Why you should start saving today: finding your purpose

IOL News

2 days ago

Discover how understanding your dreams and purpose can motivate you to start saving today. Learn practical steps to make saving tangible and meaningful for your future.
Image: Pixabay
Money in itself is not always number one is an odd thing for a money man to say. There's something that not enough people think about when they want to start saving.
Because I work for a business that focuses on long-term savings, I often get asked where the savings journey begins. People ask when you should start, how much you should have to start with, and how you will know how much is enough when you save. These are important questions, but I think the focus on them at the beginning of your savings journey may overwhelm you.
Saving for far-away dreams seems to be such an evasive concept if you don't make it real for yourself. You must bring the ideas of your future life a bit closer – you have to make it practical. That's why we must start with the purpose or reason for living. What do you want from life? To be there for your family or build a business that will survive your grandchildren? Write a book or be a Michelin Star chef? Living comfortably and being able to travel? Even when you are older.
When something guides your dreams, it's easier to make a concept like saving tangible items. It helps when you see things happening with your money that make you feel like you're living. I'm dedicated because I've made a conscious decision to make some sacrifices today for my dreams tomorrow. It's worth the effort to save because it contributes to a meaningful life, which motivates you to make better decisions.
Yes, retirement may be decades away, and your children's education is not in your face when they are born, but your vision of the future will be easier because you're linking it to real life.
I ask myself, what do I want my future to look like? That way, I'm making it more human and less intimidating. What will happen when all my current financial challenges are sorted? I think this makes it easier to do something about it. I then realise, action is routine, and that saving makes living a purposeful life practical. You become a conscious saver when you are mindful that money is important for making a dream real.
A lot of people talk about conscious spending, which is being deliberate about the priorities you set for what you spend money on. Conscious saving, which flips the coin, is about giving your money a purpose: Seeing how a decision made today plays out in the future.
So, when should you start? The minute you know what you want for yourself. That is when you will be ready. If you haven't started saving, forgive yourself. It's tough out there. Now that you know better, you can do better. As you gain knowledge, you can make better financial decisions.
You will realise that your small decisions will add to your bigger goal. You will also realise that with time on your side, money can grow and withstand jostling markets. You will most of all realise that compound interest, when you earn growth on your growth, is an incredible money friend. One that will bring out the best in what you're putting in.
This is a prime time to also have a conversation about financial advice with someone capable of looking at your circumstances and knowing exactly what offerings will help you to meet your goals.
Small, consistent actions, knowing what you want for yourself, and some sound advice will go a long way.
Yes, it would have been great if you could have started saving with your first paycheck, but it's never too late to start, and everyone's unique circumstances define them. Maybe your time for starting to make smart money decisions is right now.