How to Start a Savings Plan and Make it Grow?

We all know that saving money is important. But where do you start and how can you make it seem less of a chore? 

Here are some tips to get you started: 

Start a savings account: Many banks today offer benefits and competitive interest rates when you start a savings account. Do your research and take the time to find a savings account that best suits your needs.  

Set a goal: Setting a savings goal is important as it provides motivation, focus and a measurable way to track your progress. It also promotes financial discipline. When you have a specific purpose for your savings, you are more likely to stick to your budget and avoid unnecessary spending. 

Create a budget: This will enable you to track your income and expenses, allowing you to identify areas where you can cut back on to save more. 

Be consistent: When it comes to growing your savings, consistency is key. It cultivates good money habits and instills motivation by fostering a sense of progress towards your financial goals.

Be kind to yourself: Remember, financial journeys have their ups and down. Embracing self-compassion enables a positive and sustainable approach towards achieving your savings goals. By cultivating a healthier relationship with money, you enhance your likelihood of long-term success. 

 Sign up for our Financial LITeracy workshop, "Get That Bread" happening on 1 February!  

Did you know? NTUC Starter is a membership customised for youths’ needs with $300 worth of deals and $200 skills credits. And if you don’t have a savings account yet, start one with Trust bank and get 50% off your first year of NTUC Starter membership at only $18!