In a world where your expenses seem to be growing at a faster pace than your wages, it’s always wise to practise good money management and to make building your savings a priority. Whether you’re in the prime of your life or reaching retirement age, it’s never too late to start. Here are five short and sweet tips on how to make your savings grow.

1. Clear Your Debts

It goes without saying that you will accumulate debt 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 late payment charges. Also, put aside a small amount of money each month to pay off any loans you owe.



2. Practise Frugality

This is something we’ve all heard before, but yet it’s one of the most foolproof and effective ways of saving money. In order to spend less, list down the possible daily expenses you can afford to cut down on, such as your daily coffee fix, beauty products or 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.



3. Track Your Spending

Contrary to assumption, there are many hassle-free ways of doing this. For instance, you can easily download a ready-made template of an Excel spreadsheet and simply key in your expenses every month, or jot them down in a journal. It’s a smart way to save money as it ensures that you don’t unknowingly spend more than you need to.



4. Open a Separate Savings Account

Once you have started to cut down 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, and are now allocating for investments. Refrain from applying for an ATM card or a cheque book with this account, so that you won’t be tempted to withdraw money from it.



5. Pick the Right Type of Investment For You

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 successfully 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.