It is surely not rocket science to realise that 'saving money' is something everyone should do despite how much they are earning. If you are saving 10% of your salary for your future or investing for retirement, congratulations! Even if you never become rich in your lifetime, you'll likely be in a better financial situation than most Malaysians when you retire.
Unfortunately, the rising of living costs and unplanned spending will conspire to keep your wealth down as you try to make it grow. That's why no wonder people are tempted to go into debt when the other option is to work harder, earn more money, and reduce expenses.
When we save money, we put aside our desire to do or buy something now for the chance of doing something later. There are numerous ways to save money other than 'piggy bank' and it is a very realistic and achievable goal to have, if you put your mind to it. Here's how:
Keep in mind you do not necessarily need to make a fortune, you just need to save a lot more than you spend. Good luck! =)
Unfortunately, the rising of living costs and unplanned spending will conspire to keep your wealth down as you try to make it grow. That's why no wonder people are tempted to go into debt when the other option is to work harder, earn more money, and reduce expenses.
When we save money, we put aside our desire to do or buy something now for the chance of doing something later. There are numerous ways to save money other than 'piggy bank' and it is a very realistic and achievable goal to have, if you put your mind to it. Here's how:
- Find clothes on sale: Look for clearance sale at stores. Walk through the mall with eagle eyes and who knows you'll spot a "buy one, get one free" promotion?
- Avoid splurging too much at once: If you go out to the movies, for example, don't buy popcorn and coke if you are planning to eat at KFC or Nando's after the view.
- Split the ringgit: Save half of monthly income and use the other half for spending. Or split it into three or four options; saving, paying loans, spending, and bills.
- Part-time jobs: If your job does not take up all your time, get a part-time job to look for more money. Even if this job is once-a-week thing, it means more money.
- No plastic card: Do not get a credit card unless absolutely necessary as it may tempt you to splurge out. Debit card is a wise option.
- Make a list: Write what you need and what you want. What you need is a must buy when you have the money, but what you want needs careful consideration to buy.
- Work for more: Ask for a pay rise or work harder for it if you feel you deserve one. This will increase flow-in but make sure you control the flow-out.
- Say no to "No Limit": You must limit yourself. If you are a magazine obsessed person, instead of buying 10 magazines per month, choose one or two that you like the most. The same goes to Mamak and Kopitiam fans, limit your visit and order.
- Avoid borrowing money: It adds up to the cost (if from bank) and affect relationship (if from people). Remember, spend around our budget and capability. You really want something such as LV's handbag or iPhone, put it on a list and get it next month!
Keep in mind you do not necessarily need to make a fortune, you just need to save a lot more than you spend. Good luck! =)
