Hi! I haven’t been updating much because I’ve been busy with having a life. Kidding, a lot has happened these past 2 months and I’m just glad I’m sitting my ass down properly now.
I’ve realized something since I started working full time after graduating: I don’t know about guys, but I do know that girls tend to have a tad of impulsiveness when it comes to none other than
food chocolates ice cream shopping. In my so many years of impetuous whirl-winded decisions on what’s necessary to shop for and what I shouldn’t splurge on is out of this world- regretful.
I’ve spent tons of money that I could have saved and used on other more beneficial things and yet, I still waste money. I’ve gathered some tips on how to rationalize my expenses and I hope it helps:
1. Save at least 10% of your nett income
10% is pretty fair, to be honest. Let’s say you’re a fresh grad and you’re earning 2.5k, after deducting EPF & Socso, it would be around 2.2k. Saving another 200 bucks and spending the rest for necessities seems doable, right? The more you can save, the better! It might be quite a lot to some but think of it this way – you’re stuck in an emergency and you have to pay off a (pretty hefty) one-lump sum and YOU DON’T HAVE ENOUGH IN THE BANK.
Your savings might be able to help and in the meantime, you’ll be thankful that you have that amount stashed in somewhere.
2. Do not shop immediately
Once you’ve gotten your monthly salary, do not shop immediately. Pay off all your necessary bills like rent, phone bill, car loan, etc before shopping for other stuff! If you have previous bank/credit loans that you have yet to pay, settle those bills first before attempting to get that new dress you saw on sale the other day. PRIORITIES OVER MINORITIES!
3. Sit down and think
Whether it’s a few days or months, calculate your nett income and expenses before you set aside for leisurely activities, travelling, shopping, etc. We can be excited and get things without thinking and when it is 1-2 weeks before our next pay day, we would be almost broke.
4. Set long term goals
With the amount of money that you will be saving, allocate some for other things you want to reward yourself with. Whether it’s splurging on shopping or going on a trip with your buddies, it’s always wise to plan ahead for the multiple things at once.
5. Nice to see, nice to hold but don’t consider it sold yet
When new things come out and everything’s in season, you’ll feel obliged to get it. But do take note that trends don’t last for long, especially fashion trends. They go by season of 3-4 months or at least 6 months and then they become a once-famous fad.
Think deep and hard whether you need that new jacket and whether it’s practical for you to own it. Sparkly gold sequins might not be trendy in the next 3 months, just saying. 😛 Ultimately, be practical!
The sea at the Straits of Malacca
These are my tips on saving money. If you have any comments or tips you would like to share, do comment below!
My motivation for saving is to discover new places,