We’ve been taught since we were children that saving our pocket money is crucial. We always put our coins or extra pocket money in the piggy bank and transfer it to our bank account whenever it is full. Do we put our extra money in the piggy bank now that we’re older, or do we spend it on frivolous items?
We must save money because, in the event of an emergency, such as an accident or a sudden health problem, we will require additional funds to assist us. We all need to save money and be prepared for an unexpected event, regardless of our occupation.
Here are some suggestions for how we may all save money.
Priority over requirements
We must set aside all of the money required to pay all of the necessary bills after we have gotten our payment. For example, our rent, auto loan, student loan, and so on. We will have less need to spend our money on frivolous items if we set aside all of our money for critical payments. It also assists us in repaying our debts and avoiding long-term debt. You can also invest your money in a binary MLM plan, to assure better return in the future for you.
Keep the color.
This is one of the methods that many individuals employ to save money. They will usually choose a certain color to represent the amount because the money comes in different colors to signify the amount. They will then save that color whenever they receive a money note in that color. For example, the color green is associated with RM5, thus anytime you have or get green money, you will store it and never use it. This will motivate you to stick to your budget and save money no matter what.
Keep track of your spending.
Every time we buy something, whether it’s groceries, clothes, or other personal stuff, we’ll get a receipt that shows how much money we spent. Instead of throwing these receipts away, utilize them to keep track of all of your expenses and see if there are any areas where you can save money or get a better price. You can always keep track of your money and know what you’re spending it on this way.
Make a Financial Plan
Making your own personal budget entails writing down your monthly pay from your employment or part-time jobs, as well as a list of all of your monthly costs. From the most crucial to the least important expenses, here’s a breakdown. With all of your expenses highlighted, you can identify where you might save money, such as your Netflix or Spotify subscriptions. If you are spending more than you are earning, you must determine which expenses must be reduced. You should also make a list of all of your priorities, such as student debts, rent, bills, and so on. You can always keep track of your monthly costs this way.