|Manage your money wisely|
For a student or any profession that doesn’t have any fixed income, it is understandable when they don’t have much savings.
But what about those who are working? Having fixed income monthly and even get paid with high salary. Undeniably that current cost of living is high. But sometimes, we cannot put the blame on the cost of living. Cause saving starts all from our own self- having self-discipline and strong will in saving money monthly without even using them back (unless in emergency).
Save money tips here are just a guide for you. It will works if enough efforts are put into play. May be you have a better tips, feel free to share them here.
It’s hard –YES! But here, I’m going to share some few tricks in obliging yourself or on how to make yourself commit in saving money every month.
1. Start with little amount
Try to saving RM1 to your piggy bank every day without fail; that’ll make RM30 per month and RM360 a year. And if you are up to challenge, try to increase the amount as the month goes by.
For example, January and February will be RM1 each day. Mac and April will be RM2 per day. Meanwhile May and June will be RM3 per day, and it goes on and on.
You’ll be surprise knowing that you’ll have almost RM1000 in your piggy bank by the end of the year!
2. Colour-coded saving
This trick is a bit challenging for any new beginner. For this one, you will have to choose which among the bank notes’ colours is your favourite?
For me, I like orange (in Malaysia bank notes, orange is RM20).
So here’s how you start. Once you picked your colour, fixed to it. Then, whenever you received that particular bank note, put it in the piggy bank and DON’T USE THEM.
For starters, I recommend to pick the bank notes with lower value.
3. Emotional saving
Every time you feel angry, sad or hold grudge at anyone, put money in your piggy bank following these scales: RM5 – angry, RM10 – hate, RM15 – sad and RM20 – grudgeful.
This will not only helps you to save more money, but also to control your emotion in a way.
4. Strict saving
Only put RM10 in your purse/wallet every day. Should you have any balance at the end of the day – straightly put them in the piggy bank. Only limit your usage to food or emergency.
Do not spend it lavishly.
5. Auto cut by Bank
This is also one of the tricks that I am using currently. For your information, few bank actually provide this service.
I’m a bank account holder for Maybank and they have these Maybank One scheme that will cut a certain amount(for Maybank, minimum would be RM50) from your bank account(you get to set the date when. For me, I set the date to my pay day date).
This way, you will not realize that you already have your saving automatically provided by the bank. They will debit back the money to your account exactly after 1 year.
But if you have any emergency and your need to withdraw the money before one year, the bank will deduct a small amount from the total saved (I take it as a fine for not able to be discipline towards our saving).
Please also read our other post about how to make money for student
Save money tips in a nutshell, these are the few simple tricks that you can use should you find the normal save money tips method is hard or boring. However, the success of these methods will always come down to one: SELF-DISCIPLINE. Also, you will need to be able to differentiate from ‘Needs’ and ‘Wants’. Normally, it’s this kind of matter that makes us fail to save our money, besides our lavish lifestyle. So remember, don’t go broke trying to look rich! Instead, save money for a better future. – sunduvan.com