Starting young can be the succor for your retirement
by Guest Author Martha Jackson
Saving from an early age is important. Why do so few actually start young? In the 20s you stay occupied mostly with your life, your studies and your career. You hardly seem to have any time left for financial planning. Thus you must be aware and mature enough to understand that the early bird gets the worm! If you start saving young and saving money wisely, and that too from the early 20s, you will be getting a larger time frame than others. Therefore, the total amount of savings after you retire, is going to be large enough too.
Now, if you can couple savings with better living, it is going to prove to be even better for you and your future.
Graduating into a responsible being
Life is not at all easy even if you are a 20 something – it is rather starting to get even more complex than before. On top of that there is the pressure of managing studies and your career. Life seems to serve up an evil concoction which becomes hard to digest. So, in such a situation if you are asked to start off with savings and think more about the finances, it would seem to be all the more irritating. However, today life has come to such a strata, were being wise and being smart is of utmost importance. Know that maintaining an emergency fund is not at all an old fashioned idea.
So, how can you go on to save more for your retirement as a 20 something?
1. Using less electricity – Monitor your usage of electricity. Find out if any of the fixtures are not working well. Keep track of the electricity bill. If required, replace old bulbs for the energy efficient new ones. It would be even better, if you can go on to produce electricity of your own. For example, you can use the solar panels. This won’t simply help you in lowering the cost of electricity and saving more money, but also in helping with the improvement in the state of the environment.
2. Investing your money with green companies – You can start investing, but for that you will be required to start earning. Rather than always partying with your friends, use the leisure time to make some money. Use most of it towards investments. It would be better, if you could invest the hard earned money with some green companies, who work towards bettering our earth and the lives of the people all around the globe.
3. Do away with fuel-based cars – The fuel based cars cost you more and pollute the environment. So, if you want to lower the cost of driving around in a car, better use an electric one. Gas prices have become too high and so if you can stop using your old car, it would do good to your finances. You will have more free money, which can be used towards retirement savings.
You can devise even better and newer ideas, which is going to help you in saving up more for the future. For ideas, you can also consult a professional, who can guide you in managing your finances (NAPFA or Garrett) and avoiding debt issues as much as possible. For, only if you avoid debt, it would be possible to devote time to savings.
Author’s Bio: Martha Jackson loves to write financial articles and she is a contributory writer associated with the Debt Consolidation Care Community and has written several articles on debt consolidation, debt settlement and get out of debt for various financial websites. She holds her expertise in the Debt industry and has made significant contribution through her various articles.