How to Start a Savings Plan and Make it Grow?
- Jan 23, 2024
- 1 min read
Updated: Jan 26, 2024
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!
Building a solid savings plan early on is such a vital step toward financial freedom, especially when life throws unexpected academic costs your way. I remember a semester where I had to balance a part-time job and a heavy course load, and the stress of potentially failing a prerequisite made me consider looking for online exam helpers just to keep my grades up while I worked to save for my future. This post is a great reminder that being disciplined with your money now provides that crucial safety net so you don't feel as overwhelmed when high-pressure deadlines and financial goals collide.
I read the savings plan post, and it really helped me see how starting small can turn into real money over time when you stick with it. I remember when I had to pay someone to take my online English communication exam last term because I was balancing work and school, and learning to save time and energy helped me stay calm. This article makes me think that small good habits pay off in many parts of life.