6 Ways to Save Some Extra Cash

Hey Lemon8!

Let's talk about some extra money you can save. Although it may seem small amount but remember the saying of 'sikit-sikit, lama-lama jadi bukit', so eventually this small amount can grow. So here are 6 ways to save some extra cash.

1) Automatic Round up Savings

Set up your bank to round-up to the nearest RM and deposit the spare change into a saving account. For example, when you pay RM10.50 for lunch, your bank will round up the amount to RM11.00, and the RM0.50 will be saved in your account. Over time, these small amounts will add up without you noticing. A lot of banks offer this feature such as Maybank, Be U, AEON Bank, Bigpay. The more you spent money from the account, the more spare change saved. I can get Rm20-30 per month from the round up. Imagine after a year you got around RM240-360.

2) Automatic Savings

Set up your bank account to save a certain amount of money every month. Up to you how much you want to save. You can also make sinking funds and automated savings into your sinking funds. This money will build up with time. It's good to have that extra cash when you really need it. You can set RM150 per month, and you will get RM1800 per year.

3) Money Challenge

Money challenge is a creative way to save money. Where you determine what is the amount of money you want to have by the end of the challenge and how long you want to do it. There is a lot you can choose from. Some of it can be as low as RM1 per day, so it won't be hard for you. Choose the amount that is affordable and you are comfortable with it. For now, Im doing the 52 weeks money challenge where you need to save money based on number of week (week 1 you save RM1, Week 2 you save RM2 up to week 52 you will jave to save RM52).By the end of the challenge, I will save RM1378.

4) Bank Profit

Save your money in accounts that offer you profit. For now, me myself using ASB, Tabung Haji for long term savings as they give profit yearly and TnG Go+, AEON Bank, Versa for short term saving as they give profit daily. Let your money grow on its own. The profit might not be much, but over time, it can grow. Just be patient.

5) Credit Card Cashback

If you apply for a credit card, you can choose to go for cards that give you cashback. So when you use your card to pay something, it will add up your cashback. This cashback will be added to your card at the end of the month, every month. For now, I will receive RM70 to RM80 per month from my credit card. So, in a year I can save up to RM840 to RM960.

6) Save what you don't spend every month

Make your budget every month and save which money is left from the previous month. Might not be that much, maybe around RM50-RM100, but will also add up over time. With that amount, in a year, you can get RM600-RM1200. Try to spend lower than what you budgetted so you can save more at the end of the month.

Any of these you have done? Or any other tips you have? Share with everyone by dropping your comments. Thanks for reading. Till next post.

Love,

Rieya

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