lilyrosey 0 Report post Posted November 30, 2007 ... Quote Share this post Link to post Share on other sites
Mbrides 0 Report post Posted November 30, 2007 credit cards debt is a No No no.. Quote Share this post Link to post Share on other sites
gunh 0 Report post Posted December 3, 2007 lily,plan ur wealth the other way round.... force ur self to save some money every month after ur pay is out... Quote Share this post Link to post Share on other sites
coffee 0 Report post Posted December 3, 2007 .. Quote Share this post Link to post Share on other sites
daddyo 0 Report post Posted December 4, 2007 < see post below for full details > Quote Share this post Link to post Share on other sites
daddyo 0 Report post Posted December 4, 2007 lilyrosey,If you are really serious about saving and/or managing your money then you can consider the following tips:1. You need to discipline yourself. This is rule no. 1 and if you cannot stick to rule no. 1 there is no point reading any further.2. Cut up your credit cards! I am serious. Stop all spending on your cards. Then evaluate how much you need to pay and then decide on the amount to pay monthly. E.g. if you have 3 cards with balances on them, then STOP using all three cards. You may decide that you can allocate RM 800 for credit card payment each month. Start paying down the card with the highest balance first. E.g. allocate RM 500 to pay the highest card, RM 200 for the next highest and RM 100 for the last one. Keep this payment method until one of your cards is paid off. When that card is paid off, ROLL the amount of payment to your next card. E.g. if after 5 months your card that you have been paying RM100 each month is paid off, roll the RM 100 to one of your other cards. DO NOT think that this RM100 will now be extra money for you to spend on other things. You will get the extra money AFTER all the card balances have been paid off. Sounds painful? It is but you need to presevere. How do I know? I've been through it too.3. Set aside a set amount of money that you want to save each month and pay yourself FIRST each and every month. Even if it is RM 100 you need to take that amount out of your income and save it FIRST before you go to expenses. By saving I mean putting it into another account with NO ATM card or somewhere where you cannot easily get to it. DO NOT let this amount stay in your account where you spend from. Trust me on this.4. Evaluate your spending habit. I am sure that you can find some ways to save. E.g. a) Do you subcribe to or buy magazines regularly? Cancel some or all of your subscription. B) Do you subscribe to pay TV i.e. ASTRO? Consider cancelling your subscription. c) Do you regularly drink coffee from branded outlets i.e. Starbucks etc. Try cheaper variants. d) Spending too much on food? Pack breakfast and/or lunch from home. e) Cancel your newspaper subscription. Read news online or get free paper i.e. The Sun. f) Like to read? Rent books or buy them second hand. They are just as good and cost less too! g) Give up smoking. h) Give up drinking. i) Go to weekly or monthly movie outings? Consider cutting down or renting movies to watch at home. (Rent legal ones okay? I DO NOT condone buying pirated movies) j) Take the public transport whenever possible. This will save on fuel and parking charges.If you really like to know your spending habits, you would need to write down everything you spend money on into a journal and keep that journal for 30 days. The journal will tell you where your money has gone to. I mean write down everything! Be brutally honest! If you buy ice-cream for RM1 after lunch, write it down. Buy lottery ticket RM 3 - write it down. Give beggar on the street 50 cents - write it down. Indulge in Secret Recipe cheese cake RM 8 - write it down. You get my drift?When you review your journal after 30 days. You will see that there are lots of things that you will unknowingly spend extra money on. Trim on these and you can save.Remember : Live BELOW your means and pay yourself FIRST. These rules will guarantee you that you can find some money to save. Try it. It's really true cause I have been through hell myself and came out stronger for it. If you need a cheerleader to help and encourage you on your way - do not hesistate to contact me. I will be glad to help. Quote Share this post Link to post Share on other sites
lilyrosey 0 Report post Posted December 4, 2007 thank you all and especially daddyothank you for your advices. im really appreciate it.i think its very useful.im willing to try to spend less. i willing to do anything that can save my "savings".Thanks all. :) Quote Share this post Link to post Share on other sites
tayme85 0 Report post Posted February 23, 2008 buy a saving plan from ur insurance agenti bet that this will urge u to save the money Quote Share this post Link to post Share on other sites
Honey 0 Report post Posted March 2, 2008 most of us :-income - Expenses = SavingsBut the best way to save is :-income - Savings = expensessave 1st before all those expenses! Quote Share this post Link to post Share on other sites
picopico 0 Report post Posted March 3, 2008 force savings..like hsbc easigrow a/c. u have to keep aside monthly otherwise you'll lose your interest. and the money will be automatically deducted from your account monthly. no hassle, Quote Share this post Link to post Share on other sites
jacqline 0 Report post Posted March 3, 2008 lilrosey, below is how i did so far maybe u can try.after getting my salary, i'll 1. deduct money for unit trust investment (around 15% of my salary)2. save aside some cash (around 10%)The remaining balace i'll use it to pay for house loan and etc.. the balance by end of the month will be top up to my cash saving :) Quote Share this post Link to post Share on other sites
juanil 0 Report post Posted April 7, 2008 lilyrosey,If you are really serious about saving and/or managing your money then you can consider the following tips:1. You need to discipline yourself. This is rule no. 1 and if you cannot stick to rule no. 1 there is no point reading any further.2. Cut up your credit cards! I am serious. Stop all spending on your cards. Then evaluate how much you need to pay and then decide on the amount to pay monthly. E.g. if you have 3 cards with balances on them, then STOP using all three cards. You may decide that you can allocate RM 800 for credit card payment each month. Start paying down the card with the highest balance first. E.g. allocate RM 500 to pay the highest card, RM 200 for the next highest and RM 100 for the last one. Keep this payment method until one of your cards is paid off. When that card is paid off, ROLL the amount of payment to your next card. E.g. if after 5 months your card that you have been paying RM100 each month is paid off, roll the RM 100 to one of your other cards. DO NOT think that this RM100 will now be extra money for you to spend on other things. You will get the extra money AFTER all the card balances have been paid off. Sounds painful? It is but you need to presevere. How do I know? I've been through it too.3. Set aside a set amount of money that you want to save each month and pay yourself FIRST each and every month. Even if it is RM 100 you need to take that amount out of your income and save it FIRST before you go to expenses. By saving I mean putting it into another account with NO ATM card or somewhere where you cannot easily get to it. DO NOT let this amount stay in your account where you spend from. Trust me on this.4. Evaluate your spending habit. I am sure that you can find some ways to save. E.g. a) Do you subcribe to or buy magazines regularly? Cancel some or all of your subscription. B) Do you subscribe to pay TV i.e. ASTRO? Consider cancelling your subscription. c) Do you regularly drink coffee from branded outlets i.e. Starbucks etc. Try cheaper variants. d) Spending too much on food? Pack breakfast and/or lunch from home. e) Cancel your newspaper subscription. Read news online or get free paper i.e. The Sun. f) Like to read? Rent books or buy them second hand. They are just as good and cost less too! g) Give up smoking. h) Give up drinking. i) Go to weekly or monthly movie outings? Consider cutting down or renting movies to watch at home. (Rent legal ones okay? I DO NOT condone buying pirated movies) j) Take the public transport whenever possible. This will save on fuel and parking charges.If you really like to know your spending habits, you would need to write down everything you spend money on into a journal and keep that journal for 30 days. The journal will tell you where your money has gone to. I mean write down everything! Be brutally honest! If you buy ice-cream for RM1 after lunch, write it down. Buy lottery ticket RM 3 - write it down. Give beggar on the street 50 cents - write it down. Indulge in Secret Recipe cheese cake RM 8 - write it down. You get my drift?When you review your journal after 30 days. You will see that there are lots of things that you will unknowingly spend extra money on. Trim on these and you can save.Remember : Live BELOW your means and pay yourself FIRST. These rules will guarantee you that you can find some money to save. Try it. It's really true cause I have been through hell myself and came out stronger for it. If you need a cheerleader to help and encourage you on your way - do not hesistate to contact me. I will be glad to help.daddyo, this really helps! i'll try on tht from today onwards!!thnx alot.... :) Quote Share this post Link to post Share on other sites
elaineganMACLAINE 0 Report post Posted April 7, 2008 I agree with NO credit cards.I cancelled mine 2 years back, and loving the fact that i spend way less and debt free! Am so proud of myself *grins*Husband hates debts, so before we got married, i paid it off and disciplined myself.Minusing groceries, household items, fuel and food monthly, i still have more than sufficient to survive the next month.The only debt we both have is my car loan. Yay!Never too late to start! Quote Share this post Link to post Share on other sites
gentlelove 0 Report post Posted April 8, 2008 I agree with NO credit cards.I cancelled mine 2 years back, and loving the fact that i spend way less and debt free! Am so proud of myself *grins*Husband hates debts, so before we got married, i paid it off and disciplined myself.Minusing groceries, household items, fuel and food monthly, i still have more than sufficient to survive the next month.The only debt we both have is my car loan. Yay!Never too late to start!Sometimes, credit card is useful if say, admitted into hospital and they won't treat you if you don't pay. Your medical card also say pay first claim later. In such cases, credit card is useful.Credit card can be helpful if you follow these rule1) immediately pay all outstanding balance. Use this as a delay payment instrument while your money is kept in the bank to gain interest (like Maybank's premium one account)2) charge your utilities like phone, astro, water, electricity, condo maintenance, car repairs into credit card, better still you insurance premium. (these are necessary evils) For 10,000 points with Citibank or HSBC, you get a RM50 voucher with Genki Sushi or so other restaurent you fancy Quote Share this post Link to post Share on other sites
elaineganMACLAINE 0 Report post Posted April 8, 2008 Agree with the usefulness of credit cards. Currently am not in need, am still pondering if i should sign up for one again (for emergencies)I don't think i can trust myself with a credit card all over again. Heh!Ponder.Ponder.Ponder. Quote Share this post Link to post Share on other sites
honeylee 0 Report post Posted May 1, 2008 there is pros and cons in having credit card.when u pay using cash, u won't know how much u have spent, unless u keep track of all ur expenses. me and hubby always wonder where our cash goes. if u use card, all ur spending will be listed, one by one. and when u see the total amount :o then u know...and with this, u will know where u spend the most and cut down on itso it all boils down to one word - DISCIPLINEi agree with the formula:salary-saving = expensesForce save 30% of your salary and budget your spending withing ur remaining 70% Quote Share this post Link to post Share on other sites
MayWong 0 Report post Posted May 23, 2008 i agree actully, to sacrifice on basic stuff like food, and some well needed entertainment, in a long run can b depresing. For a while it might work, then it will b so miserable feeling all the sacrifices eating you up. Worst is, you will start to compare with hubby. like if you pack food to work, and you just found out he went drinking with the guys, then argument will startor, he has been saving and sacrificing hard, but suddenly find out you buy new facial wash, then he will pick on that too. So does that mean you hav to change to a cheaper brand? then ding dong again, you will feel miserabl....for us, we still eat pretty much the usual stuff, but conciously remember no luxury food unless its weekend of special occasion. And cook at home when im not tired. Sometimes, we even ta pao food home, but put in nicer place and add some garnishing to feel better.and we have couples date nights or hang out in groups, cos its really cheaper eating in bigger groups, sharing the portions than just the two of us.and on my side, i can only shop twice a month, so very conciously cut down shopping. we try to avoid malls as my itchy hands cant resist temptation. but my hubby keeps on all cards.. :Pand a very important routine is, beginning of the month, both contribute money to a joint account for savings. pay rent, pay house, pay car, and credit card if any. so the rest is our household expenses. Sometimes theres balance, and in they go to the joint account.Timing is real bad for me, wedding and new house almost the same month... sigh Quote Share this post Link to post Share on other sites
jinkee 0 Report post Posted August 23, 2008 ANYONE HERE LIKE YO MONTLY SAVING TO GET INTEREST 8% TO 10% -Currently AMBANK group having a saving plan that giving guaranteed interest 8% to 10% cash return.-How if works? You only need to save monthly RM200, think about this saving is can get a guaranteed interest. Every 3 years guaranteed interest, which is RM2, 400 for first 3 years and interest RM3, 000 for thereafter 6,9,12,15,18 years.-In the conclusion of 21 year's saving, the money that you are saving is only RM 50,000 but you will get total return RM 80,000. th interest of this saving is RM30,000.-On top of these, free insurance coverage, which are life protection, total permanent disability and 36 critical illnesses. We also give income tax free, risk free.If you are interested, can contact me or i can make an appointment with you. jin kee: 017-6115166 Quote Share this post Link to post Share on other sites
ILove 0 Report post Posted August 25, 2008 I am working not only to manage my investment properly, but also into obtaining financial freedom. I can share with you what I have learnt. If you can also share with me your experience, it would be great. Please PM me if you are interested. Quote Share this post Link to post Share on other sites
capricorn 0 Report post Posted December 17, 2008 I love this forum.Everywhere I can chip in my opinion.As for me, I draw a mapping about my daily,weekly,monthly and yearly expenses.From the mapping I can see clearly what I have spend on daily,weekly,monthly and yearly. Quote Share this post Link to post Share on other sites
smurf 0 Report post Posted December 17, 2008 daddyo, i used to be like you. i will keep track of every single cent that goes out of my wallet. but after awhile, i find it rather tedious. now, every month after i get my salary, i will do thisi) pay my housing loan, maintenance charges, all my insurance premiums (even if the premium is to be paid every quarterly, i will apportion the sum and set the monthly amount aside), phone bills, and pocket money for my parentsii) pay myself a fixed sum for my monthly expenditure (grocery, meals, petrol and etc)iii) balance goes to my saving which another accounti use credit card alot. but i will never pay the minimum sum. i make it a point to pay off the bill every month. so from my monthly expenditure amount, i will withdraw some cash and the rest will remain in the account. so everytime after i charge any expenditure to the card, i will transfer the same amount into my checking account from which i will issue a cheque for the credit card company. so that way i will never over spend.my house is my biggest saving plan. so when i earn more, i will buy another house. the money in the bank will not hedge against inflation buy property will. Quote Share this post Link to post Share on other sites
xiaomaomi 0 Report post Posted December 17, 2008 I do agree if we know how to use credit card wisely, we can actually save.I'm using my credit card as a debit card.Benefits I get when using credit card.1. Discounts & privilleges. Of course I don't buy things for the sake of the discount.2. Collecting points whenever I'm travelling for leisure or business.3. Can monitor all the groceries / bills / petrol we have spent in 1 or 2 pcs of statement.4. Can be used during emergency cases (hospital, hotel, lack of cash in overseas etc).5. Put extra money (as buffer) into our credit card account & top up whenever you felt that you have swiped more than you have put. I rather put some money in it to avoid any interest or late payment fee. It's better than getting 3% from bank interest which i feel 'tak rasa'. Quote Share this post Link to post Share on other sites
faithyng 0 Report post Posted January 6, 2009 Let me refresh this topic. How to save money ? For me, only NEEDS, No WANTS. Ha ha....sounds so cruel but I am happy with it. I want to save more money mah. Quote Share this post Link to post Share on other sites
Reno Chia 0 Report post Posted July 9, 2009 Malaysia got 2 kind ppls...95% is spend then oni save, 5% is save then oni save..see which 1 are u?common sense..I hv a question for u all, do u think at retirement hv RM200k is enuf? mostly ppl in epf oni hv RM200 in account..thats is impossible enuf..RM200k oni enuf for 10yrs oni, maybe 10yrs also cannot..haha..so my salary and part time salary i will take 50% to save, from the amount tat i save i will take 50% to save in savings plan, then 20% to unit trust, then 30% for emergency..hehe..i just feel i very good planning..hahaha just kidding, i like to help ppl saving, tats why i take ING and public mutual agent..haha..Hope u all in here can archieve financial freedom..good luck..reno1987@hotmail.comany inquries can ask me..take care.. Quote Share this post Link to post Share on other sites