Time is your friend when it comes to saving money. The earlier you begin saving the more money you’ll have in the future. This is due to compound interest–earn interest on the money you deposit, and on the interest you have already earned–so you earn interest on interest.
Why you should save right now
Save now. To put it quite simply, the earlier you save money, the better it is for you. Now, is the time to save no matter how old you are. Save at least 10% of your income into long-term savings accounts.
You do have money to save. Change the mindset that you don’t make enough to save money or that retirement is decades away. Contribute the max amount allowable into your 401(k).
Start small. With other financial matters like student loan debt on your mind, it might seem illogical to save money than put towards the debt. However, saving now and with small amounts can lead to bigger savings down the road. A $50 savings per paycheck can go a long way towards your retirement goals.