When is a good time to start saving money? The simple answer? As soon as you have access to money. In the UK, children as young as 11 are legally allowed to own a bank account, with many banks having separate account types for children, teenagers and for adults. The sooner you begin to save and become acquainted with the process, the easier it is later in life when you begin your first job.
Depending on your personal circumstances, the amount of disposable income you have will be different, but this does not matter. Learning to save does not require millions, your first steps in learning to save can be made irrespective of the amount you have available. Save simple. Spend less and you will keep more.
You can add more details to this process as your income increases, for instance, you may consider investing in addition to or instead of saving. Investing money is riskier than saving, and you may end up with less money than you started with, but the potential for growth is much higher than it is for saving. For this reason, investing is probably best reserved for those with a regular income, and should be done with excess disposable income only, investing your birthday money in a local business is risky and without a regular income stream, you could very well end up with nothing.
Seriously consider saving as soon as you can, but always educate yourself on the best options available for your age and disposable income, look at the links below for more information.
Articles and useful information
https://www.thebalance.com/the-complete-beginner-s-guide-to-saving-money-358065
https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money
https://www.moneysavingexpert.com/savings/which-saving-account/
https://www.debt.org/retirement/what-age-should-i-start-saving-money/
https://www.becomingminimalist.com/how-to-start-saving-money/
https://www.money.co.uk/current-accounts/how-to-get-a-bank-account-for-under-18s.htm
For more advice on savings or information on finance, check out more great articles at https://blog.myneedtolive.com If you would like to share any advice, become an Everyday Role Model and #TellYourStory
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05 January 2021
Saving money rather than spending is something that I can’t stress enough to people younger than me, without sounding patronising. I hear teenagers so often say ‘I won’t want to move out for ages so I’m not saving for it’ but when the time comes they’ll be grateful that they did start putting a little bit away as early as they could!
I think I started far too late to do it, but there’s always room for improvement. As you said the earlier the better! Thanks for sharing more resources!