Many young people today are moonlighters. Because young people are in a more privileged family environment, they have little concept of money management. Many young people only know that money is to be spent, and have never thought about saving money and learning to manage their wealth properly.
If this is you, you should start to develop good financial habits now.
1. Set up an emergency savings account
Save a sum of 6 months’ living expenses, so that you can have an emergency deposit to use in case of an accident or unemployment.
2. Prepare a family fund
Have at least one amount of savings to prepare for long-term plans such as marriage, buying a house, or having children. If you don’t have this savings now, it’s time to start! For example, if you buy a RM400,000 house, you need to prepare at least RM40,000 as a down payment. If you don’t prepare for this amount, then you can imagine the difficulty of buying a house later.
3. bookkeeping habits
Get into the habit of keeping accounts. Every month, write down the details of each income and expenditure, so that you can clearly see what areas you spend the most on, and also facilitate your own spending habits. There are already many simple bookkeeping apps that make bookkeeping easy and fun.
4. Spend wisely
Each month to draw up a spending budget, in saving at the same time to remember to treat themselves. For example, you can only buy online once a month and the maximum amount of money you can spend. Treat yourself so you don’t have to worry about going over the limit!
5. think twice before you act
Before buying something, carefully consider whether you really need it. Don’t spend money on things that are not necessary, and you should also avoid getting yourself into debt.
6. Learn to invest
Start reading books on financial investment, pay attention to financial news, and slowly try lower risk investment projects, such as buying trust funds, etc.
7. refuse to get rich quick
Everyone wants to get rich quickly, but there are few things that are good for the world. When someone boasts that you can make a lot of money in a short time, you should be careful.
8. quit the overdraft habit
Refuse to be a “moonlighter”! When you work hard for a few years, you find that you did not save money, the bank account savings did not increase a few dollars, then your work for the whole year seems a little wasted.
9. Save first, then spend
Every month when you get a paycheck, you have to take out at least part of it to save, even if it’s not much, at least to keep the good habit of saving.
10. Set goals
This can be divided into short-term and long-term goals. For example, how much you need to save each month, and how much you need to save each year. Or how much money you need to save by 2020, etc. A definite, challenging but not impossible goal will be the motivation to stick to it! You can also set up “treat points”, that is, when you reach your goal, then fulfill one of your dreams, such as travel.
