Achieving a financially healthy life can be a challenge, but financial experts say the secret is savings. It is not just about allocating a percentage of income, but about reducing expenses and adopting habits that guarantee the responsible use of money.
Saving for some may sound easy, right? But, believe it or not, maintaining the culture of savings for many can be a great challenge, especially when financial obligations cannot wait and debts continue to increase.
When these situations arise and maneuvers must be made to make sure the money is enough, saving will never be a priority, no matter how much you want to. However, not having long-term financial support becomes a problem for your economic stability.
For this reason, experts recommend starting to save from an early age to enjoy financial freedom in old age and also have protection for the years to come.
When to start?
According to some experts, the appropriate age to start saving is around 25 years old because it is the average age at which people begin their professional careers.
In this sense, personal finance gurus advise Define a budget and in that document list the expenses you have each month, but also set aside a percentage for savings. Generally it is suggested that it be between 10 % and 20 %, depending on the possibilities of each person. The above as a parallel saving to the contributions that are made mandatory to the pension system.
As age increases, savings goals become more ambitious, reaching double the current salary between 35 and 40 years old, and reaching up to seven times the annual salary between 60 and 65 years old. The purpose of this method is to encourage savings discipline and ensure a peaceful retirement.
An option available for those who cannot avoid the temptation to spend the money they are saving is to access a certificate of deposit, these allow you to reserve a certain amount of money for a specific time, and the best thing, you will obtain performance for the resources saved.
Furthermore, one of the advantages of starting to save from an early age is that there is a greater chance of taking advantage of the money earned throughout life, since it allows you to retire a few years earlier to enjoy a more peaceful old age.
Adopting the culture of savings from a young age not only guarantees greater economic stability throughout life, but also provides peace of mind and security in unforeseen situations.
No matter what stage of life a person is in, it is always a good time to start saving. Every small step towards saving brings us closer to achieving our financial goals and gives us greater peace of mind in the future.
