Saving money

i took this from yahoo and found that its very meaning

1. Compound Interest Really is Magic
Dont small look compound interest. It's also what i called 'interest on interest'
eg. 1% interest for jan. but in feb u get 1% X 1% for the jan interest.

2. It's OK to Start Small
There is no such thing as big or small amount. even if u save $1, its still a save

3. You Need Savings Goals
Goal creation will give u an aim on what you want. Then u plan how u going to ge

4. Different Accounts Accomplish Various Purposes
Its easier to have various purpose account. From there, you can judge whether are you close to your goal. Eg. Investment account, Travel account

5. Savings Should Be Part of Your Budget
Well, for us, we already have 20% for CPF. I believe we need to cut another 10% at least for rainy days

6. Cash is Not Always King
Cash is never a king. Try to make your money work for u

7. For Retirement, Max Out Tax-Advantaged Accounts First
We need to consider things like SRS and other tax forms to maximise our funds. Its a poor thing to be taxed when u able to retire

8. Sometimes You Can Save for Others
I called this parents' account. In case they retire, u need some funds also

9. Spending is Never Saving
Discount is not a saving.. its an EXPENSE. spend on what you need and not what u want

10. It is Possible to get Too Carried Away