Financial Tip

How to save

Learn more about putting something aside to enjoy greater security in your life. Here we share some tips on savings and what you can do to get started today.

Create a Savings Plan

A goal without a plan is just a wish. You must turn your wishes into goals by creating a savings plan. Ensure the plan you create is feasible and that you will stick to it. 

Work out what you are saving for and how much you plan to save every month. Then, try to get into a rhythm of putting money aside each month.

Use the 50/30/20 Rule

If you’re struggling with budgeting and saving, consider the  50/30/20 rule. The idea is to spend your income in the following way:

50% personal needs such as groceries, housing, utilities, and security, 20% on investment 20% saving on savings, such as emergency savings, a college fund, or a retirement plan and finally 10% on giving for religious or personal inclinations,. 

Here is the idea: Don’t spend your money and save what is left – instead, save first and then spend what is left.

Saving must become a priority, not just a thought. Pay yourself first.

Save the stress free way

Visit any BOA branch or sign up for the Mobile Wallet to set up a standing order so that a set amount is transferred straight into a savings account on the day after you get paid. 

Separate Your Savings

If you keep your savings in your current account, there is a good chance you will dip into them from time to time.

Avoid this common error by creating a separate savings account. Better still, pick from our wide array of bank accounts that pay competitive interest on your hard earned savings. See below for our options to get started. 

Cut Back on Expenses

It does not matter how much you earn if you spend it all. So, try to cut back on expenses to boost the amount of money you can save and invest each month.

You could save money on big expenses such as housing by downscaling to a smaller rental unit or moving to a cheaper area. Or you could cut back on the amount you spend on shopping and eating out by preparing homemade meals.

Ultimately, if you look everywhere you can to cut a little bit from your expenses, it will all add up to a meaningful sum. 

Make the best of collective effort

Saving money as individual is not always easy. However you can make the best of a friend, family member, or co-worker who is also trying to save by pairing up to help motivate you to stick to your plan. We have a number of joint account or club options you can pick from to enable you share progress, commiserate over hurdles, and have someone to lean on for support. Talk to us today

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