Money has been an essential aspect of civilization since ancient times. Its importance has only increased in modern times, especially during the pandemic. Effective money management is crucial for survival during these turbulent times. Proper planning is at the core of the practice of saving. With an effective plan, saving money is like rain in the middle of the day - with a specific purpose. As a result, it becomes challenging to achieve various financial goals. While saving is easy, consistently applying it to one's life requires proper guidance. Therefore, we provide several ways to help you save. As the saying goes, "prevention is better than cure."
1. Set Your Savings Objectives
Every plan requires a goal as a core element to ensure effective implementation. As an individual who wants to save money, you need to know why you are saving. We will lose direction halfway through if something is done without a purpose. So, set your objectives, and you will see the path you need to take. For example, you save for your children's future education.
2. Forced-Saving Technique
Many choose this technique because it is easy and requires no third-party involvement. However, this technique only involves individuals who want to save, where you need to create a third account as an alternative account for your savings. It should be noted that the bank card for this savings account should be kept away from sight and safe, as it can trick you into spending money beyond your budget. You are also encouraged to deal with your bank to know more about savings-related products.
3. Create an Emergency Fund
Each month, you receive a salary, and you've carefully planned your expenses to ensure you can make it through the month. However, unforeseen circumstances beyond your control, such as vehicle breakdowns, health issues, and accidents, often arise. These are commonly referred to as emergencies. As a guideline, it's advisable to have savings or reserves that can cover your expenses for a period of 3 to 6 months.
4. Save According to Color
This method is a creative way to save money. It involves saving money according to its color. You need to choose the color of money you want to save. For example, you decide to save green-colored banknotes (RM5), and you need to separate the green money from your spending money. Continue using this technique for the desired period, and you will be surprised by the results.
5. Investment Plan
Malaysians are generally familiar with investments but still need to make it a lifestyle. Through an investment plan, you not only can save but also increase the value of your savings. Passive investments are a safe option for those who want to try, as the risk of loss is low.
Conclusion
In the nutshell, there are various ways to start the practice of saving, and you can choose the method that suits your ability. One way is to save with Simpan SSPN. The reality is that savings do require “sacrifices”, but the results you will get are worth it.
Simpan SSPN Prime and Simpan SSPN Plus accounts can now be opened, and savings can be added through the myPTPTN app.
Download myPTPTN, CLICK HERE
