Wanted to buy a property but insufficient of money or even don’t have any savings in your bank account? Always worry about not enough money to buy the things that you wanted? In today, we will share some ways that can make you be a financial expert!
1. Open a bank account and practice to save some of your income every month
You can pick a bank that can help you to save money and earn interest at the same time. Do your homework to search for which bank has offered the higher interest for savings in long run.
2. Put the luxury items into the waiting list
If you really want to buy a luxury product that you desired to get it for a long time, do not swipe your credit card to buy it immediately (if you finally have sufficient money to buy for it). Wait for a few months, and find out whether you still want to have it. Alternatively, give yourself a week to rethink again, is it necessary to buy that thing, will you use it for a long time, what reasons for you to buy it and etc.
3. List down a list of “I don’t need this”
Do use a notepad gadget in your mobile phone or tablet to note down the items you don’t need, and make sure your will not buy those items for sure when you go for shopping. You will used to it after a week or two, you will realize you are still alive without buying those unnecessary items.
4. Making change with coins practice
This is a very good ways to save money! You can prepare a large bucket or piggy bank and put all the coins that you got from change into it. After half of a year or wait until the bucket or piggy bank is filled), in your free time, you can started to counting all of the coins that you have put into it.
5. Establish an automatic savings plan
Open a fixed deposit account in the bank where you can’t take out the money until a maturity date. You can apply for an online bank account and set the auto transfer the fixed amount of money from your salary into that fixed deposit account. So, it can control you to use that part of money accidentally.
6. Save as much as you can
If there is not much left after paid-off all the bills, you can plan for your daily expenses such as RM 20 for each day meals, RM 100 for grocery items and etc. The amount of money you saved monthly doesn’t not need to be a lot, as long as you comfortable with it. But, it is advisable to try to save as much as you can.
7. Away with your credit card
Credit card is important as it can affect your credit score while applying any loans. If you don’t have any credit card, you loan application is most likely will be rejected by the bank as they can’t determine whether you can pay the loan repayments on time after accessed your credit history. You should apply a credit card and set the limit to RM 500 or as lower as the bank accepted, it is to control your expenses.
8. Control yourself from shopping online
If you plan to buy a item from online stores, you should compare its prices with their competitors. You may be able to get for better prices in other website, and may receive some cash vouchers, which you can use it in the future.