Saving counts!

Being young does not make saving money easy, especially in the time of recession. It may seem terribly boring and upsetting – you need to cut down on something you like, you cannot buy everything. Instead, you must budget and put your money aside for some long term purposes. Retirement? Who knows what will happen in so many years… Right, but the fact is that if you do not spend your money and gather it, or even successfully invest, you have more and more. It must pay off. Even small amounts add up to big sums after years. You cannot buy a new pair of expensive trousers now, but in the future you will be able to buy a flat. Ability to think long-term is a very valuable quality.

If you find saving problematic, we suggest some tips which will help you organize this process and finally see the sense of what you are doing.

See your goals

Being aware of what your dreams are, really helps fulfilling them. Set up your goals – short , mid and long term – and specify how much money and time you need to get what you want. Take some emergencies into consideration, then think of all your debts. These are things you must organize money for. The main long term purpose is your retirement. It may seem too long term, but in fact it is a must on your saving list

Open a retirement account

Your employer provides this opportunity for you. Employer retirement savings programs are an easy way to put money aside for your old age.

Budget

At first it can be a bit overwhelming to think of every single penny you spend. But you must plan purchases ahead if you do not want to spend your earnings unreasonably. Planning is a huge part of success. You should plan your debt payments, but also “necessity expenses” like food, clothes or bills. Only in this way you will not exaggerate with spending. Analyze all your monthly purchases and think what you really need and what is an extra
expense you should avoid next time.

If putting some part of your salary aside every month is too painful, consider automatic transfers

You will not see the money, they will just automatically go to your savings account unnoticed. It is also a good solution if you do not believe in your strong will and you suppose you could give in to the temptation and spend the “savings part”.

Plan extra expenses

To survive you need some chill out also in terms of saving. However, do not treat this as an excuse to binge. Plan ahead some “entertainment money” and let it be your reward for other money restrictions.


Contrary to popular belief, Generation Y plan their future. Some need help and the others already understand the value of financial security. It is not the easiest time for saving nowadays – in the culture of “here and now”. But we all need to feel secure and plan our future. Some efforts now, will bring results later. Once you try and see it is not so difficult and troublesome, you will find saving normal and natural.