Did you start saving early?

Discussion in Savings & Investments Plans started by nwitt • Mar 23, 2014.

  1. nwitt

    nwittActive Member

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    I opened my Roth IRA account when I was 21. I am currently 26 and have continued to save. How early did you start? Did you notice a big difference? My only worry is that I am still making so little in my 20s. I save at least $1200 a year, but I wish I could be saving a lot more :(
     
  2. Quaestor

    QuaestorMember

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    I posted this is another thread, but it might be useful here too:

    If your employer offers and kind of retirement scheme, you should definitely take advantage of that too, some employers will offer a match up to a certain percentage of your overall pay - it's basically free money.
     
  3. Denis Hard

    Denis HardWell-Known Member

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    I started saving when I was about youngish but the problem was that I'd be saving for a particular purpose. So I'd save money and at the end of the year, I'd buy something I really wanted which literally left me with no savings at the start of the year. I'm hoping that this year, I'll change my spending habits and actually save some retirement funds.
     
  4. Gelsemium

    GelsemiumWell-Known Member

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    I was not much of a saver because I didn't have nothing to save, but I have a childhood story of saving some dollars and my older brother took them and we spend it all in one afternoon, it was my first moment of consumption lol, I think I will never forget it! I am more a non spender than a saver actually.
     
  5. SicariusX

    SicariusXNew Member

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    I made it a habit to store away some cash every month ever since I have started working. But at the rate that I'm going, similar to the OP, I would only be able to save up 1000 dollars per year, which I think is a tad bit too low.

    Hopefully when I have accumulated enough work experience, I would be able to move on to a higher paying job. By earning more, I would be able to save a larger stash of money, and start to invest as early as I can. ;)
     
  6. deathbyprayer

    deathbyprayerActive Member

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    I've been saving money since I'm 10. As for today, well I start off bank savings when I was 19 and to be honest not much good has come out of it so far since the money coming in isn't as great as I'd hope. You're lucky you get to save a thousand dollars each year, I think I only save up to a $500 a year. I tend to save for something always so I don't really save it up long term but if I do, I would definitely made at least $2000 a year.
     
  7. ACSAPA

    ACSAPAWell-Known Member

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    I had a bank account when I was 18, but I didn't make good use of it and I spent all the money during college. I wish I had started saving in that account when I was 18. I'd be much better off now.
    Hindsight is 20/20, so I've been trying to rectify all the stupid stuff I did in the past and teach my daughter to respect money.
     
  8. Pat

    PatWell-Known Member

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    Like so many of the others I have not been in a position to save much if anything. Saving on a regular basis is important one way to save is to have an insurance policy that has a cash value so that if you need money you are in a position to borrow from the policy but it also covers you with a death benefit if you have a family they will get money to help pay for expenses.
     
  9. JessiFox

    JessiFoxActive Member

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    Same experience here. I'm starting now, which is still younger than many people do, I suppose, but I'm so, so disappointed that I didn't start earlier! It would have made such a difference...but you live and you learn, right? I do try to encourage others to start saving though, as young as possible.
     
  10. xTinx

    xTinxWell-Known Member

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    In the past, before I hit the age of 25, I frequently dreamed about saving and attempted to save for the future. Well, my efforts seemed useless then because whenever I hit my target savings, something happened, forcing me to take money from my bank account until it went below the maintaining balance. After years of suffering from the same predicament, I gave up and waited until it was the perfect moment for me to save. Right now, I have a fully functioning savings account as well as life insurance, which will mature 7 years from now. Well at times I do feel like I haven't saved enough but since I'm working towards financial freedom, I can't think so negatively.
     
  11. RapidRaven

    RapidRavenMember

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    Yep. Ever since I was a child, my parents taught me to always save for the future. Always keep a budget, and have an emergency fund just in case something sudden arises. Moreover, always prioritize purchasing items that you need, not something you want. It's okay to spend splurge money occasionally, but most of your money should go into saving and investing. It's definitely hard to do sometimes, especially when a hot item comes into the market. But, it's doable with some time, effort, and practice.

    I'm looking into starting a Roth IRA account, and going into investments.
     
  12. rikka

    rikkaMember

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    I started saving when I was 10 years old. That was because of my mother's talk, the kind where she would say, "We are poor... blah blah." It stuck in my head, that is why I save money at every opportunity I got. I even ended up being a scrooge in high school. However, it was in my third salary when I started saving in the bank. Recently, I even opened another account in another bank so I will not be tempted to use my money. However, another part of my savings go to stocks.
     
  13. worldmachine

    worldmachineActive Member

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    I didn't start saving early but really wish i had, it is something i regret often. I think that if you start saving early in life you can make your future so much better, saving can heavily influence the course of your life. If you are really careful you will be able to get on the property ladder early giving you a head start in life and potentially a better standard of living throughout life.

    Saving from a young age will also give you a sense of how to budget and manage your finances better. Saving early can give you a great start in life and a great future if you make the right decisions and are sensible.
     
  14. owesem75

    owesem75Active Member

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    I just realized that if I have learned to save early.. I could be a millionaire now. unfortunately, I am not. so to you young people out there... SAVE SAVE SAVE and you will thank young-self in the future!
     
  15. DreekLass

    DreekLassWell-Known Member

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    Yes. Thankfully, my mother had enough wherewithal to know that saving for both myself and my older sister was the smart thing to do. We both had post office account that my mother would put money on monthly, and it really built up over the years. Of course, it is all spent now. But we have always had savings as children.
     
  16. rikka

    rikkaMember

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    I started saving since I was 10, but that was because my mom was "threatening" my sibling and I that we were broke. Hence, my obsession for saving and money started. That was just saving money in my own room, but saving money in the bank started when I was 22 and a month after my first job. It was rewarding.

    Because of inflation and all, I started to save some and invested on stocks. For my second bank account, I had it recently. I used to be a real scrooge, but because life became fun, I started to splurge, and my savings got depleted, so I opened a second one to avoid overspending.
     
  17. DrRipley

    DrRipleyExpert

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    I didn't get to save unto later on because unfortunately I was not taught a lot about how to go about it as an adult and while I did somehow save some of my earnings I just believe I could have handled it better had I had a bit of guidance. I think I did alright enough though luckily, as I've always been one to save even when I was very young so it wasn't too much of an adjustment when I was older.
     
  18. kitkat0124

    kitkat0124Active Member

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    It's sad to say that all my savings was washed out because of bad decisions in investing and trusting the wrong people. It is really hard to earn and as early age possible if you can, you have to save. I am starting to get back on track and hopefully this time I did the right choice.
     
  19. watsadamen

    watsadamenMember

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    I am loving this forum and I am currently concentrating on the personal finance section. I believe it is what I really need right now. I am still single and I want to start saving. My one regret is I didn't start early. I think that would be the best advice for the younger generation. Starting early even though with a minimal amount can actually be beneficial especially if you set aside money on a regular basis.
     
  20. DreekLass

    DreekLassWell-Known Member

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    From a really early age, I was fortunate enough to have my own account. My mother has always been big on saving for her children's future, and so both me and my older sister had post office accounts that we could go and take money off of at the apt times. We had to sing a little book, and wait for them to give us the money. Those accounts are empty now though, because both my sister and I ended up spending the money during our teenage years. But it was nice to have that head start.