Page 11 - EQ Mag-2019
P. 11


      Are you living with

      the daily stress

      of debt hanging

      over your head?

       By Christian F. Cartwright

           forced savings plan may be the answer you’re           The Benefits of a Forced Savings Plan
           looking for to regain control of your finances. It’s
     Aeasier than you think to start taking positive steps        The right advice can show you the places in your
     towards getting out of debt.                                 monthly budget where you can afford to cut a few
                                                                  corners and keep more of your hard-earned money in
     What is a forced savings plan?                               the bank. Here are a few effective suggestions to get
                                                                  you started on a savings plan.
     In personal finance, a forced savings plan can also be
     known as a commitment to invest. It is a series of           Automatic Online Savings – Set & Forget
     automatic transfers that are in place to ensure your
     financial plan and investment strategy continue to run        Consider having a fixed amount of your salary or
     while all elements of your financial world are being          regular income automatically transferred into an
     accounted for. A forced savings plan is applicable for all   online savings account. This should be a separate
     people at all stages of their financial journey.              account from the one you use on a daily basis. By
                                                                  automating the process, you don’t need to worry
     As outlined in the example (pg. 11), a forced savings        about holding money aside for a savings plan. Even a
     plan utilizes a forced savings account that is set up with   few dollars a week will add up over time!  a completely different financial institution to your regular
     transaction and spending account.

   6   7   8   9   10   11   12   13   14   15   16