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Maximise your every dime: How to start saving from scratch


In a world where your expenses seem to be growing at a faster pace than your wages, it’s always wise to save. Whether you’re in the prime of your life or reaching a retirement age, it’s never too late to start. Read on for five short but sweet tips on how to get the ball rolling on your savings.

  1. Clear off your debts
  2. It goes without saying that you accumulate your debts if you have unpaid bills or outstanding charges. Be it credit card payments or small loans, it’s always wise to get them out of the way so that interest rates and annuity payments don’t add on to the sum, forcing you to pay more than what you owe. If you have mounting credit card debts, pay them off before the deadlines each month –even in small sums – so that you save on the late payment charges. Also, put aside a small amount of money each month to pay off any loans you owe.

  3. Be frugal
  4. This is something we’ve all heard before, but yet it’s one of the most fool proof and effective ways to saving money. In order to spend less, list down the possible items where you can afford to tweak your usual expenses on. This may include your daily coffee fix, or your beauty products and gym membership to name a few. You’d be surprised at how much you can save in a month just by packing your own lunch to work.

  5. Track your spending
  6. Contrary to assumptions, there are many hassle-free ways of doing this. You may easily download a ready-made template of an Excel spreadsheet whereby you’d need to key in your expenses every month, or you could simply jot them down in a journal. It’s a smart way to save cash as it ensures that you don’t unknowingly spend more than the month before.

  7. Open a separate savings account
  8. Once you have started to slash your expenses, perhaps you could open a new savings account just for your newly saved wealth. This account should consist solely of all the extra money you have saved by reducing your usual monthly expenses. Be sure not to apply for an ATM card or a cheque book with this account, so that you won’t be tempted to withdraw money from it.

  9. Pick the right type of investment
  10. You may think you’re getting a good annual interest rate from your current, fixed deposit or savings account, but how sure are you it’s the highest you’re able to get? Discover the savings method and investment products that best suit your needs and wants.  The right strategy will help you to achieve potentially higher returns in the long-term and pave the way for you to achieve your financial goals.


This article is prepared solely for educational and awareness purposes and should not be construed as an offer or a solicitation of an offer to purchase or subscribe to products offered by Public Mutual. No representation or warranty is made by Public Mutual, nor is there acceptance of any responsibility or liability as to the accuracy, completeness or correctness of the information contained herein.

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