Saving money can be a challenge. From the convenience of shopping online to the temptation of going out every weekend with friends, it’s easy to watch your paycheck disappear before your eyes. Saving money doesn’t have to mean you can’t have fun. In fact, if secures more fun in the future. Consider these three benefits to start saving.
1) You’ll be prepared for emergencies
If you’re in college, there’s not much to worry about, besides studying for exams. That all changes after graduation, which is why it’s a great idea to start saving now rather than later. For example, you might find yourself without a job after college and need extra money to support yourself while trying to find work. Then there’s the possibility of health issues, car trouble, or other emergencies that may catch you off guard financially. By saving early and often, you’ll be better suited to handle unexpected financial predicaments in the future.
2) You could retire earlier
Retiring is probably the last thing you’re thinking about now. But what if you could retire early and be financially comfortable for the rest of your life by saving now? For instance, if you were to save $300 a month starting at 22, by the time you reach 50 you would have $100,800 in your bank account. And that’s not even including compound interest.
3) You’ll improve financial peace of mind
Creating early saving habits at a younger age will improve your financial well-being not only today but tomorrow as well. You’ll be more aware of your spending and know how to make better financial decisions that will affect you later in life. Plus, the burden of financial stress won’t be weighing on your shoulders as much as it would if you didn’t start saving earlier.
Overall, saving today is a smarter choice for you in the long run. Simply putting 10% of each paycheck into a separate savings account each month will get you one step closer to your financial goals. Start saving more today with an OCCU Savings Account.
To help you start saving, check out our savings challenge.