[augusta]

This is good for you, if you are new to saving money and looking for a simple way out with money saving avenues. So this method of money saving involves you making up your mind on the percentage of amount you want to always save from your bank account monthly ,it could be every payday.So you would need to set up a savings account. Then calculate the percentage of your monthly wage amounts that you want deducted monthly from your account

Then go ahead to arrange a standing order to put money in via your bank. So your percentage figure automatically moves from your bank account to your set up savings account every month same time like the previous month . Continue for about a year and may be increase the percentage to be saved the next year



What do you think about this money saving method?

[oldbuddy]

This is what is known as pay yourself first, but it is still just another bill in the end.

I would rather find a way to generate a stream of free money coming in and build it over time until it makes a real difference, without having any kind of bill to pay.

[augusta]

I don't think it is another bill to pay if I understand you correctly. The money transfer to your account is your savings and you can still withdraw for your personal use when you deem fit.