Nowadays in the world, rare are the young people that can save money during their life in education, even if they work. The pressure on young people to pay increased rent and living costs, to repay their student loans, and earn enough from a well-paid job in today's competitive markets is ever growing alongside the pressure to save for the future. However, money experts point out that each person, until the age of 30, should save the amount of money that is sufficient for six months of living expenses. Reports published by The Independent state that people under 30 will be buying houses at a later stage in their lives, retiring later and receiving a lower pension package compared to their parents, so it is easy to see why information about how much to save is such a pressing issue for young people.
"I think everyone's goal in life is to save enough money that could cover six months of living expenses. However, that is difficult to achieve in your twenties, but it is a good time to start," toldKelly Smith, who works for The Penny Hoarder, one of the greatest websites that deals with personal finances, to ATTN - a California-based media company.
According to the finance experts, six months life expenses define how much everyone should have in case of emergency. However, since rental costs and the costs of basic needs are increasing each day, the question of how to save when you have little money is another troublesome question.
Last December, two experts for The Independent stated that young people can save more money if they make small changes in their lives. These include the existence of a solid budget that will not be subject to further changes, searching for discounts and coupons for specific products and services, being mindful when it comes to inconclusive offers that could cause problems in the future, and having the right account to deposit any savings, no matter when and how little it may be.
