Save money before you get it
The ‘save money before you get it’ strategy helps those who find it difficult to meet their weekly or monthly savings goals. It prevents you from spending money that you would like to save.
What to do
- Setup a 5-year term deposit account that does not allow you to withdraw funds until maturity.
- Instruct your employer to pay 10% of your wages into the designated term deposit account before you receive your paycheck.
The ‘save money before you get it’ strategy guarantees that you meet your savings goals.