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Why saving before spending works

Mar 24, 2025, 08:00 AM by User Not Found

Most people follow the traditional approach to money management—getting paid, covering expenses, and then saving whatever is left. But what if you flipped that mindset? "Pay Yourself First" is a simple yet powerful financial principle that ensures you prioritise savings before anything else.


✅ Step 1: Decide how much to save

Not sure how much to put aside? Follow this guideline:

💰 Start with 10-20% of your income—if that feels too high, start with 5% and increase it gradually.

📌 Example: If you earn Rs. 30,000 per month, setting aside Rs. 3,000 - 6,000 can build your savings quickly.

💡 Pro Tip: Use MCB’s Standing Order feature to automate your savings and eliminate the temptation to spend first.


🏦 Step 2: Automate your savings

Making savings a habit is easier when you don’t have to think about it.

🔹 Set up an MCB Savings Account and schedule an automatic transfer on payday.
🔹 Consider opening multiple accounts to categorise savings: Emergency Fund, Retirement, Travel, and Investments.

💡 How to Automate with MCB:

✔ Use the Juice App to set up recurring transfers to your savings account.
✔ Open a high-interest MCB savings account to maximise your savings growth.

 


📊 Step 3: Save before you spend

Instead of saving what’s left after expenses, move money into savings first and adjust your spending accordingly.

✅ Treat your savings contribution like a mandatory expense (just like rent or a loan payment).
✅ Reduce discretionary spending (like dining out) if necessary to maintain your savings target.

📌 Example: If your budget is Rs. 50,000 and you pay yourself first with Rs. 10,000, you then allocate the remaining Rs. 40,000 for bills and expenses.

💡 Pro Tip: Track your expenses using MCB’s online banking dashboard to identify areas where you can cut back and save more.


📈 Step 4: Invest your savings for growth

Saving is just the first step—growing your money is the next.

🔹 Consider MCB Mutual Funds or investment accounts to make your savings work for you.
🔹 Look into MCB Fixed Deposits if you prefer low-risk, high-security returns.

💡 MCB Capital Markets offers a range of investment products for different risk levels and financial goals.


💳 Step 5: Increase your savings over time

As your income grows, your savings should too!

✅ If you get a raise, increase your savings percentage before adjusting your lifestyle spending.
✅ When you pay off a debt, redirect that payment into your savings or investment account.
✅ Set milestones—reward yourself when you hit a savings goal to stay motivated.


📌 Takeaways: Make paying yourself first a habit

✔ Set a fixed savings amount (10-20% of income).
✔ Automate savings through MCB Standing Orders and the Juice App.
✔ Prioritise savings before expenses.
✔ Grow savings through investments with MCB Capital Markets.
✔ Increase savings as income grows.


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Why saving before spending works

Mar 24, 2025, 08:00 AM by User Not Found

Most people follow the traditional approach to money management—getting paid, covering expenses, and then saving whatever is left. But what if you flipped that mindset? "Pay Yourself First" is a simple yet powerful financial principle that ensures you prioritise savings before anything else.


✅ Step 1: Decide how much to save

Not sure how much to put aside? Follow this guideline:

💰 Start with 10-20% of your income—if that feels too high, start with 5% and increase it gradually.

📌 Example: If you earn Rs. 30,000 per month, setting aside Rs. 3,000 - 6,000 can build your savings quickly.

💡 Pro Tip: Use MCB’s Standing Order feature to automate your savings and eliminate the temptation to spend first.


🏦 Step 2: Automate your savings

Making savings a habit is easier when you don’t have to think about it.

🔹 Set up an MCB Savings Account and schedule an automatic transfer on payday.
🔹 Consider opening multiple accounts to categorise savings: Emergency Fund, Retirement, Travel, and Investments.

💡 How to Automate with MCB:

✔ Use the Juice App to set up recurring transfers to your savings account.
✔ Open a high-interest MCB savings account to maximise your savings growth.

 


📊 Step 3: Save before you spend

Instead of saving what’s left after expenses, move money into savings first and adjust your spending accordingly.

✅ Treat your savings contribution like a mandatory expense (just like rent or a loan payment).
✅ Reduce discretionary spending (like dining out) if necessary to maintain your savings target.

📌 Example: If your budget is Rs. 50,000 and you pay yourself first with Rs. 10,000, you then allocate the remaining Rs. 40,000 for bills and expenses.

💡 Pro Tip: Track your expenses using MCB’s online banking dashboard to identify areas where you can cut back and save more.


📈 Step 4: Invest your savings for growth

Saving is just the first step—growing your money is the next.

🔹 Consider MCB Mutual Funds or investment accounts to make your savings work for you.
🔹 Look into MCB Fixed Deposits if you prefer low-risk, high-security returns.

💡 MCB Capital Markets offers a range of investment products for different risk levels and financial goals.


💳 Step 5: Increase your savings over time

As your income grows, your savings should too!

✅ If you get a raise, increase your savings percentage before adjusting your lifestyle spending.
✅ When you pay off a debt, redirect that payment into your savings or investment account.
✅ Set milestones—reward yourself when you hit a savings goal to stay motivated.


📌 Takeaways: Make paying yourself first a habit

✔ Set a fixed savings amount (10-20% of income).
✔ Automate savings through MCB Standing Orders and the Juice App.
✔ Prioritise savings before expenses.
✔ Grow savings through investments with MCB Capital Markets.
✔ Increase savings as income grows.


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