We are still in the recovery period of the Movement Control Order (MCO) and we are grateful for the fact that the worst is about to come to an end.
The outbreak has started to subside but the aftermath of it has hit some of us pretty badly in terms of mentally and financially. Loss of jobs, source of income, and many unforeseen circumstances are some of the repercussions vis a vis Covid-19.
In these crucial moments, the things that can truly save us are the ways we manage our financial situation and what we can implement to better our condition.
We are no expert in both economy and finance, but we figure these 6 financial hacks should be able to help you kick start your financial saving goal today.
1. Delayed gratification
Have you experienced a situation in which you have planned everything perfectly for your monthly budget, keeping track of your daily expenses only to find that by the end of the month, a budget leakage destroys your entire budget plan?
How could things go sideways when you have planned your monthly budget? What could be amiss?
It’s time to check on your spending habits.
Did you buy something out of impulses?
Did you treat yourself with expensive treats weekly?
If your answer is yes to one of them, you might have instant gratification, a situation in which you succumb to the temptation to fulfill your desire without delay.
There is nothing wrong with getting what you want but when your financial state is in a dire state because of it, then we suggest making a quick change in your spending habits.
Delay your needs, don’t fall prey to the temptation, and separate between your wants and needs which will bring us to point number 2.
2. Embrace the power of add to cart
Courtesy of Google
It is easy to succumb to the temptation in which all you want to do is to spend that extra money on shopping. Going on full-scale shopping leisure can be extremely tempting but you have to put a stop to it.
It’s hard to curb our shopaholic side but you can help to keep your finances in check by adding your items to the shopping cart.
By adding to cart, not only you have the power to curb your desire from spending your money at one go, but ultimately it will protect you from any
impulse purchases. It would probably something that you might regret later on. So that you can stop having a pity party with yourself thinking
‘Why did I buy that in the first place?’‘
3. Build up your emergency saving
Emergency savings should be your top priority. Experts recommend saving up for 6 months worth of emergency savings.
Your emergency saving is meant for the future goal that can sustain you in the future in the case of bad tidings. Hey, we can’t predict the future, so it is best to be prepared for it.
Think of your emergency saving, as your back up plan in case you run into any unfortunate circumstances like losing a job, family, or car emergency or medical situation that requires a huge sum of money.
Under no circumstances, you are to touch your saving unless the situation calls for it. It is what emergency saving is for.
4. Go with cash or cashless?
Some people prefer a good old fashioned way to purchase by using cash. The trick is to draw a significant amount of cash based on their budget. It certainly helps to keep your finance in check and limit your spending on unnecessary things.
On the other hand, some people do enjoy being a part of a cashless society. You no longer have to pay cash and you don’t have to carry them in your wallet.
If you are using direct debit, chances are that you might overspend and not being conscious about how you spend.
Not a fan of having to tap your card or key in your ATM card pin? Use your phone instead and utilize e-wallet apps like Boost, Touch n Go, Grab Pay, and more in which you will get instant rebates for your purchases.
Cashless society doesn’t sound so bad, right?
5. Get extra income
Should you save money or earn more money?
We say why not both?
Living frugally can only support your financial situation for a while like canceling subscription of your Netflix account or eat cheap meals. But a side hustle that pays well, man that can go a long way and would be able to make a significant impact on your financial situation.
You can have a part-time job, look for a better job, or get a raise.
There are tons of part-time jobs that you can do so that you no need to rely solely on your saving.
If you lost your job, touch wood, at least you have something to back you up financially.
6. Read more financial tips and articles
If you are striving on a path of financial freedom in the future, you have to be prepared for it by equipping yourself with knowledge of finance.
There are tons of finance websites like RinggitohRinggit, RinggitPlus, and many more that highlight lots of financial tips and investments if you live in Malaysia.
You can also check out any personal finance channels from Youtube as their videos will guide you on how to save money efficiently and how to invest better.
After all, knowledge is power.
To more financial freedom in the future.
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This article has been republished with permission from Printcious.