An article from Malaysian Investor website, by Ringgit Man. Good tips on how to start your saving habit. Eventhough you earned RM10K per month doesn’t mean that you don’t need to grow your saving.. 😉
#1: Quit smoking
â€œI have stopped smoking since the announcement of the new cigarette price. I have managed to save RM20 a week.â€
–Mohammed, Credit Controlller. Age: 28
Ringgit Man: Live longer and save RM1,040 a year!
#2: Bring lunch to work
â€œI usually bring lunch to work three times per week. I manage to save about RM30 per weekâ€.
–Soh Guat Ha, Accountant. Age: 36
Ringgit Man: Bring lunch from home to work and you can bring RM1,560 to the bank next year!
#3: Wash your own car
â€œWhy send your car to the carwash if you have time over the weekends? The carwash operators charged RM9 per wash â€“ this means you can save RM36 per month by washing your own car. Besides it is good exercise and, for a better workout, try polishing the car.â€
–Khairi, Business Development Executive. Age: 26
Ringgit Man: Washing and polishing your car brings in an annual saving of RM1,872 which can take you a long way.
#4: Workout at home
â€œI have cancelled my fitness clubâ€™s membership since I rarely go there and exercise. I have started working out at home. As part of my exercise regime, I walk about my neighborhood, 30 minutes a day. Amount saved? RM180 per month.â€
–Mahinder Kaur, IT Technician, Age: 25
Ringgit Man: RM180 a month for 12 months – your savings account will be very fit in a yearâ€™s time. You will have an extra RM2,160 in it.
#5: Pay your credit card bills on time
â€œAlways pay your credit card on time to avoid incurring the RM5 finance charges for late payment. If possible, clear your credit card balance as soon as possible to avoid the high interest charges.â€
–Ahmad Kamal, Programmer, Age:23
Ringgit Man: The early bird catches the worm. A prompt payer saves RM60 per year.
#6: Tutor your children yourself
â€œI have three school-going children, aged between 7 to 11. I tutor them myself instead of sending them to a tuition center. I save a gross amount of RM360 per month.â€
–Mrs Kannan, freelance writer. Age: 42
Ringgit Man: Kill two birds with one stone. Teach your kids, spend quality time with them and youâ€™ll save RM4,320 a year for their college funds.
#7: Hang out at a â€œteh tarikâ€ stall instead of trendy gourmet coffee outlets
â€œMy friends and I used to hang out at trendy coffee outlets during weekends which would cost us almost RM50 per week. Now, we hang out at â€œteh tarikâ€ stalls and spend around RM10 a week.
–Sofiana, Student. Age: 18
Ringgit Man: Go local and save RM2,080 a year.
#8: Reduce your electricity consumption
â€œMy family always tries to reduce electricity consumption in our home. We set the timer for the air-conditioner and switch off the lights and electrical appliances if they are not in use. We have managed to reduce our electricity bill from RM230 to RM120 per month.â€
–Madam Cheah, Homemaker. Age: 47
Ringgit Man: Use energy efficiently and power-up your savings by RM1,320 annually.
#9: Plan your grocery shopping
â€œWhenever I buy groceries, I always spend more than the budgeted amount by buying chips, carbonated drinks and sweets. This year, I made an effort to stick to my list when I do my grocery shopping and have managed to save RM80 per month.
–Dina, Florist. Age: 33
Ringgit Man: Stick to your shopping list and save an extra RM960 a year.
#10: Pay your bills online
â€œI settle most of my bills using the Internet facility. I have saved RM5 in postage, RM65 from parking and fuel per month.â€
–Rajesh Nair, Software Engineer. Age: 28
Ringgit Man: Go online and surf your way to RM840 savings per year. But take precautions when using the Internet.
A little cut back in your spending can go a long way to grow your savings. Start small and be patient. Give yourself 12 months and see its outcome. You will then have enough savings to invest it in the capital market!
My two cents : In other words, spend wiser. No matter how much you earn, if you don’t plan your expenses it will make no difference. Think.
[tags]expenses, saving, money, investment[/tags]