START SAVING MONEY: YOUR FUTURE SELF WILL THANK YOU

Saving money for the future is necessary for every dental hygienist. It is easy to live in the present instead of planning for the future, and saving money may be put on the back burner for a number of reasons. But it is important to start saving money now so that when a financial hurdle pops up, you will be prepared to tackle it. And retirement may not be a present concern, however it can be challenging to build up a proper nest egg if you wait too long to start.

When Should You Start Saving?

It is important to save money at the youngest age possible, but it is never too late to start saving. For example, a 20-year-old who starts putting away $200 a month will have more money saved at 65 years of age than a 40-year-old who follows that same plan. Saving money at a young age means that less money has to come out of your paycheck in order to meet your goal amount by the time you reach 65. If you start saving money when you are in your 40s, you will have to save substantially more on a monthly basis in order to retire at the same age.

Why Now?

Dental hygienists are often faced with physical challenges that may cut their career short. A study published in the Dental Research Journalreports that 56 percent of dental hygienists complain of symptoms associated with carpal tunnel syndrome. Additionally, neck, shoulder and back pain are common. These conditions may require dental hygienists to take some time off to recover or to change careers. When you are not receiving regular paychecks, paying the bills may be stressful.

As a dental hygienist, you have the flexibility to choose how many hours you would like to work. You may be able to adjust your hours in order to continue adding to your retirement funds.

What For?

Emergencies can strike at any moment. Emergencies may include home or car repairs or medical expenses that force you to take time off work. It is important to have six months' income saved at all times to cover any unforeseen costs.

AARP stated that the average 65-year-old married couple retiring in 2013 would need $240,000 to cover future medical costs, not including long-term care. Costs continue to rise, and, if you are forced into early retirement before you are eligible for Medicare, you would expect to pay even more for health expenses.

The United States Department of Labor notes that you may need between 70 and 90 percent of your salary to maintain your current standard of living when you retire. Dental hygienists often do not work enough hours to qualify for retirement plans through their employers. Because you may not be eligible for benefits, this leaves you on your own to decide how much money to save, when to start saving, and how to save money. For a timely retirement and a solid financial future, it's never too early to start saving.

Takeaways

• Save now because you cannot predict the future.
• Allow for greater financial flexibility by saving money now.
• Remember, it is never too late to start saving money!

Why It's Valuable

Saving money now is one of the most important things that you can do to help protect your future and your retirement. There are several reasons why saving now instead of later is vital to planning your financial future. By making savings a priority, no matter what arises in your life, you will have retirement and emergency funds available.