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At What Age Should I Start Saving Money?

by | Apr 5, 2017 | Blog, Financial Planning | 0 comments

So what age is the right age to start saving money for your future? The practical answer is any age when you start to work and earn money for yourself, whether it’s being paid for chores at age 5 or entering the workforce after law school at age 25. Saving money is a wise financial practice at any age.

But to get to the bottom of this question, take a moment to explore your motivations and your personal financial situation in depth. Honest answers may give you the push you need to get started on your savings goal right away.

Before you decide when to start saving money, the first decision to make is on a set of goals. Are they short-term, such as some new shoes or your next vacation? Or is it longer, like saving for your next car? Or is the goal even loftier, like the down payment on your first house?

A short-term savings goal is usually something that you wish to accomplish within six to 12 months. A long-term goal is generally one that will take five years or more to achieve, like building up a retirement fund to support you and your family.

If you have a short-term goal, the age to start saving money is right now. One key short-term goal to plan for is the need for an emergency fund.  Your emergency fund should equal three to six months of bills.

There is no better time than now to start save money.  Please feel free to contact Ultrafin with any questions.

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