5 Interesting tips for managing your money!
#1 Avoid overspending on pay day
Elina, a freelance event planner, shares her tips to reduce impulse buys: Avoid overspending on pay day. This is applicable to everyone, regardless of whether you earn a regular income, get paid on project basis or by the job.
Elina’s reasoning is quite simple. People tend to feel richer when they receive their pay which ‘traps’ you into thinking that surely it wouldn’t hurt to spend a little on yourself? But as Elina has experienced before, one small splurge becomes two small splurges and when the reality finally hits you’re suddenly broke.
It also doesn’t help that we are constantly bombarded by brands and influencer marketing left and right, as we browse through our social media feeds and ‘window shop’ on online shopping platforms. The next thing you know, something has caught your eye and you would have fallen into the slippery slope of thinking, “OMG, I MUST HAVE IT.”
If you are someone who tends to fall for the "buy 1, free 1" or "50% off" types of sales gimmicks, you can avoid this situation by sticking to the main reason for why you are making a specific purchase and to prioritise based on what you have in your shopping list.
In short, if you don't have a concrete reason for buying it - don't.
TIPS: Remember to pay your bills and put a sum aside for your savings before shopping on pay day – future you will thank you for it. 😊
#2 Go for pre-loved items
Anzalna (not the celebrity), a mother of two boys, shared her secret to generating extra income - by selling pre-loved items online. Just recently she made RM300 by selling a baby stroller that she bought five years ago!
With so many channels available for buying and selling online, like Mudah.my, Carousell, Ebay and others, this is a golden opportunity for us to sell our used stuff at the click of a button. Aside from generating side income, selling off our pre-loved items can help to reduce clutter. Since pre-loved items are items that are still in good condition, buyers can still stand to get some good use out of them.
According to Anzalna, pre-loved items are in much higher demand compared to newer items because they are sold at far affordable prices.
#3 Bargain hunt as a strategy
According to Bakri, a lorry driver, he is a bargain hunter that is constantly on the lookout for the best deals. His shopping strategy? Collecting vouchers to get discounts on necessities. This ensures that his spending is kept reasonable. And of course, he gets to save in the long run too!
Another strategy Bakri uses is to buy necessities in bulk. This can be done by getting a few family members or friends to buy common items together. Aside from savings, buying in bulk also ensures that Bakri does not have to go out to shop as often and helps him to keep unnecessary purchases in check.
# The “Green Tabung”
Ming, a ride-hailing driver, has continued to save money in his Green Tabung for the past six years. No, we don't mean an actual 'green' tabung! This Green Tabung is a special tabung for saving all the RM5 notes that Ming gets - whether change received from shopping, or from the payment he gets from passengers.
Ming has also assigned a specific purpose to his Green Tabung, and you can do the same too – whether it’s to buy household items, fund a holiday trip or as emergency savings. Believe it or not, Ming was able to buy a set of fancy tableware from his Green Tabung savings!
Sounds easy, right? But you'd need to keep this practice consistent until it becomes second nature.
Ming also teaches his kids to save using this method. To encourage them, he prepares a reward to motivate his kids to achieve their savings goals within a set timeframe.
#5 Donate if you can
Hafiz, a sales agent for confectionery products, shares that his experience in donating to those who are less fortunate has changed his perception of money. He believes that this good deed not only helps those who need financial support, but it has indirectly helped him to make better sales. Hafiz added that it makes him happy to see his contribution making others happy too.
Even donating money requires discipline, and Hafiz sets aside RM10 every month to be given to a person in need. Sometimes the money goes to a child who is helping their mother to sell items at a sidewalk, other times he might give it to a visually-impaired person who is asking for contributions.
We hope this sharing will inspire you to be more creative in controlling your spending, and to kick-start your savings habit. There are many ways in which you can save, and you do not necessarily need to stick to just one method. As you are the person who is most familiar when it comes to your daily financial transactions, it is equally important that you also know how to manage it well!