Maximise your savings
Everyone has once thought of becoming rich, and having a huge bank account. Unfortunately, most of the time, this requires careful planning, consistent habits, and a large amount of self-discipline. Many have the misconception that in order to increase the digits in your bank account, you only need a large income. However, we strongly believe that your amount of cash outflow plays an equally important role in achieving your financial goals. Here are some tips to help you with maximizing your savings and using your savings to gain more wealth!

Tip 1: Set clear and realistic financial goals

Maybe it's being able to afford your first home by 30, or planning for your children's college education. Whatever it is, set a clear savings goal and work backwards to figure out the amount of money that you will have to save on a monthly basis.

This gives you not only a clear direction, but also acts as a healthy check and balance to ensure that you are working towards your savings plan every month.

Tip 2: Cutting costs

We all only essentially need food, water, shelter, and oxygen to survive! With that in mind, work out the things in your life that are constantly contributing to your expenses. Whether it be a gym membership or cable TV, find out what exactly is contributing to your spendings and in what way you can efficiently cut these costs to reduce your monthly expenditure. A good tip is to use mobile applications, like Wally, Acorns, and Empala, that can help keep track of your personal finances. This will enable you to gain a clear and full picture of your spending habits and where you can cut your expenses.

Tip 3: Making your savings work

Well, your savings are just sitting in the bank all day right? Why not choose to place that amount of money in a savings account that has a much higher interest rate to help you generate even more savings and grow your bank!

Investing your savings in the right kind of shares that are low-risk and pay high dividends can also enable you to grow your bank account all from the comfort of your home!

Growing your savings is a challenge especially among the younger generation where it's all about expensive and branded clothing. However, finding the right plan, budgeting, and eventually hitting that financial goal that you set for yourself is way more self-fulfilling than owning the latest pair of sneakers or articles of clothing.

Happy saving!
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E-mail: hello@empala.co
Phone: +65 93 614 269
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