Movers and Packers Malaysia: ARTICLE: TIPS ON SAVING MONEY

ARTICLE: TIPS ON SAVING MONEY

First and foremost, saving money is important because it helps protect you in the event of a financial emergency. Additionally, saving money can help you pay for large purchases, avoid debt, reduce your financial stress, leave a financial legacy, and provide you with a greater sense of financial freedom. The importance of saving money cannot be understated. In fact, with so many proven benefits, saving money is one of the best financial habits you can adopt. One of the most important reasons to save, is to provide yourself with the freedom to pursue a career you love. Saving money is important, because it provides you with financial security. And the more you save, the more secure you will be.

1) MAKE A BUDGET

• Budgeting is the most basic and the most effective tool for managing your money.

• Budgeting actually does is clearly show you how you allocate your money.

• Budgeting present you the choices on what stuff to enjoy it will save you the grief of overspending and being too much in debt.

• A budget is a way of being intentional about the way you spend and save your money.

• Budgeting saves you from wondering every end of the month where your money went.

• Budget makes you aware which category of expenditure takes which portion of your money.

• Budget also serves as a reference for organizing your bills, receipts, and financial statements.

2) TRACKING YOUR SPENDING

• Tracking your expenses is one of the key factors in making your budget work for you. If you do not know how much you have spent each month.

• Even the small expenses can cause you to blow your budget .

• There are several options available to you track your expenses.

• One of the simplest is a written ledger or tracking system.

• It may be even easier to choose budgeting software that works with an app to track expenses on your phone.

• It's also important to know how to track your expenses in a notebook.

• It can also help you become more aware of what you are spending and where you are spending it.

3) OPEN A SAVING ACCOUNT

• Savings accounts are somewhere you can put some or all of your discretionary income.

• You can ward of the temptation to spend this discretionary money by setting up automatic, scheduled transfers from your main account (transaction account) to your savings account.

• The simplest way for you to keep your money safe is to keep it in a Savings Account at a bank.

• If you keep a high quantity of cash, it is more likely to get stolen, misplaced, or even damaged due to some calamity such as a fire.

• While Savings Account’s purpose is to encourage savings, it is also a good place to keep your money aside in case of emergencies.

• Unlike a Fixed Deposit, the money is not locked in for a fixed period of time and can be accessed whenever required.

4) CONTROL YOUR IMPULSES DURING SPENDS

• Delaying gratification in the short term can lead to a much bigger payoff in the future.

• It might be painful to resist an urge in the moment, but sacrificing an immediate want for a larger reward later on ultimately brings more peace of mind, satisfaction and feelings of accomplishment.

• You can control spending and resist temptation by shopping with a set list in mind.

• By carrying only a set amount of cash and leaving the credit cards at home, forcing you to spend no more than what you have in your pocket.

• You might consider developing your own technique to take a mindfulness break before each purchase.

• Tracking your spending and maintaining a budget are all critical parts of personal money management

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ARTICLE: TIPS ON SAVING MONEY

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