Why It’s Important to Start Your Own Nest Egg Now?

Singlehood is the time of adventure and discovery. You earn and you have all the energy and time to explore the world and enjoy life. And because of that, starting a nest egg is probably the last thing you have in your mind right now, which should not be the case.

Today is the perfect time to start saving for your future, while you don’t have major life commitments yet. Still not convinced? Here are more reasons why you need to start building you savings now while you’re still young and single.

1. It’s the key to independence.

If you want to live life on your own, your savings can make the transition to independence a lot easier. With enough savings, it’s easier to find a comfortable place you can call home and to afford the everyday expenses that come with being a truly independent person.

2. It lets you spend on the things you want guilt-free.

It’s easier to spend on the things you want if you already have enough savings for emergencies and necessary stuff. You can afford to spend on your luxuries—whether it would be travel gadgets, fashion—because you know you’re secured.

3. It provides you with more options in life.

Whatever you want to do in life—may it be starting a business, making a career change, going to an exotic getaway, buying a car, or building your dream house, your nest egg can support you with anything you wish to do. Having enough savings allow for more flexibility and better choices in life.

4. It takes your money IQ to the next level.

Building a savings account could be your key to kicking your financial knowledge a notch a higher. By starting a nest egg, you get to practice the habit of saving and budgeting consistently. You might even start looking into the possibilities of investing to grow your money.

5. It secures your future.

Your retirement may still be around 30 years from now, but that doesn’t mean you should not start planning about it yet. And no, your health and security fund won’t suffice to support a comfortable lifestyle in your retirement years. That’s why having enough savings is important in securing your future and most especially in addressing the health expenses that come with old age.

Securing your future should start as early as possible. Since you’re now earning and no major responsibilities yet, put your money to good use and start saving for a rainy day.