5 practical money saving skills

Saving is imperative for building wealth in the long-run. Establish ways to do it regularly and as early as possible. 

Developing practical money saving skills is a key part of the process. 

Open more than one saving account 

The old adage “don’t put all your eggs in one basket” is still relevant. Once you have established your savings goal, your next step is opening multiple savings accounts. A key part of this process is deciding how accessible you need your funds to be. This will make it much easier to manage your money. 

Opt for a high-interest generating savings account 

These accounts are not flexible, so accessing the funds isn’t very easy. You may have to deposit a minimum amount each month. Ultimately, this will result in healthy savings in the long-run because you will be earning a higher interest rate. 

Open a fixed deposit account 

This is an amount of money that is saved, which also cannot be accessed until maturity. Offering quite a safe way to keep your funds, it is also one of the best long-term savings tools. Saving money this way is quite simple, because there are no hefty administration costs involved and it reduces the temptation that may come with having an ordinary savings account. 

Develop health savings habits 

One of the most important practical money saving skills is to make a habit of saving. By making regular payments it becomes to easier. Automating payments is ideal. 

Check your progress 

If you’re interested in finding ways to improve your savings strategy, Watch your savings grow too. Checking your progress regularly is vital. If you don’t, you could miss opportunities to maximise on your savings.