Saving Money

Everyone of us need money and most of us are worst at managing it. I'm one of the worst people. I'm not proud but shame of it. Many young people in Malaysia fall into bankruptcy due to temptation to use plastic card known as credit card. That why AKPK (Agensi Kaunseling & Pengurusan Kredit) has been launched to provide free credit counseling, education and debt management services to individuals. Anyone who has not yet working, still studying my advice would be do not get a credit card if you can't hold your temptation in spending. Especially if you are shopaholic. Start learning budgeting money.
we have own ways to save or budget their money suitable with our own lifestyle. The first important thing to do in order to save money is to track down where the money goes. Here are some of my ways to save some money:

• Track money spending. Some people keep the receipt for every purchase. Which is a good thing but how about purchase with no receipt like pasar malam. I keep some of my receipt if it is a long list of purchase. I stack a few paper and clip them together to make a money spending note for a month. Every night before going to sleep i write down my spending on that day. For example:

8/6/09, Wednesday
- Burger = Rm2.70
- Ice Milo= Rm1.80
- Ice cream = Rm2.30

Total = Rm6.80

• Cut where possible. After a month we will see what we had spend on. Then we can see the spending pattern. Cut where we can. For example minimize eating outside. Squeeze slowly the budget. I mean if eating outside for a month cost rm150 why don't make it rm100 for next month and so on. We don't want to be drastic and we are in process to change our attitude.

• Bring your own food to the office. This is a good way to save money. Many of us are too lazy to cook for lunch in the morning. Me too. But when my husband said i want to bring lunch from home and don't want to buy food. Well i have to. What i do is i cook bigger potion for dinner so i can save some for lunch tomorrow. I'm too lazy to cook in the early morning unless i'm on a high dose of prednisolone. I keep my cooked food in a microwavable container and put in the fridge. Next day i just heat in microwave. Lucky if anyone has a microwave in the office which i don't.


• Minimize eating outside. Eating outside like McD, Kfc, Pizza Hut is expensive. Each eating for two would cost minimum Rm20. If can, come when the price is low for example McD lunch meal is now RM6 and pizza hut has a variety of meal where the price is cheaper. When you are sick then eating outside is a good solution if no one willing to cook for you or if you live alone. Set aside easy and fast cooking food like food in a can when you really need it like busy to cook or sick.


• Use coupon or discount card. For example, i occasionally use my sister's discount card for Hi-Tea, lunch or dinner or staying overnight at selected hotel. Hi-Tea at Riverside Majestic hotel cost Rm70 for two person but with that card it cost only RM40. Sometimes hotlink offer discount through sms.


• Car Pooling does save petrol. It reduce cost in gas and maintenence than driving solo. Especially if you live in KL. If your friend work at the same place as you and live nearby make a suggestion to do car pooling. Have to be fair. Perhaps half month for each one of you.

• Use one credit card instead of many. Credit card is like you having a loan. One credit means one loan if we have many mean we are trying to have more debt. Pay at least minimum amount every month which is 5% from the outstanding balance. If can pay within 20 days to avoid interest which is 1.5% permonth. Avoid 5% late payment from the minimum amount to be paid. Try to pay ontime otherwise the bank will call for payment. Especially RHB. It is better to get a lower interest credit card if you can find one. If you have more credit card and eager to pay all the debt, try to get personal loan but make sure the interest every month is lower than the credit card interest. However, some bank do offer interest free for certain time of period. So check any offer or newsletter from the bank.

• Switch off after use main switch. This habit in my family is a must change. We dont always switch off the switch. For example tv, washing machine and microwave. Apparently my sister who live separately advice me to do so. The current still running even though we turn off the tv but not the main switch.

• Install motion sensors on lights in your home. The light will only turn on when movement is detected and turn off automatically. These work particularly well for outdoor lamps, which can also boost security. So your light not always turn on which save energy and money.

I do follow all of the above but to tell the truth sometimes i tend to skip 'The tracking money' part and neglect to switch off the main switch. This happens when i received my salary at the beginning of the month. Well it take a discipline and determination. Early Last year i went to see AKPK to know more about money management and the person incharge told me that my money problem is small compare to others who owe ten to hundred thousands. He advice me to work in the government lane for higher salary. Ermm.....probably. Meaning i need to have a side income. I'm thinking of internet business. If it is a success i'll post on how i do it.
There are books selling out there about money management. For example you can see this book by KC Lau which attract me. I havent buy the book yet but i will.

Here are some clips and suggestion that could helps: