Saving Your Money Efficiently

The online banking website Malaysia you just registered on may allow you to finally access your bank savings on your own phone, but don’t ever give in to the temptation to spend freely with them. Assuming that you are living on your own, saving your money is a priority to keep yourself afloat.

Fortunately for you, there are some ways that you can do to retain your savings as long as you can. You don’t really have to be a total miser, but as long as you follow these methods of saving your cash, you will live as happily as a rich folk in a mansion. Plus, when you have infinite money, wouldn’t it bore you when you have everything you want?

Record Your Expenses

You have to keep track of your savings so you know how much you are spending every month and the current sum in your bank account. Whether you are using a paper or computer, make a list or chart and include your weekly expenses such as rent, food, utility bills such as water or electricity, your phone credits, and so on.

Recording your expenses also allows you to review your budget and decide on what to cut and what to keep.

Use Less Or No Credit Card

Credit cards are great as you don’t need to use hard cash and fasten the transaction process. However, at the end of every month, you will have to pay its bills since you pretty much used money from your card provider. In a way, you are paying back the funds you “borrowed” from them.

Either lessen or don’t use your credit card at all, and only do so in dire emergencies. You may still have to spend, but at least you can avoid a credit card debt that you may easily forget or be stressed about all day. 

Need, Not Want

What do you need that 76 inch plasma TV for? Why do you want a gaming console when you already have a laptop or computer to play in? Why do you want to eat at Chilli’s when you can just make yourself full with the food court adorned with your favorite dishes?

Know what you need rather than want. The necessities that you will normally spend on are food and bills. Having what you need is already enough to make your own life comfortable.  Plus, with at least a phone, you have plenty of entertainment with a lot of varieties. If you have a laptop or computer, even better.

If you are buying something that you want, you have to be really sure that you want it for the long run. It is a waste of money if you buy only for your initial impressions to fade away overtime and you rarely or never use your things. If you are purely buying for status, seek medical help.

Have A Safety Net

Say you have plenty of money in your savings. In fact, it is so plentiful that you could probably afford to eat in expensive restaurants for a solid week or two. Sounds enticing, but then again, why not just eat cheaper yet delicious food?

At some point, you have to set a safety net in your bank account. This means not spending more than a certain amount unless you really need it in an emergency. If your savings are now more than RM10,000, you can perhaps set RM5000 as your net. RM5000 is the money that you cannot touch, so you have to ensure that your savings never dwindle close to that amount.

This mindset allows you to be mindful of your budget and practice spending as minimally as you can to retain your safety net.