Starting a saving account can seem daunting to those that have never saved before!  But it shouldn’t be as it is really quite simple and once you get started it quickly becomes part of your monthly routine.Having a savings account is a way of planning for your future and it is never too late to start! Here at Anne Street Partners we have some helpful tips to put you in the right direction!

1. High Yielding, Separate Savings Account:

The first and foremost step to start saving is to open a separate savings account with a bank providing a high interest rate. This will not only help to maintain savings, but also the amount will increase in terms of interest earned over the principle.

2. Deposit Money Regularly:

Another essential step of saving money is uninterrupted growth. After the arrival of every paycheck, you should first make payment to yourself by depositing money in the savings account. Initially, start with an amount you can afford based on your budget.

3. Withdrawal of Money:

You should never withdraw money from the savings account unless absolutely necessary or for an investment such as mortgage deposit. Withdrawing of money will only hinder its growth. Even if there is an emergency, you should try to deposit the amount back as soon as possible.

4. Have a long term goal:

Having a long term goal will not only help to overcome the sudden urge to withdraw the money, but it will also keep you motivated. Remember, motivation is the key to success

5. Make Saving a Habit:

You should make a habit of saving as early as possible. Even if you have saved the required amount to fulfill the long-term goal, you should not stop once achieved. Set new goals and continue to make saving a routine process for further investment.