It is never too late neither is it too early to start saving. Once you learn the basics, it is not that complicated and you will have fun taking control of your personal finances.
Credit Card Debt: Do everything you can to dig your way out of the debt zone and keep your credit score strong. If possible move to cash-only diet or freeze your card so it’s out of sight and out of mind. Re-evaluate your budget to determine where you can cut back on expenses.
Over-Spending on rent: We often want the perfect home and overestimate the amount of happiness we derive from material items. You might be overspending to creat your perfect dream nest. I recommend maximal 30% to 35% of your income on rent.
50, 20, 30 rule: Devote 50% (or less) to essentials like rent, transportation, groceries and utilities. Set aside 20% for savings (retirement, marriage, or buying a house) and the 30% towards things you enjoy like dinners, outings and traveling.
To start saving from your 40s or 50s might be a mistake. If you start saving at the age of 25, by the time you are 65, you will have saved about 50% more than you would have if you had started saving just ten years later, at 35.
The beauty of starting early, is the more you save, the more you’ll actually want to save.
Text and Photo by Sophy Miah
Sophy Miah’s Blog 
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