Having Problems Saving Money? Three Pointers for Young Professionals

Paying yourself first helps you manage your savings and spending.

Budgeting and tracking spending can be helpful tools.

Yet they can be time-consuming and difficult to keep up with.

I start by saving money in different accounts so that I have enough money to cover my expenses.

How much should I put aside?

There is a difference in salary between a 29-year-old and a 40-year-old, depending on the individual's career status.

Everyone has different expenses and goals, and that will affect their cash flow.

Some people will have student loans, others will have young children, and others will want to retire by age 50.

The longer your money can work for you, the sooner you can start saving and investing.

It makes sense that someone who starts investing when they are 30 will end up with more money.

However, beginning early also enables any savings to increase through compounding.

The process by which interest is credited to both the principal balance and the interest already paid.