Why saving money earlier is important

The image shows people saving their money by putting it in a jar. The ladder is oversized and the people stand on top, either adding money to the jar to standing next to it, showing that saving is a priority.

We at FataFeat truly believe that the saying, “no time like the present” will always be accurate when it comes to thinking about your finances. Too many of us only think of our financial responsibilities when we become adults. According to a recent stat, about one-third of the adult population around the world is financially literate. We want to help the Saudi population (both young and older) to become more aware of how they are spending their hard-earned money. This is why starting to save money is a key feature of our app.

So why is it important to start saving money at a young age?

Well, the earlier you start saving the more financial freedom you will have in the future. If you are smart about how you spend your money (and no we aren’t going to say you can’t get that game you want) you’ll be able to plan better in the future. One of the biggest concerns and stressors people constantly deal with relates to their finances and if you have a better understanding of your money, that anxiety is more likely to lessen.

Saving from a young age gives young adults not only a better sense of their money but also helps them better appreciate the value of each riyal. And that is important! Too many of us learn that at a later age.

If we teach our teenagers and young adults how to save their money from an early age it will teach them the importance of counting and maximizing each dollar.

How to introduce your child to the concept of saving

A great way to introduce this is to have a goal in place. For example, maybe your teen has been eyeing the new Nintendo Switch. Well, using that as a jumping-off point, you could offer to help them buy it by perhaps paying for half of the total cost if your teen can save up (from their allowance or job) the remainder half. Having a set goal in mind helps them better understand the value of each halala.

We want you to go to that concert, get the car you want, and go on the holiday of your dreams but we also want you to be smart about how you spend your money.

This is where we come in. FataFeat’s mission is to provide every teen and young adult within the Kingdom with the tool to be successful in the future. We will be your digital guide to learning the ropes of becoming financially literate. Our goal aligns with Vision 2030.

With our tools, we’ll help you set yourself up for success. FataFeat will not just be your digital hassaleh but also your introductory tool to everything finance! 

© FataFeat 2023