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Saving begins at 40

03/26/08

Posted under Saving money

If this is any indication how many Filipinos in their forties or thereabouts are just starting to save, holy macaroni! ☺

The article’s number one spot on Business Most-Read is particularly telling. But hey! I’m glad people are starting to realize saving for the future is one of those things in life we must NOT take for granted. Better late than later, and better late than never

To read the article on Donna, who was smart enough to ask for help on how to start saving even at age 40, click here.

Here’s an excerpt:

Question: I just turned 40 and realized that I don’t have much savings at all. I’m single, but have been supporting my mother all these years. My salary just goes to my expenses and my mother’s. I don’t have any siblings and my father already passed away. How can I start saving and what’s the best strategy to do it? — Donna H.

Answer: It’s true what they say—life begins at 40. See, now that you’re 40, you’d like to turn over a new leaf and start saving.

It’s never too late to start saving, Donna, although it’s better to do it as early as possible. That’s because time and compound interest will both work to make one’s savings grow even faster, snowballing into a nice sum in the future.

All these time you have been spending your salary on yourself and your mother. To start saving, you have to have a different mindset: From now on, treat savings as an expense, one that should be on top of your list, even before you spend on necessities like food and transportation.

This is what financial experts have been preaching for the longest time: Pay yourself first. That’s the savings you will tuck away every pay day for your future. And you have to do it as soon as you get your pay; otherwise, there may not be enough money left at the end of the month for you to save. So before you spend, save first.

Why save? It’s to make sure you’ll have a fund to dip into should something critical happen in the future, such as a job loss or an illness. It’s also necessary to save so you will have enough for retirement.

10 Feedbacks on "Saving begins at 40"

Salina

salve: If you start saving at the age of 40, Its be too late. You should start saving at the early ages. But there is saying goes late better than never…..

26.03.08 9:46 am

ACN

@ Salina

26.03.08 11:45 am

Peter

@Salina, you gave me a headache just by reading your commet.

Do you mean “Better late than never”?

26.03.08 4:55 pm

Peter

Erratum:

commeNt not commet

26.03.08 4:55 pm

femaad

hi, salve. i can relate to donna. i started only 3 yrs ago when i was 47! and even if i feel bad that i learned late, i am glad i learned! i just have to fasttrack saving and save more than the younger ones. and i make sure my daughter, my pamangkins, my students, etc learn about financial independence. if they’ve been taught, and they still don’t practice the basics of saving then, as a popular beauty-queen actress says, “it’s not my fault anymore, it’s their fault anymore” he he he

have a grand weekend!

27.03.08 7:43 am

alijeffty gonzales

A peso saved today will make you a peso richer tomorrow irrespective of age…

27.03.08 8:28 am

Salve

femaad, i know who said that! truth be told, she’s a friend and knowing her, she will have a good laugh when she reads your comment hehe.

your comment reminded me that truly, better now than later, kahit late na ng konti. and Jeff said it best. whatever the age, it’s still better to begin now. in your case, obviously, starting even at 47 made a big difference. galeng!

27.03.08 9:55 am

Salina

3
Peter Says:
March 26th, 2008 at 4:55 pm
@Salina, you gave me a headache just by reading your commet.

Do you mean “Better late than never”?

…………………
Haay, Naku! Peter: Yes, Thats what I mean. ooops! Sorry manong heto ang aspirin drink it and call me in the morning!

27.03.08 12:25 pm

Salina

2
ACN Says:
March 26th, 2008 at 11:45 am
@ Salina

The article didn’t mention Donna’s saving objectives. If her saving objective is only for retirement, then i believe she is in good shape. 20 years of saving and investing can do a lot of wonders esp now that the market’s down (equates to a buying opportunity).
……………………..
Yes, Of course you’re absulotely right on this. Sorry, My dear: I didn’t read the trend I just made a comment without reading it. But at the same time its better to start saving at the early ages if you can afford to save. Even just a little bit. Trust me I know what I’m talking about.

27.03.08 12:33 pm

John

Salina, pede naman pong mag-tagalog wag na lang pilitin kung nde kaya

28.03.08 1:07 pm

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