- Make a budget
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.