Is everything as hard as it sounds?

[b3nx]

So i am a stress head, i had been a big spender when i was younger, i am 22 now and never really saved anything, i lived my life to the max and had fun, now i look at people who have moved out and everything and it scares me to hell, i earn around 1300 a fortnight i am a first year registered nurse in australia and i am starting to regret not saving, but i have friends who are earning less but seem to have it all, i know they might be in debt but they seem comfortable :S

[disneysteve]

If they are your age and earning less than you but "have it all", they either have debt or have parents who are supporting them most likely. Learn now that you can't judge much of anything about someone by what they have, what they wear, what they drive, etc. You need to do what is right for you and not compare yourself to what others have. You are just starting out in life. Learn to live below your means, save 20% of income for the future, and you'll do just fine.

[GREENBACK]

Originally Posted by b3nx

i am 22 now and never really saved anything

Recognition of this at your age is a great thing. You'll get excellent advice here and if you follow it you'll be in a great position down the road. I wish I had something like this when I was your age or internet for that matter

[maat55]

Be glad you are aware at an early age. As Steve said, start saving now and you will create a life long habbit that will lead to prosperity.

There are many here who envy your oportunity to start young, including me.

[red92s]

I made a similar realization at age 24, right after graduating from college. Luckily, I got smart to the ways of personal finance before I got too far underwater. Now, I'm debt free with a nearly-fully-funded emergency fund. Feels great.

[kgloh_23]

Great, you realize the important of saving at the age of 22 which most of the youngster still playing around. Once again congratulation to you. You can start your saving and spend wisely by budgeting. Start to plan by how much you earn, what item must spend (food, rental...), which item is not necessary can be cut off from your expense. At your age, it is recommend to save about 15% to 20% of what you earn. Anyway, never forget to invest for education or knowledge which can improve you much.
For the advise, never be jealous what other people own but you don't. It will de-motivate you, jealous never move you to get the thing. However, you should plan and take action to achieve what they have.

K. G. Loh

[creditcardfree]

No, it is not that hard to save. Just start and keep improving and learning. This site is great for that!

[melcar.group]

It is important that you have both short term and long term goals. It will motivate you to stay on track while saving and provide a sense of accomplishment.

[loanmodifications4you]

Just acknowledging that you want to make changes in your financial lifestyle indicates your mature beyond your years, and this will benefit you for years to come. Living life to the fullest is something all of us should remember to do, but those than can accomplish this without spending all of their money are the ones ahead of the game. Make an inventory of things that you spend your money on, what you would LIKE to continue to spend it on, and think of 5 ways you can cut 10 or 15$ from being spent. This will enable you to continue to "live it up", but be able to start saving money

[cschin4]

Money is really a "mindset" not a diet. When you decide that your money should work for you and not the other way around, you will find freedom and peace in your lifestlye. When I buy something, I first think of how many hours I would have to work to pay for X and ask myself if I am willing to pick up that many extra hours at work to pay for it. Usually, the answer is "no" since I already am working enough! I don't want to become a slave to my stuff. I would rather live in a tent and have peace of mind than be in debt up to my eyeballs in a nice house and be owned by the bank.
Also, if you don't owe money, you have freedom! If you are frugal and bank money you have more choices. Choices to leave a job you hate, choices to move on, etc. Many people get trapped in the consumer lifestyle and just run faster and faster and never get ahead.
Think of ways you can enjoy yourself without spending money? I hate shopping. THere is nothing more boring to me than that. I enjoy going for a hike, a walk in the park. I can find all the fun I want in community activities, going to watch a Little League game (free) vs. going to a Pro game, etc. You can have a full and rich life without spending a fortune if you change the way you think about yourself and your money.

[fruitbowlk]

I was a great saver/investor at 22 but I didn't have DR, Suze Orman or this board to continue to guide me as I got older. I slacked on the saving part but always invested. But know I'm doing both and it's really working out for me. I'm 3 months shy of being debt free and have multiple trips coming up this year and next year that will be paid for in cash. I live in a very comfortable life.

Remember that things are not what they always seem to be. I have a few people that I know when you look on the outside seems to have it all but when you seat down and talk to them you find out very different. I know one person was living in a hotel due to losing their apartment and other person car got repossessed and they got evicted out of there apt. That didn't stop them from getting their hair done and buy new clothes, traveling etc.

Good luck.

[arthurb999]

Don't try to keep up with the Jones'... because the Jones' are broke

[swaymonae]

I wish I started saving at 22.. Please do,.. cause you'll look back with this face >| grrr.. I started at an early 24, and I'm kicking myself in the ass cause I was making in excess of $60,000 when I was 18-20 and I have nothing to show for it.. saving feels great..

Do you have direct deposit? If so, sign up for an online savings account with like ING or HSBC, then set-up reoccuring transfers of $10 per week.. you'll barely miss the $10.. and it adds up!

[PrincessPerky]

so how long is a fortnight?

And it does get easier

[Joan.of.the.Arch]

A fortnight is two weeks. USAmericans rarely use this word.

[sandyandry]

You should be glad that atleast you are aware of the thing so early. Nothing has happened now, start saving your money and think twice before you spend it on anything.Good luck

[snafu]

Kudos to you for being aware of the need to use your earnings for your advantage. Understand the differences between good debt -spending that ultimately increases in value like education and bad debt which loses it's value month-by-month like a car or clothes.

Does your employer offer a retirement plan? If not, a small investment monthly will garner big rewards in the future through the magic of compound earnings.

Learn the difference between wants and needs. There is a vast difference and usually where the biggest money pitfalls lie. Read contracts carefully, you need to know and understand fees, cost of credit, interest rates and what they add to the cost of the desired item.

[b3nx]

ohh yeah each pay i put 9% in an superannuation fund, and i have had that since i started work at the age of 17. I now 22. I love going out and having fun by because i am still a student i find that i dont have alot of money at the moment and i dont get out much should i only save a little now and save more when i finish all my uni stuff? Like now i saving 700 a month and get paid 2000 a month i work all hours of the day around uni..

[Johansen8]

there is no good in saving if you don't know what you want. BUT, what's even worse is, wasting money and later finding a better place to spend it.

[Goldy1]

You invested in yourself with your education, and that is a great start.