Ask Leo: Between daily savings and monthly savings, which one yields a better result?
Yesterday I talked about piggy banks and how effective it was and still proving to be. This makes me to start thinking about which form of saving yields a much better result. Some people might argue it to be a monthly saving especially for salary earners. This is because it's the time they get paid and its easy to remove some percentage from it to save. But if we look at it again, daily or weekly savings can be quite effective too if not more than.
If we are to take into account of people with streams of passive incomes, it can be wise to say that waiting till month end before you save might not be a good idea. Not just people with streams of passive income alone but entrepreneurers. They don't have to wait till month end before they earn. Most of them earn daily or weekly. Therefore monthly savings alone wont be the best for them. Daily and weekly savings helps to reach our financial goals faster. Its all about planning and cutting off unnecessary expenses. Even as a salary earners, most times the money we spend in a month is quite much but because we don't keep track of it, it looks like we don't have what to save until the salaries comes in. There are money that still come in within the month which can be put into savings if we cultivate the habit of daily savings or weekly savings.
This is where the piggy bank comes to play. I believe there is a way a piggy bank and a normal real savings bank can work. For huge money in thousands and millions, they can be saved in banks. Ofcus we know we can't save millions in a piggy bank that's why an actual account will be needed. Then all the small small expenses that are being converted into savings can be put in the piggy bank. In this way, you get to save both daily and monthly and by doing so, you'd be amazed at how much you'd be yielding at the end of the day.
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