5 Tips For Saving Money Wisely

Recently, wealth inequality has increased rapidly in Malaysia, especially for families with big household members. Therefore, the attitude of saving money wisely should be adopted among our society to meet the needs of our children's education and the increasing cost of living. Here, I would like to share 5 tips for saving money. Honestly, I must say that it is not an easy task. But with determination and goals, insyaAllah, we can certainly practice the attitude of saving money wisely.

1. The 30% or 20% Rule of Saving

This is a practical rule that we can consider: a minimum of 30% or 20% of our salary or income should go towards savings. More is better; less means we have to save for longer.

2. Saving by Setting a Fixed Amount (in RM)

Aside from saving a percentage of our pay or income, we can also save a particular amount of money. For example, saving RM1 a day, like the Simpan SSPN Plus account, can add up to RM30 a month. We can even set up a salary deduction or auto-debit. Easy, right?

3. Save Your Balance in a Piggy Bank

I'm sure many of us spend on a daily basis and have remaining changes. We can use that balance to make small, unplanned savings. Once we've paid our debts and household expenses, we can put the remaining balance in our piggy bank.

4. Set a Saving Goal

Why do we need to save? One effective way to save is to set a target or goal for our savings. For instance, create a savings account for our children's education instead of acquiring loans in future.

5. Save in the Right Place

Many individuals believe that saving merely entails depositing money in the bank. However, there are many places where we can save. The Simpan SSPN Scheme, for example, not only allows us to save but also offer us with a 4% dividend, income tax relief and takaful protection. Hopefully, these saving tips will encourage us to save more for the future well-being of our family. Good luck!

Now, opening a Simpan SSPN Prime and Simpan SSPN Plus account can be done through the myPTPTN app.