Money In A Savings Account Now 'can Double Or Triple In Value For The Future'

It is a process called "delayed gratification" by one industry expert.

Those who put money in a savings account now will be glad they did in the future as it can double or triple in value, one industry expert has pointed out.

Bruce Brammall, a licensed financial adviser, stated putting cash away for a rainy day does not mean people cannot have fun now, the Herald Sun reports.

"But it does mean that if you do delay some gratification/spending now and save/invest some for later, you'll have extra moolah to spend enjoying something even more in the future," he added.

Mr Brammall pointed out he calls the process of depositing money into savings accounts for the future "delayed gratification".

This comes after financial planner Kerrin Falconer stated people should make certain they look after the cash they have now, which might involve paying off credit cards regularly, as well as ensuring there is some money tucked away for sometime in the future.

Meanwhile, travellers have been urged to keep emergency funds in their bank accounts when travelling.

People who are about to set off travelling should always make sure they have emergency money stored in their bank account.

This is according to Paul Hansford, writing for News.com.au, who pointed out those who are going away for a long period should also think about giving a family member authorisation to access their bank accounts in order to organise a balance transfer in an emergency.

He added: "When you're out on the road, stick to your budget religiously. Going over will only stress you out for the remainder of the trip and saddle you with debt upon your return."

Mr Hansford recommended individuals should plan ahead what they intend to spend and then add another 25 per cent on top to ensure they have enough money.

What's more, those planning a gap year - or even a holiday - might like to take out a credit card for emergencies, in case they have all their cash or debit cards stolen.

By: Samuel Gooch

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