There is no better time than the present, to start saving money, especially because of the inflation in Malaysia. Saving money is a good habit that should be practiced from a young age to compliment the term, ‘old habits die hard’. It’s also useful to save money because it would be helpful during emergency situations. Here are 3 simple ways where you can save money successfully and for a longer term, if you put your mind to it.
Play ‘kootu’ with your friends and family
‘Kootu’ is one of the best ways where you can save a certain amount of money without even realising it. It is advisable to play ‘kootu’ with the people you trust like close friends and family because, well, your precious money is involved. Here’s how it goes:
- get any number of friends you are comfortable with, preferably at a maximum of 10 and
- choose an amount of money that you would like to contribute,
- for example, RM100 every month for 10 months. So that makes RM100 x 10 = RM1000.
- Each member will get to choose a month that they would like to get their share of the money; so you’ll get RM1000 when it’s your turn.
Save every RM5 note you have
If you rather handle your money on your own, then this is the way for you. Every big note (example: RM50) that you break, or for every change you take from the cashier, remember to stow away your light green notes. Put it in a different wallet or place it in your new ‘RM5 miracle money jar’ and keep it somewhere safe. You might feel the pinch during the start of this habit, but rest assured that it would all be worth it when one fine day when you are in need of some cash and you reach for the jar full of money! Indeed, a miracle.
Allocate 10% of your salary
Keep in mind that this is the first thing that you should do the moment your salary gets in. Allocate 10% of your salary by transferring it into a different account and leave it there. The next step is to forget about it to ensure that you don’t fall into the temptation of withdrawing the money from the account.
In a nutshell, these 3 techniques are the simplest ways for you to save money whether in groups or alone. As the saying goes, ‘
sedikit-sedikit, lama-lama jadi bukit’; if you are determined to save even just a little, it will be a boon to you in the future.