When it comes to saving, many of us Malaysians face a huge struggle. But why shouldn’t it be? When living expenses continues to soar every year. Hike in rental, petrol, food, and the list keeps growing.
According to the Malaysian Employees Provident Fund, 1 in 3 Malaysians do not have a savings account and many are not saving enough for the latter years. With the continuous flow of financial obligations and extravagant lifestyle, debt is sure to escalate upon us while our pockets calmly runs dry.
Plus with the economy falling and inflation soaring, the future could only seem bleaker than before. Now, more than ever, Malaysians have no excuse or reason not to save.
So to jump to the rescue and help our fellow Malaysian bunch from falling into financial pity and a very gloomy bank account – Here’s 5 Brilliant Ways Malaysians Can Save More and Spend Less lah!
Get your pens and notepad ready! Here we go…
1. Write down your daily expenses
No kidding! If you have to journal it on Facebook, Tumblr, Instagram, Blogspot or even MySpace – (unless you want some privacy of course) whatever helps you in keeping a track record of your daily expenses, do it! And no, I don’t just mean the big stuff like petrol expenditure… but to the very minutest detail of your expenses, for instance your Nasi Lemak bungkus for morning breakfast. Yes! This way you will get eye balls popping at how much you unnecessarily spend and next thing you know you will be planning you monthly expenses extra diligently. See what I mean?
2. Reduce your shopping mall visits
Well you know what they say, to overcome temptation is to flee from it first! So if you don’t want to be tempted to a mountain of shopping list, don’t cut-off your shopping visits – that’s just ridiculous. Instead reduce the frequency. That would mean you can still make time for shopping trips only a little less frequent than before. What’s more, by reducing your shopping mall visits, you will get to save your pockets and keep your bank account healthy. Now who is happier?
3. Keep your wallet small
No I don’t mean that you should carry the smallest wallet around. But stacking your wallet with lesser cash so you will not be tempted to spend is a wiser deal. Well, you might say this would make you visit the ATM for withdrawal every time you go shopping – that’s quite the contrary actually. In fact you can make your weekly withdrawals but instead of stacking them in your wallets, leave them in safe place at home. Estimate a minimal amount you will need for the day and keep less cash in your wallet. This way you will not go overboard with your daily spending and you could save more. And if your friends prefer an expensive lunch over your less expensive plate, don’t get all too sulky about it, simply budget your weekly expenses so you will have a little extra to toss and spend with your colleagues near the end of the week. Am I seeing a happy face now?
4. Challenge yourself to a monthly budget
No. This won’t be an easy feat but if you want to make your bank account healthy, you got to start somewhere. Challenging yourself to a monthly budget is a great way to start. For starters, budget a reasonable amount that you can manage and periodically reduce the amount as you seem fit. By month end, it will surprise you that anything is manageable including your “finances” if you put your mind to it. So are you ready for the challenge people?
5. Plan a no-spend day in a week
How cool is that? A no spend day in a week! Seems impossible right? – But give it a try and you might be surprised at how well you fare. To make this possible, plan this weekly and be prudent in your budget, from groceries to office lunches, petrol and anything else additional. This way you can enjoy a no spend day once a week or two. And if you continue on, soon you will begin to reap the fruits of your labour from saving more to spending less! Can I have a boleh lah?
A statement by HSBC Global report showed that half of retirees did not saved earlier for retirement. Only 21% of Malaysian retirees acknowledge the importance of planning their retirement funds early. Putting away money aside for retirement is something Malaysian can start doing now! Decide today with AXA MillionA plan and AXA MillionA + and look forward to a brighter retirement. CLICK HERE to learn more: https://www.axa.com.my/savings-plan-with-hassle-free-retire…
Like to share your ideas on how Malaysians can save more and spend less? Feel free to leave your comments below.