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An alarmingly high number of Americans only have $1,000 or less in their savings account. There are a variety of reasons individuals find themselves with little savings, like a job that doesn’t pay enough (which is why women should stop being shy about asking for raises), expenses that are too high, or simply neglecting to put money away even though there is money to be saved. But remember that if you don’t save money now, you could be working forever. You have much more energy in your 20s through 40s to work and earn money than you will in your 50s through 70s. But you may still be working and working hard in those older years if you didn’t save when you were younger. Even saving just a little, while you’re still young, can yield huge earnings through investment accounts. Here are dumb and smart ways to spend money when you’re young.
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Smart: Travel
Believe it or not, you should spend money on travel when you’re young. Do it smartly (hostels, cheap airlines etc.) but this is actually the time when you don’t have major responsibilities like children holding you back from travel. It’s the time you have the energy to squeeze five countries into a 12-day-trip. You won’t regret your adventures.
