How do I start saving? What should I know about saving money?
Start to save early. Don't wait for an ideal time.
The sooner you start, the more your savings will be. Aim to save at least 10% of your income every month before you spend.
Raise your savings as and when you receive extra income, e.g. when you receive a bonus.
Keep your money in a fixed deposit account. With higher interest compared to a savings account, your savings will grow faster.
Save before you spend and not vice versa.
Most people do this:
INCOME - SPENDING = SAVINGS/ INVESTMENT
The way to go:
INCOME - SAVINGS/ INVESTMENT = SPENDING
In this way, you can be sure that you have some savings from the income earned each month.
Reprinted with permission from BankingInfo (A Consumer Education Programme)
Back to the top
Related Knowledge Base Issues