When your pay cheque comes in every month, it’s always very tempting to pop straight down to the shops and buy everything you’ve been longing for the past few weeks. However, saving a little bit of that cash every month can actually be very beneficial in the long term.

So, why should you do it?

  • It will help you to become financially independent and prepare you for the future – Unfortunately, the education system fails to teach young people about how to deal with finances and how the economy works. So, saving some of your money up is always a good start. Then, when it comes to buying more expensive items, such as a car or a house, you’ve already made a great start at saving for them.
  • If you use a savings account, you can actually make some money through interest – There are a number of different savings accounts available for young people, and most of them have a fair interest rate. While you won’t start making a huge amount of money until you have a lot in your account, it’s always nice to be given some extra cash for nothing in particular.
  • So you’re prepared for any unforeseen expenses – As you get older, there’s always a chance that little things may pop up that will cost money. Whether it’s your phone screen cracking, or your tumble dryer breaking, chances are it will happen at the wrong time. So, if you’ve got some money saved up you never have to worry about unforeseen expenses like those.
  • To buy something special and lead a happy life – Often, the things you want the most in life are the most expensive, which means you will have to save for them. For instance, a holiday or an expensive new outfit. This means that you don’t have to live on bread and cornflakes for a month when you splash out in one go, but instead you can put aside a little bit each time.

 

Hopefully that will have convinced you that saving some of your money every month will actually be really useful. While it is important to enjoy yourself and spend your money when you have plenty, just remember to be careful so that it won’t affect you negatively in the long run.