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Saving - the best habit to get into

It often comes down to a person's personality whether they are naturally good at saving, but it is something that everyone can be proficient at.

The urge to put some money/food/toys to one side in case you need them later down the line will tend to be evident from early in someone's life and parents will probably want youngsters who start off this way to carry this habit through to adulthood, as it is a great characteristic to be blessed with.

For others it can be more of task to build up savings of any kind. The temptation to spend and the need to live life to the full can be irresistible, yet there are ways that this attitude can be forcibly amended when you decide to pull your socks up financially.

A useful way to think about the situation is to say to yourself that you really do not have much of a choice about saving if you are going to complete goals later in life, such as buy a house or send your children to university. You can see your monthly direct debit into a savings account like any other bill, or your lump sum deposit into a savings bond as money you could not spend anyway.

Some personal finance experts argue that you should always put aside five per cent of your salary no matter how much you earn, as this way you are unlikely to live beyond your means and this should provide a financial safety net throughout your life.

While it is not necessary to subscribe to such a strict approach to saving, the concept of having a financial cushion will no doubt appeal to the vast majority of consumers, particularly those who have families to support.

The irony is that the earlier you get into saving, the easier it is to keep going with it, since you will be well-placed to start saving properly in adulthood if you make it through your early years without accumulating debt. All of this makes it even more important to encourage your son or daughter to start putting pennies into their piggy bank from a young age.

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