Regardless of your financial situation, you can benefit from saving money and having additional cash on hand.
How do you start to save your money?
Your first step is to have a goal - something you would like to achieve.
Visualize your goal, short-term and long-term.
For example, if you are saving for a house or a new car, take a picture and post it where you will see it daily.
If your goal is to pay off debt, post a copy of the bills you are trying to reduce and as the bills reduce, post your progress where you can see it frequently.
Tips on how to save your money.
- Pay yourself first;
- Determine the amount of money that you can afford to save each month;
- Teach your children to save money – use a piggy bank;
- Have an emergency fund and do not touch it unless you are in dire need;
- Wherever you decide to keep your savings, make sure you put money into it every month.
Remember, if you want to see your money grow put it with a secure financial institution that will offer the best alternatives for your short-term or long-term financial future.
There are quite a few savings options in Bermuda. A savings account is not one size fits all so you should decide what works best for you.