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)
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