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#BMS2022: Benefits of Saving Practices

Referring to the Fourth Edition Dewan Dictionary, saving is the act of saving money in a bank account, a fund, etc. (source : Dewan Pustaka & Bahasa). Some people choose to save money physically, and some prefer to save online, whichever is more practical for the saver.

Nowadays, many people are complaining about the struggle to save money due to the unexpected increase in the cost of living. Some of us, however, remain calm since we have been practicing the habit of saving since the beginning. The practice of saving can help us navigate life more effectively, especially when faced with crucial circumstances like this.

Thus, we share the benefits of saving for your future reference:

1. Savings for the Future

The scenario of the world being affected by the Covid-19 virus pandemic at the end of 2019 is enough to point out the importance of saving. Who would have expected that numerous manufacturing sectors are unable to operate, that offices are being forced to close, that bankruptcy actions are being filed, and that employees are being let go as a result of the pandemic. This scenario adds to global issues such as loss of employment, depression, divorce, family conflict, robbery, death, and struck by misfortune due to the loss of financial resources, particularly for those who do not emphasize the practice of saving.

Their eyes were opened as a result of the catastrophe. They acknowledged the importance of saving money for the future, especially in the case of unexpected events. Eventually, everyone had to recognize that savings were necessary in order to survive. It is not too late for us to save. Start now to ensure a brighter future.

2. Cultivating Pure Values

Being mindful of our finances and purchasing based on priorities can cause us to avoid purchasing items we want, such as an expensive handbag, designer shoes, or a new car. Our mindset should constantly be prepared to control unnecessary desires. That is precisely why we must shift from extravagant to modest.

Cultivate the habit of buying only what you need, saving a portion of your earnings in a savings account, and only buying items you want if you have extra money. As a result, every penny spent will be spent wisely, and you will be grateful for your sensible and rational spending decisions.

3. Diversify Your Savings Sources

You can save money in a variety of ways. For example, you can save physically by creating a physical fund at home, office, or online, such as Simpan SSPN.

Simpan SSPN is a long-term savings product designed to encourage parents to save for their children's higher education while they are still young. Simpan SSPN offers two types of savings products, namely Simpan SSPN Prime and Simpan SSPN Plus where each of the accounts have its own advantages and benefits, such as competitive dividends, income tax assessment relief, takaful protection benefits, death benefits, hospitalization allowance, and others. Opening a Simpan SSPN account is the ideal way to start saving. As a result, you will have additional funds from savings. 

Opening an account with Simpan SSPN is the best step for you to begin saving. This way, you can breathe a sigh of relief as you now have an additional source of income from your savings.

4. The Practice of Saving Avoids Indebtedness and Maintains Friendship

Debt is one of the causes that might cause relations to fall apart. Typically, if the individual approaches to lend money, the lender will feel empathy and provide the loan. However, he will expect the borrower to keep his promise to repay the loan within the given time frame.

Unfortunately, many people like to keep sweet promises. When the time comes, the borrower disappears without a trace, avoiding the debt and leaving the lender devastated because they have been deceived. Indebtedness can foster prejudices to the point of destroying friendships.

Begin saving today. Save even a small amount of money in order to avoid falling into debt. People who are perpetually in debt and fail to repay within the specified time frame will be treated with disrespect, and lenders will lose faith in them.

Kebaikan Amalan Menabung

Conclusion

Interestingly, the whole country will celebrate 'World Savings Day' this October. This celebration aims to instill the spirit of saving in people from all walks of life across the world.

In accordance with that, PTPTN gladly welcomes all Malaysians to experience and cherish goodness, as well as practice the act of saving, by participating in the SSPN Savings Month (BMS) 2022 campaign. This campaign will run for one month, starting from October. Parents and children can participate in various contests and activities.
More information, click here.

To open an account Simpan SSPN Prime, click here.

To open an account Simpan SSPN Plus, click here.