Saving at Any Age
It’s never too early — or too late — to start saving. In fact, the sooner you start saving, the better off you’ll be in the long run. But even if you haven’t been saving up until now, it’s not too late to start. There are tangible and intangible ways to introduce a savings mindset to children and young adults, as well as ways to release any negative emotions and stories you may be telling yourself about your relationship with money. If you’re ready to take control of your finances, here are some tips on how to jumpstart your new savings journey.
Saving Money as a Child or Young Adult
If you have children or young adults in your life, one of the best things you can do for them is teach them about the importance of saving money. You can start by opening a savings account for them at your local credit union. Then, help them set aside a portion of their allowance or earnings from odd jobs into their savings account each week or month. As they get older and begin to earn more money from part-time or full-time jobs, encourage them to continue setting aside money into their savings account — and maybe even match their contributions up to a certain amount. Doing this will instill positive saving habits early on that will benefit them throughout their lives.
There are also intangible ways to introduce a savings mindset to children and young adults. For example, have regular conversations with them about money — how to save it, how to spend it wisely, and how to avoid debt. If they see you making wise financial choices and living within your means, they’ll be more likely to do the same when they’re older. Finally, instill in them the importance of delayed gratification — teach them that they can’t always have everything they want right away and that sometimes it’s worth waiting a little while in order to save up for something special.
Saving Money as an Adult
If you’re an adult who hasn’t been saving regularly, it’s not too late to start. The first step is acknowledging any negative emotions or stories you might be telling yourself about your relationship with money — for example, “I’m not good with money,” “I’m not good enough,” “I don’t deserve it.” Once you’ve identified these negative thoughts, work on releasing them so they don’t hold you back any longer.
The next step is taking actionable steps towards jumpstarting your new savings journey. If you’re not sure where to start, consider meeting with a financial advisor at your local credit union who can help you create a budget and set financial goals. Once you have a budget in place, automatically transfer a fixed amount of money from your checking account into your savings account each month — and make sure not to dip into those savings unless it’s absolutely necessary. And finally, make sure you’re taking advantage of any employer-sponsored retirement plans so you can start planning for the future today.
No matter what stage of life you’re in, there are always opportunities to save money — it’s never too late (or too early) to start! By following these tips, you can jumpstart your new savings journey today and set yourself up for success in the future.ACU Savings Accounts