STEPS TO TAKE TOWARDS FINANCIAL PLANNING
First, establish a target to save towards, using our Target Savings Account.
Are you looking for an easy way to begin?
- On the first day of a new month, obtain a receipt for everything you purchase.
- File the receipts into categories like restaurants, groceries, and personal care.
- At the end of the month, you will be able to clearly see where your money is going.
- This will then help you plan on saving towards your established target or goal.
Don’t just save money, Save! Period!
- There’s a difference between saving money and saving money for your future. So don’t just spend less, put the money you save into a savings account to plan for both planned and unplanned expenses, whether it’s for college tuition, retirement, or emergencies.
- Save by Direct Debit or Standing Order set up for a committed, easy and most effective way to put extra cash in a Fixed Savings account, out of reach and out of mind.
- Ask your bank representative for more details about how to set regular savings or monthly transfers from your account to a savings or investment account.
- Aim for short- medium term savings goals (Fixed Deposit). Start with fixing for 6 months, then 1 -2 years for more yields or returns.
- Create a family spending limit with (Prepaid card). Discuss placing spending limits within your family and/or a system. These limits tend to reduce unnecessary expenditures as the budget is capped then be greatly appreciated b y family without the stresses of overspending.