7 tips to save more money every month

As per the Ringgitplus Malaysia survey on Malaysian financial literacy, 21% of Malaysians didn’t save money at all. Here is the article to share with you some quick tips on how you can save more money every month:-

1. Do not order drink on your meal: A lot of us are eating outside during working hours. Drinks cost much more than you think. Saving the cost of the drink can help to accumulate more saving. You can also choose to downgrade your drink to plain water instead of ordering coffee, tea or carbonated drinks. Plain water definitely is healthier too.
2. Save money automatically: save your money every month through a system. Get your monthly auto-debit activated. When you don’t see the extra money, there is no chance for you to spend it. Read here for one effective tool that you can used to systemize your saving.
3. Unsubscribe for emails or shopping updates: If you are the one who always shop online, unsubscribe the promotion updates from the online shops, this can prevent you from buying unnecessary stuffs.
4. Pay off your credit card debts: credit card debt interest is sky high. If you are having unpaid amount on your credit card, your saving will be seriously affected. Pay off your credit card debts to save interest and you shall see more savings then.
5. Review your utility bills: many of the times, due to the market competitiveness, the telephone bills can be easily reduced. Check out the promotion of the few selected providers and find the most cost-effective phone subscription plans. For electricity, use energy saving electrical appliances to save electricity bills.
6. Have fixed budget for each categories of expenses: having a budget in place is like setting the ceiling on how much you can spend. Ideally, you can have x amount in x account for particular purpose so that your expenses do not exceed the budget set for a particular purpose. For example, all your cash are for food only, your touch and go balance is for your tolls. You can have debit card for shopping to limit spending.
7. Have shopping lists: sometimes, we tend to buy more than what we need. Having a shopping list can ensure we only buy what we have planned to buy.

Execute the above tips and see how much you can save per month!

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