Ok, ok. No need to close your existing savings account if you’re doing fine. Kudos to you, sister. How about upgrading your deposit this time? But we’ll talk about that in my future posts.
Do not close your account if it meets the criteria enumerated below. If it does not, then you know what to do. Yes, close it and open a new one.
A real serious savings account must be all of the following:
► passbook only account
► not within walking-distance of where you work nor is it inside a mall
► regularly put deposit in it, say every payroll.
► put in a consistent figure or better every time, say 10 or 20 percent of
your net pay
► never touch it until it is time
In my future posts we’ll talk about when is the right time to touch your savings.
