You wanted to save money? Have any specific goals in minds like buying a house or a car? Here is some of the tips for you. Happy reading!
Most Malaysians are not exposed to invest. We are not teach to learn investing when we are young nor are we taught to do so. Yes, school doesn’t teach you life skills that you need. If you are a parent please teach them about finance and investing at an early age. It is simple yet needed skills. If you can master the knowledge of investing, you can get ahead in your financial status. However, please do not rely on investing. Do not treat investing as a way to live your life. Making it a side-income is fine. Remember, failure to plan is a plan to fail. This will leave many people trapped in a financial burden, especially as the cost of living continues to rise. You and your partner’s savings; both are not enough to cover the cost of living and your lifestyle especially if you live in the city.. You are advised to make investments to grow your financial value. If you are afraid of investing in cryptocurrency or trading in Forex, consult a financial advisor or go to the nearest bank.
Yes, there is a minimum capital needed for most types of investments however, in contrast, there is no minimum amount to start saving. What is important, start saving consistently for the short and long term goals. Reinvest the returns received for more money values. After 10 years, you can see for yourself how the power of investment and interest is able to grow the value of your savings. It is called investing for a reason. Usually, the longer you wait, the bigger the income. However, if you are afraid, go for passive investments. What is passive investing? Passive investing has a low risk of incurring losses.
Record Each Expense Every Single Day
There are two benefits to recording these expenses.First obvious reason is, you will have a record that is easy to refer.This record can be used as future reference to manage your money better. It may sound troublesome, but with modern technologies, this is getting easier. You may use e-Wallet or any apps on your smartphone then your expenses will be recorded automatically. Many applications like Maybank2U and TNG eWallet have a history section for you to check. Bonus tips: ShopeePay offers cashback for selected outlets like food and beverages companies. I have received RM10 cashback when dining in Secret Recipe. The total of my receipt is only RM60 and to receive a cashback of RM10 is a pretty good amount. It is like getting that slice of sweet cake for free.Then, if you fuel your gas, you can use applications like Setel or Petronas on your smartphone. You can use this data to keep track on how much you spend on gasoline, and enter in a monthly estimate. Overall, this is a great tactic if you want to budget your financial status.
Make a Savings Goal For Yourself
First and foremost, you obviously have a large goal in mind. For instance, you want to buy a house. Keep in mind the huge amount is the amount of the house down payment itself. Then, you can specify how much money you want to collect in a year. The goal of setting a target like this is to ensure that you stay on the right path of saving your money. Let’s assume in the worst case scenario, you don’t have enough RM500 to save for this month then you can cut some of the entertainment fees or shopping fees a little for the next month to make up for the remaining amount that was not enough of the RM500.
Hey, while saving money to get your dream house, you can also shop for the cheapest pemasangan sistem saliran bumbung in Malaysia.