To feel financially secure, it’s always good to practice money saving.
Putting some effort can save you hundreds or even thousands of ringgits a year from your budget.
If you are planning to start saving effectively, here are a few tips on how to save money!
| 5 Money-Saving Tips |
1. Look out for discounts
Save up to 80% of market price on groceries by availing the periodic discounts offered at various outlets.
Often, products nearing their expiration dates are sold at killer prices for specific durations. Leaflets detailing the available price reductions every week are also available.
Stock up your pantry rationally during such discounts, saving money, time and getting the same quality at cheaper costs. The same applies for restaurants and other amenities.
2. Know where your money is going
Know where your money is going. Be meticulous with your records of expenses each month.
Each and every expense must be accounted for to help you prevent overspending. To avoid unpleasant surprises, set a cap or budget for individual categories or your total expenditure.
Apps like MAE expenses not only keep track of your expenditure, but also, they sort your shopping trip into various subcategories.
Others provide reward points for saving above a specific amount per week/month, thus encouraging more savings.
3. Avoid unnecessary expenditures
Is upgrading that fully functional tab really necessary?
Or, the pair of rollerblades which will be used once and spend the rest of its life in storage?
Make purchases based on needs and not whims. If you cannot make do without a particular item, only then go for its purchase. Your money is going to thank you!
4. Make optimal use of a savings account
Many banks have options for savings accounts in which clients can save money and need to leave their savings untouched for a specific period of time, depending on their needs.
If any amount is withdrawn before ‘ripening’, there will be additional significant charges incurred each time withdrawal takes place.
The transfer into your savings account can be automated and thus, the process made more streamlined and organized.
5. Pay off loans and debts at the earliest
The most inconspicuous way that expenses accumulate is through paying interest on debt.
To avoid paying further interest, you want to clear your debts earliest possible. Make sure the repayment scheme is being followed each month and up to the mark.
If there are mortgages, prioritize paying it off over a foreign summer trip.
By now you have got some ways to save money. So, keep these five hacks in mind and create your own savings strategy from this day on!
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