The essence of saving and the different ways to save

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Savings is a topic that many of us believe we have a handle on what it is.  Whether you are a young Millennial or an older Baby Boomer—about to retire—it is vital to save as much as you can so you will have the money you will need when you retire.

Whether you want to retire at 30 or 65, savings is critical toward your financial success. Talk to anyone over 50, and they will tell just how quickly 50 snuck up on them. So how do you save?  How many ways can you save? Michael Haldane, writing for  Moneyweb, lists different ways to save. While the focus is on the Rand and South Africa—many of the concepts are quite applicable in the US.

 

No matter how young you are, where you come from or how small your savings could be, let the principle of saving be an embedded lifestyle. Image: Shutterstock Saving is an essential concept that spans the centuries. The Agrarian revolution of the 18th and early 19th centuries come to mind, where farmers used to save surplus produce for future use. In modern times there are industrialised saving methods via several investment products. The ideology […]