Couple up and Save!
By DatingSOS Editor • Jan 28th, 2008 • Category: Articles, Financial planningSaving together for a common goal (house! cottage! car!) can be quite exciting! Macleans reports in an article this month that couples who save $1000 per month from the age of 19 to 26, and then do not save another penny actually have more money at age 65 than couples who start saving $1000 a month for 40 years, starting in their thirties.
Compounding is pretty powerful, and if your significant other has a financial habit that seems to be spinning out of control (e.g. three gourmet coffees a day, at $4 each?), add up how much this is costing him or her per month, per year and over the course of 25 years! Surely the last number will be impressive, and for sure it would amount to a significant down payment on that cottage!
Think of how much saving can compound, and then consider how much faster debt compounds! Debts always run at higher interest rates than you could ever get for your savings, so it pays to plan your (joint) finances and get debt-free first.
DatingSOS Editor has been a freelance writer for over five years, and published more than 100 articles in a variety of publications. She is always on the look-out for new ways of keeping a date busy and enjoys her hectic love-and-work schedule
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