How To Save A Penny At Every Stage Of Life?

How To Save A Penny At Every Stage Of Life?

Saving money or investing money in every part of life is a crucial step to follow always in order to have stability financially so that you will never end up with the problem of having inadequate cash in your hand.

We can categorize our life into three stages after realizing the value of money in life and they are early stages (below 20), Middle one (20-40), later stages (40 and above). Let us discuss the saving pattern in each stage;

Early stage:

  • In the early stage, most of the people will be the college goers and they are not in a position to earn money. They depend upon their parents for financial support and they can make use of their pocket money to start the saving process.
  • There are many people who try to save a part of the money for various purposes like they try to buy a new dress, books, food items etc.
  • Whatever may be the reason, instead of spending the whole money you can save them apart which will be helpful at times.

Middle stage:

  • The middle stage is a crucial stage in life as most of the people who are above the age of twenty will be the job-goers and they earn a considerable amount of money as their salary.
  • They need to think about the future and as soon as joining a job, it is essential to plan for the investment which will be helpful in case of their marriage, any emergency situation etc.
  • They are many financial instruments which come with both high and low risk and the return or the amount of money for the investment is also depends upon the degree of the risk you investing.
  • As many people are at the young stage, they may love to take a certain degree of risk in their life so that they can earn a good profit by investing in either many online trading platforms like crypto code or may be in mutual funds.
  • It is always the best step to think about the investment in the middle stage about the investment in retirement plans if any, since you may get more benefits at the end.

Later Stage:

  • In the later stage of life, above 40, you need to be thinking twice before going for any investment in any of the financial instruments.
  • But it is never too late, to start saving a part of the money in any stage of life as the money you have saved so far will help you to lead a happy life till the end and it may also support your heirs to have financial support.