There is a saying that a penny saved is a penny earned. I learned that habit when I was in grade school and I had my first bank account when I was in a freshman in high school. I still have that habit of saving money and usually I save in drawer of my computer table. When the amount becomes substantial then that’s the time I deposit it to my ATM account which comes in handy when I need cash. The habit of saving also helps me to think hard before spending. In other words, I don’t just buy on a whim because I put prime value on my money.
While those who work can deposit money regularly in their bank accounts, it is not so easy for those who don't have a job. This is how it works for me. My salary goes automatically into the bank but this is while I have the job. Thereafter, the story might be opposite lol. Savings are a must I feel. It's a security.
Yes, I have a monthly deposit frequency and I think this is one of the most effective ways to save money. However, I must to admit that sometimes it's not an easy task because it takes a lot of will power, but definitely it's worth the effort (especially after you check the balance in the bank account).
I don't subscribe to having large amounts in ordinary saving accounts in banks. My bank account is for funds that are needed for short-term requirements any funds that are to be held for the long term is placed in a deposit instrument to attract a higher rate of interest return. In my country, banks give a very small rate of interest on an ordinary account and their lending rates are enormously higher. Therefore, I see it as a rip-off the way the banks conducts business in regard to interest payable versus interest receivable.
I have investments in the stock market and life insurance. I deposit there regularly. I just keep most of my money in my checking account for my emergency funds and my ATM account for my day to day expenses.
