Saving is important for everyone. Regardless of your income, you may want to be ready for a time when you need to dip into your savings. Those who are prepared and put a certain percentage of their income away into savings have that piece of mind that if their income dried up, they have enough to get them through a few months. This is a great benefit to have.
As we get older this becomes more engrained into us however are the younger generate saving? It is not uncommon for 20-30 year olds across Europe and America to still be living at home. Even with a full time job, they still remain at home, trying to save money. This doesn’t need to be the case. By setting out a simple budget of income vs outgoings, you can see what you need to sacrifice to save 5% of your wage each month. Perhaps it’s going to be tough, or maybe you think you can do it. Regardless, it’s something worth doing. A lack of financial planning is often the reason for overspending and wasting money on things that actually aren’t that important. A frugal life isn’t a completely alien thing, it simply means knowing where you can make savings.
Saving 5-10% of your wage is a good idea. It shouldn’t make a huge difference to your living standards in a month in terms of sacrifices however it should help cover you for a rainy day. If it worth consulting a professional and talking to banks about savings. Different accounts may offer different interest rates so make sure you do your research.