How to save money? What a question..

Nowadays people awareness on how important to save money rise. Everywhere people are talking about saving money, investing money etc.

But how you save your money? You stop smoking, you unsubscribe your astro, you do your own meal. Then at the end of the month, how much you save? Where is the money? Do you still spend all your monthly income?
Let do some simple calculation. If you save $200 per month by swithcing from travelling with car to travelling by bus you will save $2400 a year! But usually people don’t see the RM2400 at the end of the year. Where does the money go?

The right way to save money is first list down all what you can save for the month. Let say you want to cut your spending by stop smoking, use public transport, unsubscribe astro, cook your own meal etc. Your total saving is RM400.

When you get your paycheck, first thing to do (yes FIRST thing to do) is to put aside that RM400 before you pay any bills, loans etc. Make sure you put it away to your other account (without ATM card) if you inted to save the money. Otherwise it can’t be saved.

That’s how simple it is if you want to see your saving grow. Yet a lot of people failed to see the money they ‘saved’. Because they just don’t save the money.
Do a planning for the saved money. Whether you want to allocate for investment later on, emergency fund, paying debt etc.

This way you can see the amount of money you actually saved and where does the money go with new allocation plan.

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Categories: Money Mgmt
1 comment

One Comment

  1. To be a wealthy person is not how much you earn but is how much you save and invest.A lot of us ,after received monthly salary,will you 1) spend 1st then save or 2)save then only spend ,which one you are? A lot of us will fall in category #1,correct?Why not we try to practice category # 2 ,see whether it makes different to you,good luck.

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