Developing the Habits of Saving

Savings are monies put aside as a reserve. We must develop the habit of saving money for future purpose. We must develop self control on our monies in order to put aside monies for any future misfortunes.

Some ways of saving monies are

i. money box This is a container with a slot on the top for keeping money at home. Children put aside some of their monies in these containers in order to control them from spending the money till their targeted time. They make small slots on the containers, this prevents them from removing the monies until the targeted time.

ii. Susu This is when you keep some part of your money you earn. You can keep your money by giving it to a company assigned to do so or you keep it yourself.

iii. Credits unions These are co-operative depository financial institution whose members can obtain loans from their combined savings.

People who save monies in these unions have the chance to be given loans. They are given loans which are more than the money they have saved. They are given some enough time to repay the loans.

iv. Bank saving accounts Bank is a recognised financial institution that accepts deposits and channel the money into lending activities. Saving at the bank is safe and secured because the bank can never run away with your money

A lot of financial companies have run away with the money of people and it is always advisable to bank with financial companies that are well known and have a lot of branches. You must always look for banks with Bank of Ghana's permit in the banking hall when you visit such places because this is always displayed in the banking hall.

v Post office savings This is also a saving place. Monies can also be saved at the post offices.