09:07 17 November 2013
Not all people can open a savings account right away. A lump sum is needed to open a new account. When someone starts to save money regularly, they are not just getting together a lump sum for the future but also setting a habit, which will be quite hard to change.
It is a very good thing to get into the saving habit. A pound saved every day means 365 pounds in one year. It is a popular saying. It goes to show that any small amount you save, when added together, could result in a lump sum of savings.
The problem at times is lack of determination and focus. Your goal is to actually save money. Once you have the lump sum money, go to your bank to open a savings account. To make sure you will actually save and not get distracted by things such as eating in a restaurant, shopping, etc, set up an arrangement for direct payment ( for a certain amount) from your current account to the savings account. Schedule this transfer a day or two after the salary is credited to your current account. This does not only prevent you from spending on some unnecessary purchases but also saves your time and effort in going to and from the bank.
By treating your saving amount like a utility bill, a saver understands the importance of its payment and realizes how essential it is to cut off spending on unnecessary things. Once you get into the habit of saving regularly, you will divert more funds into your saving account, which makes it all the more better for you. The more you save and the longer you save, the more wealth you build up and the greater your chances of leading a comfortable retirement life. The earlier you start, the higher your chances of leading a debt free life.
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