save money

Joseph Amponsah

Banking

About the author

Joseph Amponsah

Joseph writes about finance, information systems and strategy. He consults for small and medium-scale businesses in areas of finance, strategy and business processes.

Here’s an Easier Way to Save Money and Become Richer in Ghana

If you want to become rich, then you absolutely have to develop the habit of saving –regularly. Many have discounted the impact of regular savings to make you rich. There have been definite statements by some millionaires suggesting that savings cannot make you rich. You may have to discount this notion and begin to consider stepping up your savings game, if you don’t have the financial muscle to take the risk that the super rich take with their money.

Read also: This lady shares her hard lesson on savings account

A good savings habit a one every one must develop, and practice consistently to gather size of capital required starting a business. You also need savings to fall onto in times of emergency, where you cannot quickly convert other assets into cash. Consider an opportunity knocking at your door but you are unprepared to take it because you simply do not have the cash. It is in many of such situations that you realize the need to have savings.

Read also: Unconventional ways of saving money

Many struggle to save money even though they earn income on a regular basis, say monthly. Savings shouldn’t be a difficult task, if you are prepared to do so. The way to make savings a seamless act is by automating it. How do you do this? It’s actually quite simple. If you are a regular income earner, you simply have to talk to your banker to put a standing order on your account for the amount you’re willing to put away for future use. Putting a standing order on your salary account means a constant deduction of the indicated amount from your account into a specified account (a savings account) or investment product. By so doing, you don’t have to battle with the inertia that grips us whenever we are paid and we want to put aside a portion of it.

In a similar way, you can also talk to your investment house (if this is different from your regular banker) and sign on to a direct debit scheme, which allows them to receive on your behalf, a specified sum from your salaried account, which is applied directly to your investment with them.

Read also: Which is better? Current or Savings account

Savings is a powerful habit that you need to develop if you want to become rich and be prepared for opportunities which knock on your door.

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