Whether you want to buy that house, get out of debt, finance your kids college fees in 10 years or buy that car, your financial planning goals will require that you set aside some money periodically and grow that money over time to be able to finance those goals.
When you save, you sacrifice your spending of that income today, so you can have it in future when you need it.
Saving money provides the foundational resource that you need to achieve those financial goals and the starting point to grow your wealth and become financially independent through investing. There is no other way around it, so you have to start saving now, regardless of how small!
Here are some great resources to get you started:
- Understand the distinction between saving and investing
- What you should do first before you start saving
- Tips on how to start saving and allocate your savings
What are the challenges you currently face trying to save? What strategies have worked for you? Share by sending in your comments below to help someone else struggling with this.