Forming and sticking to a budget is one of the best methods that you
can save money. By organizing a budget plan, you can see your money flow
each month and allocate funds to saving, bills, and entertainment.
Prepare yourself to save and invest
Saving and investment might seem like a challenge now, nevertheless,
by putting away just a few ringgits on weekly basis could have huge
impact. You can use your budget to see how much money you can put into
your saving accounts monthly. For investment, we recommend contributing
only 2% of your salary and increasing it over time.
Save one-third of your income
In case that you are not sure how much you should save, we recommend
saving one-third of your income if possible. For example, saving RM10
out of every RM30 you earn, you are making it simple on yourself to
handle financial difficulties, such as car repairs, medical expenses and
other shock expenses.
Start an emergency fund
Starting an emergency fund is another good method to save for
financial difficulties. We would recommend investing some money into a
saving account that has high interest or fixed deposit.
Repay your debt
Despite investing money into savings is a great way to prepare your
future plan, you should also be concerned about paying off your credit.
Be responsible about repaying your loan or credit and careful not over
your credit card limits.
