Saving

If you need to save for school,

a trip or whatever it is that

you want, I highly recommend for you

to get an automatic savings plan

"Fixed Term Deposit"

Basically for mine you had to

open the account with $1000 and

the minimum amount that could

come out each month was $250.

I chose to do $850 per month.

You could sign up for 1 yr, 3 yrs

or 5yrs. I of course did 1 yr.

It comes out automatically each

month. I could not touch the money

in this account at all. I couldnt

access it or see it. I get the money

when the year is over. Its perfect

for me because I cant make any

excuses as to why I cant save for

that particular month. I have

no choice. I get my money

in the beginning of Sept.

A year went by so fast !

I've seen commercials on TV

for American banks that say to open a

fixed term deposit savings account but

there is no minimum amount

that you have to put in.

I think you should create your own

minimum. Make it a good bit

but manageable for you.

When I opened mine I was still

paying the loan for my scooter

that I ride to work and I also

have bills...I could have saved more but

I just didnt want to. I still wanted to enjoy

the time I had in Bermuda.

Also, with this sort of savings plan

you of course get interest. These days

the interest rate would be super low

but at least you end up with some free

money at the end...even if its just $30 more.

However, you do of course need a job

to save. So, that is probably the hardest

part of all. Hopefully you can find one

that allows you to save all year ...

even if its $200 a month.

You might be thinking...well...

what if I need that money...what if

I dont know if I'll have a job later this

year...What if I cant handle the savings

payments every month ? Well, then

save less but save SOMETHING.

There will always be something you

need or want. But, the sacrifice

will be worth it in the end.

I have a friend in Korea that saves

a couple hundred a month for a future

house and for his wedding. He doesnt

know who he will marry or when he

will get a house but he is saving anyway.

Its always better to save just in case !

The main reason I chose the UK for school

is that tuition for University is less than

$6,000 (U.S) So, Im going to pay

my tuition myself this year.

By the way this is because Bermudians

are considered British citizens,

so I get to pay the local fees (Thank God!)

If you feel that you need to take a year

off to save up for your next school year

then do it ! I have a friend that did that

because her school in L.A is so expensive.

They are tripling the rate in the UK if you

start next yr which is beyond Ridic...

Glad Im going this year.

It feels good that I saved this whole year.

I've never saved this much before. I should

have been doing it all along but my

mind just wasn't in the right place.

Hope this coming year goes well !