BLOGS

What are the best ways to make savings in your life and build for the future?

wads of dollar bills (©Celyn Kang)

(©Celyn Kang)

During young adult life, it’s easy to not have a care in the world and avoid thinking about anything to do with the future but then you reach a certain age and panic sets in. This could be around your mid-30s. For others, it may come earlier.

That moment when you realize that you have absolutely no plan in place for the years ahead can fill you with overwhelming anxiety. What should you do? Is it too late to act?

The good news is it never too late to start building for the future. But you need to make some wise decisions right now.

 

Consider Getting a Mortgage

The average age of first-time home buyers is 33, with 38 percent of 25-34-year-olds owning a house according to recent research. These figures correlate with the above-mentioned point that around the mid-30s, a lot of people begin to start planning for the future.

Buying a house is a great way to prepare for later life because it acts as an investment which should rise in value and build equity over time. Getting on the property ladder is one of the most sensible things a young adult can do.

If you were to add up all the money you had spent on rent throughout your 20s, you may come up with a horrifying figure. All that cash has gone into someone else’s pocket and you have nothing to show for it.

For this reason, it makes sense to buy a house and take out a mortgage. This way, your monthly outgoings are actually working towards paying for something that you will eventually own.

When you decide to take the plunge and settle down in your own house, you need to make sure you get a mortgage which is right for you. Trussle helps new home owners compare mortgages and remortgaging so they find a deal that gets them the best value for money.

 

Make Shrewd Investments

Buying a house is a solid investment for the future, and when you have finished paying it off after around thirty years, you will never have to pay a monthly amount to live somewhere again if you so choose. If this sounds like a good idea to you, it would make sense to look into some other things that you could invest money in.

You may have heard of the stock market, but don’t have the first idea about how to get involved with it. Luckily, there are services that can help you with that and provide recommendations about what you could invest in. Instead of leaving your savings in a bank, consider using a stockbroker to get your money working for you.

Don’t leave it too late to plan for the future and build up a nest egg. If you are young, you may feel as if you want to continue living for the moment. But your future self will thank you if you start making some wise investments as soon as you possibly can.

Categories: BLOGS, money matters

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