In many cases, saving money, large or small sums, is 90 per cent behavioural and 10 per cent financial. And, to succeed in the long term, it needs to be thoroughly ingrained in your lifestyle for it to stick. Begin with an achievable sumThe biggest deterrent when forming a savings habit is setting a goal that’s too high; such as saving $500 when you can really only afford $50. Start with a small amount, like $15 each week, that you can automatically transfer into your savings account. Automatic payments will prevent you from forgetting to save and help you form the habit of saving.

Source: The Star November 11, 2019 10:05 UTC