How to Maintain a Promising Savings Account

When we determine how much money we should set aside for our savings account, the usual process we do is to subtract all our possible expenses for the month and only then can we decide how much we are willing to set aside to be deposited in our savings account. Financial experts say however that if we are to effectively save, the process should be the other way around. It should not be how much we are willing to save, but on how much we can save. Upon receiving your salary, set aside a fixed amount to subtract to your earnings as savings and only after so should you budget your expenses. By doing so, you lessen the possibility of spending on unnecessary items. Setting aside a fixed amount of your earnings will go a long way than only putting leftovers in your account.


First thing to do is to decide that you will save. Be firm with your decision and make it whole-heartedly without any inhibitions. Do not think of what to do with the money, but concentrate on having the money instead. Being determined and honest to yourself is the key to effective saving. Let your family and friends know, so they can be able to support you and even guide you in your project.


Secondly, try your best to save. There are endless ways when you put your heart to it. For example, when going shopping see first if there are available coupons you can use. They may either be printouts, or look for ready to print coupons online. Coupons are given out as advertising items and consumers must take advantage to do so.


Third, not all sales are really a time to save. Most of the time when stores are on sale, not all items are in mark-down prices. When consumers are caught up in the sale fever, we tend to lose logic on which are wants and needs. Leave your credit cards and ATM’s at home so there’s less chance for impulse buying.


And the most important of all, never skip a month without depositing any amount to your account. Make it a habit and after some time, it will not feel like a decision to make but a necessity. It will be more of a need to have savings than a want.


Keep your eye on the goal, saving does not start when you’re earning a high salary, it should start while you’re earning minimum and then increase every time your income increases. The amount of money you set aside as savings should be directly proportional to your income. The more it increases, all the more reason to save. It’s not our lifestyle that should be upgraded once we’re promoted, emergencies may come and the best weapon to such is a secured bank account.


Make it a personal goal to save, it’s the most promising thing to do that yields not only safety when emergencies emerge, but also teaches you responsibility. Choose to save everyday.