If you would be wealthy, think of saving as well as getting
If you have different savings account, paying yourself first is relatively easy to setup.
Using POSB/DBS savings account as an example:
Login to your POSB/DBS internet banking account
Click on “Fund Transfer” (1)
Click on “Standing Instruction” (2)
Click on “Add New Standing Instruction” (3)
Select your “Debiting Account” (your pay cheque account)
Choose your “Beneficiary’s Account” (your designated savings account)
Fill up the details for “Standing Instruction”
- Payee’s Full Name (you can enter your name here)
- Payment Amount (the amount you intend to pay yourself, could be 10% of your net pay)
- Date of First Payment (when you want to start the ball rolling)
- Frequency of Payment (choose Monthly)
Verify the details entered and confirm.
In this example, I have set up the monthly transfer from POSB Savings account to CIMB Starsaver account, starting from this month.
That’s how I pay myself first.
Set a budget and be discipline to save a portion of your salary first before spending it, you will be happier when you see your savings account at the end of the year.