#SavingsGoals #FamilyFirst #FinancialPlanning
Hey everyone! 👋 I wanted to get your thoughts on something that has been on my mind lately. Is it pointless that I save 50-60$ a month to help my family with a future project?
Here’s a bit of background: I’m 26 years old and have recently started saving money to contribute towards renovating a house that my dad and I will eventually inherit. We plan on turning it into touristic apartments, given its prime location in a popular tourist area. However, with my recent move to the big city and all the expenses that come with it (rent, bills, etc.), I can only manage to set aside a small amount each month.
Recently, a co-worker made a comment suggesting that saving such a small sum is pointless and that I should just spend it on having fun instead. But, I truly believe in the importance of family and investing in our future together.
Do you think I’m on the right track with my savings plan, or is it really as pointless as my co-worker suggested? 🤔
Possible Solutions:
– Keep up with your savings plan, every little bit adds up over time
– Look for additional ways to increase your savings, such as cutting back on non-essential expenses
– Consider setting specific savings goals and timelines to stay motivated and track your progress
I would love to hear your thoughts and any advice you may have! Let’s discuss. 💬🤗
1. Some is better than none. None is all you’ll ever have unless you get started today.Â
2. It gets you in the mental habit of setting financial priority even if your steps are tiny
3. If nothing else consider it as a contingency towards some unknown cost that you’d have to pay additional at the time of renovation instead of what you’d saved.  Could be as small as replacing a few light fixtures and it would still be worth it.Â
Good luck!
You gotta start somewhere, right. Even drops in the bucket will fill up the bucket. Plus it puts you in the mindset to save. Consider it an emergency fund in case anything comes up, whether it’s with the house or in your own life.
I think it’s a great habit (saving) and like you said, as you get paid more you can add more. Plus if you do $60 now it won’t feel like much when you increase to $80 and then increase your $100, whereas if you get used to spending that money now it’s gonna feel big to start saving $100, plus you’ll be behind (cos you haven’t already saved anything.)
50x12x3=1800
If you manage to safely invest it with a 10% interest (optimistic, but not extremely so), it will be in the ballpark of 2200 in 3 years.
Now, how much clubbing and fun would you get for 50 dollars a month? And would that give you any lasting benefits? Networking, genuine positive impact on mental health, anything? I am not being snide here, at all, it is not impossible that it actually can provide you something with lasting positive impact on your life.
But if not? Squirrel them away, and enjoy seeing the money grow.
Save it. Even if your dad isn’t expecting you to put forth any money, the fact that you did should mean a lot to him. I know if my kid did this, knowing how little he had to set aside, I would be really impressed.
I would save it. It will help even if it’s not much right now it will grow to a lot because of your hard work, consistency.
Not pointless at all. It’s showing a willingness to be involved and responsible for the property you will own someday. You should also have the same thought process for retirement. Nothing is pointless, when it comes to saving for retirement.
It is NOT pointless! Trust in your reasoning.
Zoom out on what it’s for. Saving $60 a month is gonna be about $1500 set aside. That’s nothing to sneeze at. You are also learning to save and plan and think about money and your future which is incredibly valuable.
Save the money and you’ll be surprised at how much you have some day. Put it in a high yield savings account and it will make money without you doing anything. And your discipline and focus will translate into your work and you’ll get promoted, while your friend will remain wondering what happened.
Totally NOT pointless. You’re building good habits and creating a starting point. I’d add that, if you can, set this up to be automatically saved from your pay using direct deposit into your savings account, and when you get raises evaluate increasing this designation. Don’t touch the money until you have a purpose for it, and just sit back and watch it grow. By automatically depositing it you’ll be less likely to drift from your plan or miss the money. Good work and keep at it! Every bit counts.
When was the last time you went out clubbing and spent only $50? Didn’t buy a round for friends? Drinks for a new friend in a club? The cost of clubbing is much higher. One week later, how will you feel about that night?
Save the money. Surprise your dad with a chunk of change in the future. You’ll get real gratification from helping and the rental income which will go to your parents and potentially you in the future.
That could help pay for paint and supplies maybe varnish for floors so yeah it counts and shows your parents you will be a good caretaker after they hand it to you in the future.
Not at all pointless! At the end of the year $600-$720 is going to look very good to you. Whereas if you go clubbing, you might not even have a good time. If the point of clubbing is to find dates, you can do better by joining a hobby club or volunteering for free.
If you’re in the US, put that money in a Roth IRA for tax savings on the gains. You can always take out the money you put in.
dont forget to put the money into an investment or high saving account to get interest and the compound effect will take over,