In this tough economic time, money saving is something that should be the thought on everyone’s mind. Saving money is not rocket science and in order to cultivate and maintain the habit of savings it should be done on daily basis. When the habit is developed, there is a 99.9% chance of attaining financial success.
1. OPEN A SUSU SAVINGS ACCOUNT TO SAVE CHANGE
To boost your savings develop the attitude of saving change especially the spare coins you come across each day. From the bus fare to the snack change, you are definitely going to handle coins so why don’t you gather them up in a piggy bank, or Susu box. Other alternatives is to open up a Susu savings account with your prefered loans and savings comapany such as Adehyeman, Midland and Best Point Savings and Loans who offer Susu savings account. If this habit is picked up earnestly, you will be amazed at how little coins can produce huge digits. Sparing change can also do away with frivolous spending.
2. BUY IN BULK TO SAVE IN BULK
To increase your wealth through savings, you have to do away with buying commodities in small quantities or when in need instantly. Buying commodities in bulk saves up a great deal of money which can be used for other needs. Supermarkets such as Shoprite, Game, Citydia and Melcom offer great discounts on all items you need. You can shop in large quantity and pay less. Visit these shops to incur less cost in your financial budget.
3. AVOID OVERDRAFT AND BANK FEES
This is a simple step and habit you need to practice if you want to advance your savings. If your account balance is low don’t withdraw money which exceeds the balance in your account. To avoid bank fees select an overdraft option with your bank that will limit you from carrying out such transactions. If you want to save and save well then start cutting your cloth according to your size.
4. SUBSCRIBE TO A DAILY MICRO INVESTMENT TO AVOID IMPULSE BUYING
Avoid spur of the moment buying especially when you have a lot of cash on you. Think about the future and the plans you intend to achieve. Buying of goods without planning reduces the probability of saving in a day or at the end of the month. If the commodity is not a necessity don’t purchase it. To be a committed saver, sign on to any investment package that will aid you to become financially stable. Ghana’s banking sector boast of investment packages from Databank, Dusk Group, NTHC, Menzgold and a whole lot that can be useful in your savings resolution.
Final tip for your pocket for reading this article is that work out how much you can afford to save and set that standard to reach your goals. Savings is a culture!
Don’t forget to give credit to this site when you become a millionaire.