Start Saving From Your First Salary

Start Saving From Your First Salary – I wish someone told me this:

I really wish someone told me to start saving when I got my first paycheque. Even if it is only R50 to R100 per month it is a start, you will not regret this. I remember starting my first job for a measly salary of R800 per month in 1989. I only started saving after about 5 or 6 years of working and I only had one saving account.

Now after 30 years of working at different jobs I realize that if I took the initiative and started saving sooner or more 30 years ago I will be in a better position financially.

Do not delay saving money and start as soon as you get your first paycheck or even if you are a casual job at school make sure you save from that money resist the urge to spend all your money no matter what your conditions are.

As hard as it may seem at the time make sure you work towards to increase your financial position. And whatever you learn along the way make sure you share with the next person struggling to get ahead financially and especially your kids.

Read more Teach your kids about saving

The best advice I will give anyone on saving money:

If you do not know where to start or how much to save then my advice will be to start a retirement fund (Pension Fund) from you first paycheque, even if the company you work for is offering a retirement policy as part of your enumeration. You will change jobs along the way and not all companies offer retirement funds.

If your plan is to stay single or get married the policy can always be willed to family, wife or kids. It is true we do not know our lifespan. We can learn a lot about regret the only bad thing about it is that it comes too late.

View more information on retirement planning:

Old Mutual Retirement Planning

Old Mutual Retirement Calculator

Read here the differences between Provident & Pension Funds.

Read: Old Mutual 2 in 1 Savings Account

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