it matters most. We never know what will happen, good or bad, we should always be prepared to avoid the unfavorable struggles that life may bring us.

There are many advantages when you start saving early. If you take our advice you will be very thankful once you realize how important it is.

You should take advantage of this time to prepare for your future.

Have enough money for now, and have more for later! Remember YOLO. Start saving now!