A money management routine can help you reap these 3 benefits
More than half of people approaching retirement say they wish they had started saving earlier in their lives, according to a recent TIAA-CREF survey. While it’s never too late to start saving, here are three reasons why it’s best to start saving early—and often:
You’ll build good habits. According to experts, those who open a savings account early in life are more likely to be financially healthy when they’re older. They’re also better at budgeting and living within their means. And if you put your savings on autopilot by having it withdrawn from your paycheck, you’ll protect your future without missing the money.
You’ll have a better quality of life. Saving money for retirement and learning to live on what you make means never having to worry about the future or paying bills on time—and that translates to less stress and happier living. Those who save during their entire lives are much more likely to be ready to retire on time and enjoy their golden years.
You’ll be prepared for retirement. Starting your savings early also means you won’t have to save as much each year as you would if you start later. For example, say you want to save $1 million by the time you retire. If you start saving at age 25, you’ll have to save about $400 a month. Start just 10 years later though and you’ll need to sock away nearly $850 a month to reach your goal.
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