Saving prepares you for future opportunities and emergencies. While saving you can also earn money as interest on your account and have peace of mind. A rough guideline for the savings amount you should make is 10% of your income.

Automatic Savings Plan (ASP) is when you specify a specific amount of money to be withdrawn from one of your accounts on a regular basis and put into a savings account. Online savings accounts are often easy to set-up and free from account charges and transfer fees.

For example if you get paid $1000 each paycheck, you should aim to save $100 each time. An ASP can help by automatically transferring the $100 into a savings account on each pay day, which avoids the temptation to keep it in your daily account. If you get a promotion try adding the extra money directly onto your ASP. This way you will not see the extra money in your account as it goes directly into your savings, therefore you are less likely to upgrade your lifestyle and dispense even more money than before. Please note you need to have income at regular intervals for your ASP to work effectively.

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