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How to save

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Why you can trust SCMP

Most people think that saving is whatever is left from your income after you have spent part of it.

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The best way to save is to think otherwise: your expenses are whatever is left from your income after you have saved!

Don't wait - as soon as you get paid, keep some money aside, possibly in another account.

Open a savings account. If you haven't got enough to open a savings account, open a second current account and build up your savings until you can open a proper savings account.

Get motivated. Saving is not cutting expenses - it is keeping money aside to cover future expenses (telephone bill for example) and to fulfil your goals - goals can be short term such as buying an MP3 player or paying for a weekend holiday in Shanghai.

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True or False?

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