Saving money is not an easy task; it requires a disciplined way of planning, budgeting and spending. Most people save money as an afterthought. Whatever money that is saved is left over, after one has paid out all dues and spent on satisfying one's needs and want, is usually none or very little.

To deal with the afterthought savings mentality, create a savings bill. This is an effective approach whereby you treat savings as an obligation that you need to “pay off”, such as rent and utility bills.

Banks can help you develop this habit by creating a savings account, that allows you to automatically debit a fixed amount from your salary or main account (via standing instructions), at a set date that is close to your pay day. This way you don't have to think about physically setting aside money for savings, and thus savings will not become an afterthought. Any leftover at the end of your monthly cycle becomes an added bonus.

Just like spending, savings is a habit that needs to be disciplined and controlled. With the advancement of technology, coupled with increasing sophistication of banking products, banks can help customers save more effectively.

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