A brief look at savings done the wrong way

Handling your savings the wrong way could be causing you serious problems.

06:00 19 February 2014

Savings, it is something that many people do not pay as much attention to as they should. As a result, they often do not handle their savings plan as well as they could. 

 

Here are some tips to help you avoid saving the wrong way. 

 

• Having too many accounts – While having a few accounts can provide you with what you need to obtain your savings goals, having too many of them can be a problem. You want to make sure that you have only the accounts you need. If possible, make sure that they are within the same financial organisation. This will help you keep track of everything and not lose track of your goals.

 

• Going in too many directions or making too many decisions. – When you think about everything you have to do, trying to remember to handle one more bill can be difficult. Luckily, you can set up an automated transfer that will allow a certain amount to be transferred on a fixed schedule. Automated savings means you never have to worry. Your money will end up in your account without you having to worry about it.

 

• Trying to do everything along can be tiring and it can make it that much more difficult. Everyone does better when there is support for what they are doing, consider joining a group that will help you to save money by providing you with a support system.

 

 

• Get creative. Try thinking outside the box when it comes up with ways that you can make the most of your savings plan. The more creative you are the better able you will be to spot opportunity when it appears. 

 

These are just a few of the ways you can help prevent yourself from going wrong with your savings.