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Monday, April 8, 2013

Tips to Put Money into Savings Account

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I know some people find it difficult to save money. It’s not because they do not have enough income, but because of their spending habit. When they have money, they just feel like spending them all.

There are many reasons why they do it. For some people, it is because of some traumatic events in the past, upbringing or due to friends’ influence. For some, it is because of their personality type. Certain type of personality such as Influence or Sanguine tends to seek pleasure and want to enjoy things now. They tend to be unorganized and won’t be bothered to track their expenses. (If you want to know more about how personality type can influence your finance, you can attend our seminar “Mastering Your Personality for Financial Freedom”)

These are some tips to help you put money into savings

  1. Auto-debit – automatically transfer some money to a separate account straight after you receive your income or salary
  2. Pension scheme provided by the company – some of the salary is automatically put into your retirement account and you can only access the account at certain age
  3. At the end of the day, take one piece of third biggest denomination of money from your wallet and put it in a jar. At the end of the week or month, deposit that money into your savings account. For example, if there are a few 100K, 50K, 20K and 10K in your wallet, take one piece of 20K (third biggest denomination) and put it away. If you do this for a month, you may get around 500K that you can put in the savings account.
  4. When you get some change after paying for something, put the change into a separate wallet and save them. Don’t forget the coins because they can add up. For example, when you pay for 36K lunch using 50K denomination, put away the 14K and save them.

I hope these practical tips can help you put more money into your savings account. Start today! Put into practice and see you much you have saved by the end of the month.

If you have other tips to share, please do so in the comments.

Learn and Grow

Inge Santoso, B Com, CFP®

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