Oh! That’s easy!
But why so many people fail to save any money, even after really putting money into the bank?
And how come at the end of the month, or the year, nothing much is in their savings account, after all their saving efforts?
Many savings account ARE NOT savings account!
Most people save their money by putting their money in their own bank account- be it POSB, UOB, or OCBC, the common Singapore banks.
But the thing is, they only have 1 account for everything! Their pay, their expenses, their mortgage… everything!
So the problem comes when they need to save, but also need to spend at the same time!
How can they know how much they can spend, how much they have saved?
That is why, many people thought they have saved $1000 a month, but in fact at the end of the month, they have withdrawn $1500 for other expenses! They draw out more money than they put in!
So what’s the real easy way to REALLY save money?
Simply get a separate account!
Is it really that simple? How come not many people does that?
Yes. It’s that really simple. But many people hate to do that because they can’t bare to put their money away in another account that makes it hard for them to withdraw money. Imagine, if they need to touch their savings account, they need to use another card to withdraw. This inconvenience makes people think twice about taking out the money.
And to make sure you are disciplined about saving money, make it even hard for you to withdraw any money from there!
You can put away your ATM card, or simply don’t have one at all! When you make it difficult, your money in that account will STAY in that account.
Now, there you have, a REAL saving account!
Below is a video on how you can save money… everyday.
A really short video to explain how you can save money, but not spending money recklessly. And it is made by a bank who wants you to save more money!
As mentioned in previous blog post about money, many people today are spending way too much, and saving too little (or not saving at all). This is a grave problem that is supposed to be stopped.
But if you are a Singaporean, you would have the CPF system to help you. But again, you still have to help yourself by saving your personal money so that you always have enough for rainy days.
We hope you learn a tip or two on how to save money really easily. Start today. Now.
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