Why As A Teenager It Is Important To Start Saving For Future Life
The majority of people start saving when it is too late
. First car, first house deposit, world travelling, or a wedding are all good examples of what people usually envisage saving for. They usually cost a lot of money so saving a good couple of hundred dollars/pounds at a time when you have least amount of outgoings because it could well be the best thing you could ever do.Most people get their first part time job at the age of sixteen (sometimes even earlier) and this is the time to start saving. Retail outlets, restaurants, bar work are common starting places to begin the voyage of employment. There are good reasons why these make great first time jobs. Often there are plenty of hours going begging. In the evenings, the weekends, bank holiday weekends and during the holiday periods. This helps saving up a relatively easy task. The money isnt usually that bad either. Another reason why saving at this point is youre often in a position to be paid without being income taxed. Often being the status of a student or the minimum income threshold will endeavour this promise. This is one reason that makes being in your teenage years a great way to escape those taxes and save lots of money!
Another reason is your living arrangements. There is a strong chance when landing your first job youll be living with your parents or loved ones and this is perfect for those looking to save up for University/College or a first car. On just a part time job income, few would expect any sort of rent payment. Take advantage of this situation. Even its only a couple of dollars/pounds a week, over a few years, this could be the difference of a deposit on a new car, or that even that wonderful year away travelling the world.
A great third reason is interest! Use the money that you are saving to earn yourself even more money. Invest in a high interest savings account of Cash ISA and when it comes to withdrawing it for that important purchase, you will have more money that you actually invested. Often with high interest accounts, you will need to give your bank warning of a withdrawal. Use this feature to your advantage by using it as a block to any unneeded and frivolous purchases. Everyone becomes a winner, especially you!
Its always good to save and later on in life when having access to a savings stash will be even more imperative that when you are in your teens. Good habits now will bode well in the future! I really do hope this helps.
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