I found a common article with interesting
input just now while browsing thru the net and decided to share it here..
Saving money is something millions of us
want to do, but do we make any effort to that? To quote a line in the article..
'Most finance experts recommend having the equivalent of between three and six
months’ worth of your salary stashed in an easy access account in case of
emergencies..' This article makes me think and think.. Do I have that much of
money as my saving to face any emergencies?
Many of us have their own habits/strategic
plan when it comes to save their own money.. A simple practice that might give
a huge impact in future.. Here are some
of the habits of successful savers..
They save regularly. You may not be
able to save a huge amount every month but a small amount saved often will soon
add up.
*As
saying goes, sikit-sikit lama-lama jadi bukit kan..
They save at the start of the month, not
the end. Really successful savers set some money aside as soon as they’re
paid. That way they can factor their savings into their monthly budget and save
a consistent amount each month. Don't wait until the end of month and save any
leftover cash.
*If
I don’t reserve it first, I don’t think that I will have it at last.. Hihi..
They keep control of their spending. If
you think you can’t afford to save anything, it’s worth taking another look at
your budget to see if you can reduce spending elsewhere. Really successful
savers see their monthly savings deposit as a priority over more discretionary
spending. You need to look back and wondering how much money that would free up
for your saving account.
*I
do control my spending actually but in some circumstance I can’t resist to
spend for an item which is tak perlu pun.. Hihi..
They actively manage their money. Successful
savers are proactive about switching their money to better accounts so they can
earn the highest amount of interest possible. Many accounts are boosted by a
12-month bonus, so it’s important to keep track of when that ends and be ready
to switch to a higher-paying bank.
*Ok,
I admit that I have lack of knowledge about this and only use one or two
account for years..
They have a rainy day fund. You might
be saving for a number of reasons; for a holiday, to overpay the mortgage, to
decorate the house. But whatever your goal, it’s important to have an emergency
pot of money that you won’t dip into unless you really need it. Really
successful savers don’t factor this emergency fund into their savings goals,
because they know that they can’t blow that money on a dream break or garage
conversion.
*Keyword
here is save for emergency!
They
clear their debts first. It makes no sense to be paying high interest on a
loan or credit card, while earning low interest on savings in the bank. Although it makes sense to save up an
emergency fund, most people are better off clearing their debts before adding
to their savings. Successful savers
don’t waste money on high interest loans if they have the cash to clear them.
*We
are working on it right now.. And the mission is no credit card for life..
They keep track of their loose change. How
much money do you lose down sofas? How much do you dump in a penny jar and
never cash in? Money works harder in a savings account than it does sitting in
an ashtray in your kitchen. It really is worth emptying your penny jar occasionally.
*I
just realize that I’ve been keeping loose change for a long time in a bowl.. I
have seen a coin machine in Tesco Shah Alam last time when buying our
groceries.. Have idea to change the coin for Tesco voucher and use it for our
next month groceries expenses..
They set savings goals. If you’re
saving for a specific goal, then it’s a good idea to work backwards. Instead of
deciding how much you can afford to save each month, consider how much you need
in total and how quickly you need it. Then you can work out how much you need
to save each month to reach that goal, and tailor your other spending
accordingly. Really successful savers understand that setting goals can be
really motivating.
*So
many goals need to set up.. Hihi.. But I will ensure that I can accomplish it
one by one..
They start young. There’s plenty of
evidence that saving as a child helps you manage your money better as an adult.
You can get your own children in the habit of putting some of their cash aside,
even if it’s just their duit raya. If you can teach them the benefits of
regular saving, you’re helping them to become successful savers in their own
right
*Want
to buy cutey little coin box as to encourage my kids to save money now.. Melentur
buluh biarlah dari rebungnya..
