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There are many reasons to save money when you are young. Here are three:

Building great habits

By saving money when you are young, you are building a life habit that will help you in the future. It is really hard to start saving money when you are in your 20's and 30's if you never saved money before that. It helps kids to understand the value of earning and spending.

Saving for something fun

There are many unexpected events that can happen in your financial life. Buying new items (example a new car or new house) are difficult to do if you haven't saved money.

Saving for hard times

You can lose your job, you can get injured or realize a significant loss. Having money saved in the bank can help.

The Power of Compound Interest

When you invest money at an early age, it has more time to grow. Since interest compounds over time, you can end up with a significant increase in your account in a few years.

These are all great reasons to save while y

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11y ago
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12y ago

let's say you are 20yo starting career at 20000$ Income to replace that money you would need the sum of 20000*12/0.05=400000$ in today's money but because you still have 45 years of work to go and assuming 3% inflation you would need in fact 1512638$ by the time you retire age 65. that is 45*12=540 months. that is why people are always on a treadmill. Now at age 20 you should save at least 400000/540=740.74$/month and with a return of a least 5% you will reach the goal.

if you income increase over time redo the calcultation and compare of How much you have save already to adjust your monthly savings.saving early that is the key because time is money.

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Q: Why is it important to save money when you are young?
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Because it save our world , save money and save energy

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It is important to save money before marrige because than if a problem comes then you can use the money for your kids or wife.

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its important because you can save a lot of money and we use less resources!

Why is savings important?

It is important to save because you never know when you might need the money that you are using unwisely.

Important of saving money?

when there's emergency happened,you can use your save money

Why should you save money at a younger age?

The more money you save at an earlier age, the more money you'll have saved up for college! If you have the minimum amount of money for a CD (Certificate of Deposit), save your money there, because that will give you a better interest rate on your money, and you probably won't need it before college. The more money you save at a younger age, the easier life is as you get older. Remember that you have the luxury to be risky with your money when your young. As you get older, the less chances you can take when it comes to investing. So, save when your young, live when your old.

Why people save their money?

to pay for houses and other important things

What are the four financial skil a young person neeed to know?

saving, as a young person you need to know how to manage your money in other to save your money, you must also learn to manage your money well.

Why You Should Save Your Money?

Some people have the urge to spend every last cent they have from paycheck to paycheck. However, they fail to realize that saving money is extremely important. There are so many different reasons why an individual should save. You never know when an emergency may come up. In the event of an emergency, you should always have an emergency fund saved up. It is also important to save money for when you retire. For those who are younger, saving money is essential for a good education. Money is needed for important things in life, so it is important to save it.

Why is important to save eletricity at home appliances?

so you could save some money, and if your generous give it to bums(like HCBP)

What can you do with 75 dollars a week?

save the money until u need it for something important

What are the best ways to learn how to save money?

One of the best ways to learn how to save money is from a young age. Parents can show their children how to save and this will give them knowledge for when they are earning their own money. A regular savings account is also a good way to save as it can automatically make payments into the account so that the account holder does not have to go into a bank to do so.