Planning for old age…but I’m not old!
Scrimping on clothes or food when you have worked hard all your life is so not where you want to be in your old age. Living day to day not knowing if you will have enough money to buy gas for the car or groceries for the cupboards, when you could have prevented this when you were younger. Doesn’t sound like such a great way to be in your old age does it? So many elderly people have the “I wish I had” syndrome, but if you are in your twenties or thirty’s you can change your course right now and begin to prepare for your future. You can be extremely prepared by the time you reach retirement age. If you are into your 40’s or 50’s you can still have some money saved for retirement but you have to work twice as hard to get there.
It is really difficult for a lot of young people to understand when their parents tell them not to spend all their money, save some for a rainy day. I have seen the “I just have to have that” happen to so many people, then they end up with nothing because they couldn’t pay for the “have to have’s”. I certainly hope you are one of the ones that listened to Mom and Dad and started a savings program early.
Begin saving now
Now that you aren’t living in the city anymore it might be easier to save some money, but in some ways it will cost you more. More money for gas to go to town, since you live farther away, the cost of groceries will probably be higher since there is less stores so less competition. However if you start now with a family budget that includes putting money aside for retirement, you will be so much better off in the long run.
One thing I recommend is have the money taken directly out of your paycheck and deposited into the savings automatically, even if you only start with $20 each payday. It seems that if you never see that $20 to begin with you will not miss it and will budget accordingly. This day and age many employers have retirement plans. If you’re employer doesn’t offer one, take control of your own future.
Make a Budget
Learn to keep a monthly budget, be sure to budget money for emergencies and fun time. If you are on a strict budget and haven’t set aside a few dollars for your family entertainment, when you do have a chance to go to the big city you will certainly overspend on unnecessary items. I have included a basic budget form for you to get you started.
I hope this helps you get started with your future savings plan. Talk to you soon!
