Let’s be real - money can either be a source of stress or happiness. Most of the time we rely on our reactions to money as an indicator of our financial wellbeing. But that doesn’t always have to be the case.
We put together 5 interesting money tips to alleviate your financial health. Some tips are better done as a group. 😎
1. Debt it down 👇
Add up how much you spend paying your loans each month and you’ll see. Loans come with interest. So they add up over time if you don't pay them quickly. The faster you can pay off your debt, the faster you’ll see the light at the end of the tunnel.
Once you're debt-free, you can start saving for your future. Saving for a rainy day allows you to create emergency funds and reap the rewards of earning bank interest rates.
2. A budget-off ⚔️
Challenging friends to see who can save the most in a fixed period is not only a lighthearted way to create financial momentum, it makes saving easier.
Sometimes the hardest aspect of saving money is the feeling of missing out by friends who don’t have the same financial concerns. Find friends who are on the same page looking to save money. It’ll be so much easier to coordinate free hangout sessions and inexpensive meal plans.
Think of fun ways to incentivise yourselves. Perhaps you can plan a trip with half of the money saved during the budget-off or have a potluck party to celebrate!
If you need inspiration - this woman saved for 16 years and now is retiring at the age of 34 with three properties under her name. 🤯
3. Pay yourself first 💰
While we like getting paid, it’s also important to pay yourself first. No, we’re not talking about treating yourself to a shopping spree. We’re talking about setting up an auto debit from your checking account to your savings account each payday.
Whether it's RM20 daily or RM500 every two weeks, don't cheat yourself out of a healthy long-term savings plan.
With BigPay, you can pay yourself first by topping up the amount you plan to spend for the month into your account. Then, you can spend according to your set budget with our built-in expense tracker.
4. Make your lunches 🍱
Making your own meals is an effective way to keep your budget to a minimum. Even buying only a sandwich daily can add up to overspending issues.
Try to plan your meals in advance, and make a cost-effective grocery list at the start of each week. When grocery shopping, stick to the list, buy generic supermarket-brand products rather than well-known brands. Always check for items on sale. 😉
If buying lunch at work costs RM20, and bringing lunch from home costs only RM10, you save RM50 over the week!
That saving can go to your travel fund or over time, add a significant contribution to your retirement fund.
5. Share monthly subscriptions 🤗
Another sneaky trick? Share subscriptions like Netflix and Spotify with your friends. Spotify Premium, for example, costs around RM14.90 a month. If you purchase a family plan, it allows you to create multiple accounts. Netflix also offers a similar plan.
So get it, split the bill with friends and you’ll be surprised how much more affordable it becomes.
That’s it! 5 simple tips that can make huge differences in your finances. Share it with your friends and get started today!