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Jun 1, 2017

Important Principles Savvy Savers Should Know

Important Principles Savvy Savers Should Know

So you think you are a savvy saver. And you want to learn more about important principles of saving and growing your wealth.

First, note that Singapore Savings Account Rates blogspot dot com is the place to find new update on savings and other banking accounts in Singapore today.

Singapore Savings Account Rates helps you to boost interest income from savings accounts, savings bonds and other financial retail investments in Singapore.

Important Principles Savvy Savers Should Know:

What are these important principles?

1) Commit to regular saving habit

Savings accumulate if you continue to add to your saving account balances. If you dip into savings account to spend, your savings account balance will grow poorly, stagnate or worse: drop like a coin into the ocean's abyss.

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2) Start saving early

Most savers aim to save enough for a big ticket purchase like property, a well-earned vacation or simply retirement funding. When you start saving at a young age, you apply the power of compounding. With a longer time horizon, your savings (and investments) can get enough traction to grow exponentially.

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3) Spend less than you earn.

This principle is an essential basis of great financial management. When you spend less than what you earn, the leftover money is saved. The less you spend, the more you save. Eventually, savings can grow to become wealth.

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4) Earn more to save more.

This is a logical solution for increasing savings and wealth. If you earn more from your full-time job and/or part-time work, a larger proportion of earned income can be saved. When you invest the extra savings, your wealth can multiply faster.

5) Review your savings progress regularly

Most savers start off enthusiastically by checking their savings account balances too frequently. No point poring over your online savings account statements three times day. A good guide is to look at your ins and outs at the end of each month. Once you saving / spending pattern stabilizes, you could review your savings account every three to six months.

Thanks for reading Singapore Savings Account Rates.

The Team

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