Sunday, February 14, 2010

2010 Savings

It's Chinese New Year and well, for 2010, one and a half months has already passed. How have you fared with the "I will save more" bit of your new year's resolution? Know that just because economies everywhere are picking up doesn't mean you should be slacking on your savings. In fact, all the more reason to really monitor your cashflow because your savings can give you greater opportunities for income in the future.

Listing expenses daily or weekly is one strategy. Another is updating a cashflow statement. Maybe you might even want to invest on a budget software to help you save more. You can purchase one from sites like Automatic deductions for savings deposits and bills payments as well as limited/non-use of credit cards could also save you the hassle of having to resist temptation to forego payments or necessary deposits.

Setting money aside is usually the hardest initially, because you're not yet used to the limited income. But you do adjust in time. Focusing on the goal also helps with the change of attitude about saving all that cash.

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