Any time is a good time to start saving. Obviously, the sooner you start, the more money you will have when you really need it. This infographic reminds us that there are a lot of things to save for – retirement, emergencies, personal goals, and more. So what are the savings trends among people of prime savings age (25-34), and why aren’t more people saving money?
Saving Money…In Theory
A small graph in the upper left corner shows the most likely New Years Resolutions among 25-34 year-olds, and the number one choice is to save more money. That’s followed by losing weight, spending more time with friends, and volunteer work. In reality, only 4% of this demographic saved 20% or more, 24% saved about 6-9% of their income, 32% saved 1-5%, and 40% saved nothing.
Desirability vs. Affordability
This section reviews some of the things that people spend money on, and how money can be saved. For instance, you may need to have a smartphone with a data plan, but you could save a lot of money if you only buy what you need. For instance, everyone wants the latest and greatest, but that costs the most. A basic phone with limited features costs the least for a data plan, but might not offer the functionality you need. If you go with a middle of the road free phone with a 2-year contract, you could save while still getting what you need technology-wise.
Similarly, people spend a lot of money on their home entertainment. A cable package with the works, including a DVR, can cost $200 per month, while streaming web service only costs less than $10 per month. Basic cable costs about $30 per month, so you could have that and the streaming web service and still be paying a lot less.
As for eating, everyone likes a nice meal out every now and then, but it is so much cheaper to cook at home.
Generally, if you use common sense and a little self control, you can save money without sacrificing too much of your comfort.
If You DO Start Saving
This graph is the best part of the whole infographic. It shows you, based on how much you save per week, how much you could have in 5, 10, and 30 years. It’s inspirational and makes you want to start saving, even (ahem) if you’re older than the demographic targeted in this infographic.
The design is clean, but there are a lot of tiny words that make the eyes swim a little. Other than that, the colors and fonts are good and the background is quite nice.
Good information for everybody, and puts data in an easy-to-understand way that packs a punch.