MALAYSIA, Oct 25 — How often your hear people moaning that they do not have enough money?It’s not surprising to hear someone who earn $1,000 a month saying it, but people who afford to earn $10,000 a month do it too.
Well when it come to improving your saving there are no exception. You somehow need to start saving, but why now start it now. All the debts must not exceed 35% of your gross income, or not you will be in big trouble
H
ow often your hear people moaning that they do not have enough money?It’s not surprising to hear someone who earn $1,000 a month saying it, but people who afford to earn $10,000 a month do it too.
Well when it come to improving your saving there are no exception. You somehow need to start saving, but why now start it now.
1 TIPS
Start saving from now on, even through with the small amount. It is wisely if start at least 5%-10% of your gross salary.Example, income $1500 and 10% is about $150 each month. To help your see better long term might be 10 year for example from now, this involve simple mathematic.
Each month $150
For 10 year(120 month)
Total saving: $150*120= $18000
As they say you can’t build Rom overnight so be committed and stick to it.
2Tips
Open up new account that separate so the money that save in the account not easily taken out.From the above example, you can save it on the new account there.
3Tips
Have three to six months of estimated expenses in your emergency fund." The concept of an emergency fund is to have money to cater for financial emergencies, which all of us face"says Azizi. Let just say is a person is not employed, he would at least need two to three month to find a new job. It is better if you can increase emergency funds to a minimum six month’s expenses.
4Tips
Always clear the debts first. Debts can be utilities, credit card, house loan and etc. Do a proper planning on how you can improve saving by take into account your income, expenses, saving and investment. All the debts must not exceed 35% of your gross income, or not you will be in big trouble.
That it for now on tips improving your saving.
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How often your hear people moaning that they do not have enough money?It’s not surprising to hear someone who earn $1,000 a month saying it, but people who afford to earn $10,000 a month do it too.
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