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
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
Whether you want to grow your skills, get picked up by an employer who needs your specific knowledge, earn more qualifications for your CV, or some combination of the three, the My Need to Live community is here to support you.Join the platform
The My Need to Live Support Directory is a resource created by us to help 16 – 24 year olds find the help, support, organisation or practitioner you need to help them with their wellbeing when they need it.Support directory
Happy New Year 2023! What the new year means to me, to you, to the world. It means something different for everyone. Some create resolutions for the new year to be new person, new goals. I am often reminded of when I would attend my local gym, a 24-hour fitness which by the way is […]
I say hold on now, let’s not get crazy and remember the reason for season which is Not only the celebration of Jesus our savior but of kindness, generosity towards one another. We are certainty in difficult times, and this will NOT be the last time society and the world suffers at the hands of […]
Is free speech truly free? Before you turn the page, this is not someone spread right wing Rhetoric about your freedoms being stripped from us. No this is about how in America we have a right to speak , but there are consequences and being held accountable for spreading hate and this goes for other […]