I think it's very important to instill saving behaviors early on in your adult life.
Why early in your adult life? People should begin saving as children.
My parents were sensible. I got my first bank account at the age of five, I think. They paid me some small amount of pocket money (two dollars a week?), and encouraged me to save it up to buy things I wanted, and to worship the magic of compound interest (it helps that interest rates were actually decent in those days). I enjoyed watching the amount in my bank account go up much more than I enjoyed actually buying things with it, so I got into good saving habits.
I can't fathom the idea of an adult (or at least, an adult with a job) not having a mere two grand in their savings account, and certainly not of having negative net wealth (ie credit card debt).
Why early in your adult life? People should begin saving as children.
My parents were sensible. I got my first bank account at the age of five, I think. They paid me some small amount of pocket money (two dollars a week?), and encouraged me to save it up to buy things I wanted, and to worship the magic of compound interest (it helps that interest rates were actually decent in those days). I enjoyed watching the amount in my bank account go up much more than I enjoyed actually buying things with it, so I got into good saving habits.
I can't fathom the idea of an adult (or at least, an adult with a job) not having a mere two grand in their savings account, and certainly not of having negative net wealth (ie credit card debt).
Parents! Teach your children about money early!