7 Solid Financial Tips To Help You Save And Grow More Money In 2021


After the Movement Control Order (MCO) was enforced in March, Malaysia's unemployment rate saw a sharp increase as businesses across industries struggled.
According to the Department of Statistics Malaysia (DOSM), the unemployment rate was 4.7% in October, the highest it has been in decades. Approximately 748,200 Malaysians are currently unemployed.
Additionally, while others may have kept their jobs, they may have been asked to take forced unpaid leave or accept pay cuts.
Even if your job remained secure, in light of the year we just went through, it's safe to say you just never know what may happen.
As we continue to navigate through the COVID-19 pandemic, it's important to take the new year as an opportunity to start practising good money habits to protect yourself and your loved ones.
Here are 7 tips to get you started:
1. Fix your budget and stick to it
There are lots of different ways to create a budget. The most common budget breakdown is 50/30/20. This is how it works:
- 50% of your income goes towards needs, such as housing, transportation, food, and other essentials.
- 30% of your income goes towards wants, including vacations, travelling, massages and spa days, clothes shopping and so forth.
- 20% of your income goes towards your savings and debt repayment. 
To start building your budget, write down all your needs, wants, debts, and savings. Remember everyone's budget will be different, and things can change from month to month depending on different variables in your life.
The important thing is to ensure you pay for your needs, savings, and debt, before spending on your wants.
2. Track your expenses, even the tiny ones
A great way to save more money is to track your expenses. When you see all your spending laid out in front of you, you're sure to see unnecessary expenses that can easily be cut out. Remember that even shaving off RM50 a month will lead to RM600 in savings at the end of the year!
Some items that you can consider cutting out of your budget for extra savings include:
- Eating out or ordering food delivery (instead learn simple recipes or meal prep for the week)
- Buying things on sale just because they're on sale (often you don't actually need these things, right?)
- Shopping for new clothes and accessories (you can always join a clothes swap or try thrift shopping)
- Drinking coffee from expensive cafes (a treat once in a while is fine, but you can invest in a coffee machine at home and save so much more)
There are plenty of free and paid apps that can track your expenses, including Zenmoney and Money Lover. Even many banking apps now offer the service for free. Make use of it!
3. Take another look at your fixed costs
While there are some fixed costs that offer no leeway, such as student loans, there are other costs that can be minimised.
For example, your rent. If you're able to work remotely but are still paying high rent to be closer to the city, you may want to consider relocating further to the outskirts where rent is cheaper.
Other fixed costs that can be relooked include:
- Transportation: you may want to consider public transport or carpooling.
- Utilities: lower your electricity and water bills by being more energy-conscious.
- Memberships and subscription services: from monthly gym memberships to online streaming subscriptions, look into what you really use, what you can go without, and cheaper alternatives that are just as good.
4. Consider investments that grow on their own
You don't need to have a lot of cash in order to start investing. A great way to get started is with unit trusts or fixed deposits.
A unit trust pools money from investors into a single fund. This pool of money is managed by a fund manager, who will help you invest your money in a variety of investments.
Meanwhile, a fixed deposit helps you earn higher interest rates compared to regular savings accounts. Depositors will be required to retain their deposits in the account for a pre-determined tenure in order to enjoy the returns.
You should speak to your bank for more information before making any decisions.
Other ways to invest include starting an education fund for your children, a retirement fund for yourself, or taking up an insurance plan.
5. Look into other ways to earn a side income
If you already have a passion that you spend a lot of time doing, you can consider earning a side income from it too.
For example, getting certified as a yoga instructor and offering online classes or personal 1-on-1 sessions; teaching a musical instrument that you already specialise in; becoming a video game streamer and monetising your channel.
Other ideas to earn a side income include:
- Becoming a dropshipper or online seller for existing brands
- Freelancing as a writer, photographer, graphic designer, or any skill you already possess
- Home baking or cooking set meals
- Tutoring students online or in person
- Renting out the extra room in your home
- Working as a delivery person after office hours
6. Start paying down your debt
If you have credit card debt, always try to pay more than the minimum payments each month, as the minimum usually only covers the interest and little to no principal.
Don't hold off on paying this debt, as the interest will continue to grow and if left unchecked, you may even end up getting blacklisted. :(
If you have one or more credit cards that are charged to the max, it may be worth consolidating your debt. A personal loan could be a good way to consolidate the charges into one monthly payment. Take note that this only makes sense if the personal loan has a lower interest rate than your credit card!
For example, if the interest rate for your credit card is 15%, you could get a personal loan with a fixed interest rate of 10% and save that 5%.
7. Build an emergency fund
An emergency fund can help cushion you in the event of an unexpected expense, such as medical issues or job loss. Fingers crossed, you'll never have to use it, but just in case, it's important to have that safety net.
The recommended amount in an emergency fund is three to six months worth of expenses. Be sure to set up a separate savings account for this fund (so that you don't accidentally spend it), and set up a direct debit so the money gets saved there every month automatically.
At the end of the day, the best advice is to live below your means
That doesn't mean that you can't splurge or spoil yourself once in a while. Instead, save up for that special treat. It will mean so much more!
If you're fortunate enough to get a promotion, raise, or higher paying job, don't simply increase your monthly spending. Take it as an opportunity to save more for a solid financial future. 
Make the most of coupons, purchase pre-loved instead of new, keep money in a savings account and emergency fund, and start a side hustle.
A simple lifestyle doesn't mean it has to be boring. 
Check out what Malaysians have to say about their financial situations in 2020, and how they hope to improve it in the coming year:
Stay safe in 2021! Remember to make good financial choices.....
Source: SAYS
www.zukidin.com {Estd 2012}

Artikel ini hanyalah simpanan cache dari url asal penulis yang berkebarangkalian sudah terlalu lama atau sudah dibuang :


Kempen Promosi dan Iklan
Kami memerlukan jasa baik anda untuk menyokong kempen pengiklanan dalam website kami. Serba sedikit anda telah membantu kami untuk mengekalkan servis percuma aggregating ini kepada semua.

Anda juga boleh memberikan sumbangan anda kepada kami dengan menghubungi kami di sini
7 Tips For Making Your Home Safer As You Grow Older

7 Tips For Making Your Home Safer As You Grow Older

papar berkaitan - pada 16/2/2021 - jumlah : 104 hits
Falls are one of the main causes of injury in elderly people and 30 of people over the age of 65 will take a fall this year To a younger person this may not seem The post appeared first on
Back To School March April 2021 Are You Ready

Back To School March April 2021 Are You Ready

papar berkaitan - pada 20/2/2021 - jumlah : 95 hits
The Ministry of Education Malaysia today announced back to school dates for kindergartens primary and secondary schools private schools international schools colleges and more For the purpose of this post we will only touch on preschool pri...
Tersenarai Dalam 55 Best Blogs You Need To Follow In 2021 By Farhana Jafri

Tersenarai Dalam 55 Best Blogs You Need To Follow In 2021 By Farhana Jafri

papar berkaitan - pada 12/2/2021 - jumlah : 67 hits
Assalamualaikum wbt Semalam masa saya check in kat facebook saya terbaca satu posting daripada rakan blogger yang memang kami dah kenal lama mungkin ada di antara awak dah mengenali kelibat beliau Namanya Farhana Jafri Kat posting wall dia ...
More Needs To Be Done To Help Sabah And Sarawak Be On Par With Other States

More Needs To Be Done To Help Sabah And Sarawak Be On Par With Other States

papar berkaitan - pada 1/3/2021 - jumlah : 99 hits
Prime Minister Tan Sri Muhyiddin Yassin during a special interview with senior news editors at his house on Friday Pic courtesy of PMOPUTRAJAYA More needs to be done to help Sabah and Sarawak be on par with other states in the peninsular in...
2021 Mitsubishi Outlander Phev Debuts With More Efficient Powertrain Increased Range

2021 Mitsubishi Outlander Phev Debuts With More Efficient Powertrain Increased Range

papar berkaitan - pada 26/2/2021 - jumlah : 84 hits
The 2021 Mitsubishi Outlander PHEV has just rolled out Substantially upgraded for 2021 the Outlander PHEV features a significantly revised powertrain Updates include an enlarged battery pack for more all electric range and a new more effici...
Businesses More Cautious Entering First Quarter 2021 Dosm

Businesses More Cautious Entering First Quarter 2021 Dosm

papar berkaitan - pada 26/2/2021 - jumlah : 56 hits
Businesses are more cautious about their prospects in the first quarter of 2021 in view of the spike in the new Covid 19 cases which led to the reimposition of the movement control order in all states except Sarawak This was revealed in the...
We Hear You We Are Here To Help Pm Tells Students

We Hear You We Are Here To Help Pm Tells Students

papar berkaitan - pada 17/2/2021 - jumlah : 92 hits
DidikTV is available from 7am to midnight daily PETALING JAYA Prime Minister Muhyiddin Yassin today said the government has taken note of the struggles of students in keeping up with their studies throughout the pandemic and will work on en...
2021 Porsche Taycan Cross Turismo Powerful Turbo S Variant New Gravel Mode More

2021 Porsche Taycan Cross Turismo Powerful Turbo S Variant New Gravel Mode More

papar berkaitan - pada 5/3/2021 - jumlah : 97 hits
If you want your daily driver to look like an SUV sedan elongated coupe and a wagon all at once then look no further than the Porsche Taycan Cross Turismo Regardless of what you call it don t call the Taycan Cross Turismo late to dinner And...
What Will Tesla Maintenance Cost You In 2021

What Will Tesla Maintenance Cost You In 2021

papar berkaitan - pada 19/2/2021 - jumlah : 98 hits
Tesla maintenance costs are low for the industry and very low for luxury models Tesla offers a factory warranty for all models and an extended service agreement for Model S and Model X Extended car warranties or prepaid maintenance plans ca...
Sudahlah Didirikan Secara Haram Dapat Tempat Ganti Baharu Pula

P Mau Main Main Arhh 4 Lelaki Ditahan Kerana Pukul Samun Pemandu Myvi

Mitos Saka Keturunan Dalam Lagu Nenek Si Bongkok Tiga

Kerajaan Gagal Tok Mat Andaikan Dapat Pulih Umno

Kelemahan Kerajaan Bukan Covid Punca Gaji Graduan Rendah

Lirik Ramadhan Zizi Kirana Feat Hafiz Hamidun

Pakej 2021 Buffet Ramadhan Dan Sea Life Di Legoland Johor Baharu

Microsoft To Set Up First Datacentre Region In Malaysia Train 1m People

Lina Medina Ibu Paling Muda Dalam Dunia

Bateri Berlian Dari Sisa Radioaktif Ini Mampu Bertahan 28 Ribu Tahun

Info Dan Sinopsis Drama Berepisod Ramadani TV3

Kisah Gadis Colombia Yang Tidur Selama 2 Bulan Secara Berterusan Sleeping Beauty

Berapa Harga Sebenar Kereta Recond Popular Jepun Yang Dijual di Malaysia

Resepi Masak Lemak Cili Padi Kulat Sisir Dengan Isi Kerang Yang Menyelerakan

Kedah Percutian Bersama Family

7 Ramadan Berbuka Bersama Rakan Kerja

Pelaburan Masih Ada Keyakinan Melabur Di Malaysia Azmin

Apakah Kj Maksudkan Juga Penjenayah

Awani Ringkas Kadar R Naught Meningkat Semula Masih Ada Keyakinan Melabur Di Malaysia