Let's just say you keep on doing this for 20 years, boom, you're a millionaire! Imagine saving P4,500 a month results to P54,000 a year. These type of savings accounts earn higher interest rates vs regular savings account. Better if no ATM, so you don't get tempted to withdraw it. Imagine if you cut your daily Starbucks habit, this could yield to P4,500 a month! Open a Time Deposit account, for some it's called Special Savings account. Discipline and sacrifice is needed if you want your money to grow. It can be as little or as much as you think you can set aside comfortably. You could write to the bank where your salary is deposited to debit an amount you're comfortable with and transfer it to another account you will open.
Inspired by a book "The Automatic Millionaire" written by David Bach, it's a simple principle of automatically saving a portion of your salary on a monthly basis. Do the "Automatic Millionaire" Savings System.
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