Can’t wait for your pay cheque to come in but once it comes in, you realize that you are broke once again after two weeks?
This is a common problem most of us go through. We can’t seem to have enough to save at all and when we really would like to get something which we have longed to have, we end up not having the cash to buy it.
Here are simple steps which you could use to manage your finances better. You could decide to save up for a holiday, for your education or even for the sake of just having some extra cash. Whatever the reason is start saving today lovelies and only then would you be able to enjoy life the way the others are.
No. 1: Always ensure that you have a spread sheet
We are all busy but how many of us actually spend the time to write or to type down our expenses? Most people tend to do it mentally but in reality you will never see the whole picture. Only once you have typed it or written it down, would you be able to do the math properly.
No.2 : Keep those receipts
This would require some additional work but lovelies, this would actually help you plan wisely. Whenever you purchase anything, be it household necessities right up to your daily meals, keep the receipt and do the math at the end of the week. You may have splurged a little extra along the way. But if you calculate your expenses every week, then you would know how to adjust accordingly for the following week.
No.3 : Put aside that cash at the beginning
Most people tend to wait until the end of the month to save whatever balance they have from their salary. You would never be able to save even a penny as you will always end up spending more on something or another. Put aside a small amount, even RM 50 is good enough at the beginning of every month and then work your budget around that new figure.
Carrying extra cash would be necessary as you do not know when you would need it. Learn how to carry sufficient amount of cash so that you would not spend extra. Women have a big problem when it comes to shopping. If you know you are under a tight budget, then just carry the required amount of cash and leave your ATM card or extra cash at home.
No. 5: Open a different account under a different bank for your savings
One common mistake most people make when it comes to saving is that they tend to set aside cash for savings under the same account as to what they use on a normal day. Ladies, this a bad idea because you will always be tempted to use that spare cash as it can be accessed easily. Open a separate account and once you have accumulated enough, open a fixed deposit if you do not intend to use that cash any time soon
If you would like to know more about the different types of savings which you should have and how to manage your finances in a more advanced level, then watch the Suze Orman show. It isn’t shown in Malaysia but thanks to YouTube, you can watch the show online.