Putting aside just a small percentage of your income, not keeping your savings in a separate account that you can’t easily access, and getting all your money tied up in investments – do any of these sound familiar? These are just some of the common mistakes you unknowingly make to be financially healthy.
Saving money is important and good intentions count, but make sure you’re not sabotaging your own efforts by committing these blunders.
You consider savings as a difficult chore.
Saving might not be the most enjoyable part of earning money, but you can always get creative and build a sizable fund for your short-term goals, your down payment on your first home, or your child’s education. While learning how to better save on your own, you can also find support on blogs, Facebook groups, or your own banking app to make your objectives happen.
You keep your ‘savings’ in a single bank account.
News flash: Your debit card isn’t a savings account. If you can easily access an account to pay your bills, make a debit purchase, or withdraw funds every day, then it’s time to consider keeping your actual savings at a different bank. Think of it as your untouchable bank account — something devoted to life goals and motivates you to keep saving.
You feel discouraged with transaction fees.
Moving your money from one account to another may have charges and you feel that the extra P50 or P100 transaction fee can be used for a more worthwhile cause. Try…