Beware that your sacrifices and discipline can fly out the window faster than you could imagine, when you are constantly reminded of how much money is sitting in your bank account. The temptation of a holiday, new car or one of a hundred other things can create a major setback in your plan.
Invisible savings accounts have helped people achieve their deposit without even knowing it. As the name suggests, you need to ensure that your savings account is beyond reach and not available to you on a day to day basis. Most importantly, you need to setup your finances, so that funds flow into this account automatically without trace. So how do we setup an invisible savings account?
Ask your bank to create a new savings account for you that earns the best possible interest provided by the bank. Once established, ensure the new account is not linked to your internet banking and that you ask for statements not to be sent to you. If you can produce them online, then ask for the account to be disconnected from your internet banking.
