Saving money can be challenging, especially when you have many expenses and temptations. However, it is not impossible to save RM10,000 in 2024 without feeling deprived. Here are some tips on how to achieve this goal:
– Set a realistic budget and track your spending. You need to know how much money you earn and spend each month, and where you can cut costs. Use an app or a spreadsheet to record your income and expenses, and review them regularly. Identify the areas where you can save more, such as groceries, entertainment, or subscriptions.
– Automate your savings. One of the easiest ways to save money is to set up a direct debit or a standing order from your savings account used for your salary/income and bill payments to a dedicated savings account. This way, you can save a fixed amount of money every month without having to think about it. You can also use apps that round up your purchases and transfer the difference to your savings account.
– Pay yourself first. Another strategy to save money is to pay yourself first before you pay your bills or spend on anything else. This means that you allocate a certain percentage of your income to your savings account as soon as you receive it. For example, if you earn RM3,000 per month, you can save 30% or RM900 per month. This way, you can save RM10,000 in a year.
– Find ways to earn extra income. If your current income is not enough to meet your savings goal, you can look for ways to earn more money. You can sell your unwanted items online, do freelance work, start a side hustle, or take on a part-time job. The more money you earn, the more money you can save.
– Reward yourself occasionally. Saving money does not mean that you have to deprive yourself of everything that makes you happy. You can still enjoy life and treat yourself once in a while, as long as you stay within your budget and do not overspend. For example, you can set aside a small amount of money each month for fun activities, such as going out with friends, watching a movie, or buying something you like.
By following these tips, you can save RM10,000 in 2024 without feeling deprived. Saving money is not only good for your financial future, but also for your mental health and well-being. Remember that every little bit counts, and that you can achieve anything with discipline and determination.
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