Many people find it difficult to save money after getting a salary. No financial management knowledge at all and is always spend extravagantly. This kind of attitude is very worrying because the money you get from work should be saved for the future. It’s not that you don’t care about the world. Every month when you get paid, what’s the first thing you do? Have you ever thought about investing first, and then paying off the bills and debts that need to be paid off.
Since wages are usually deposited into a savings account, the first thing to do is invest before spending or paying off debt. For most of us, the answer is most likely no. This is because many of us practice financial management that puts the need to invest last.
With low income, excessive debt burden will cause us to be in a bad mood and it will be difficult to manage in the future.
Among the best methods is to invest automatically every month, through the convenience of salary deductions or investing online every time you get a salary so that you do not miss making monthly investments. Look at your income and value your ability to invest.
Most importantly, don’t set aside so much that it affects your ability to pay bills, debts or finance your daily life. If you have to withdraw your investment because you don’t have enough money until your next paycheck, it will only hurt your goal of building savings.
Among the investment institutions that offer salary deduction facilities through employers is Amanah Saham Nasional Berhad (ASNB) for investment in Amanah Saham Bumiputera. Best of all, the facility is free. Therefore, if your employer has not registered with ASNB for this facility, you can ask your employer to do so so that you can also enjoy the benefits of this salary deduction facility. This payroll deduction method is very effective because the money will not reach your hands to be spent, but will be put directly into your investment account.
By investing automatically, you can avoid delaying your investment and take the attitude of investing when there is a surplus. Subconsciously, you will have savings as a backup. It doesn’t matter what your goals are, whether it’s for retirement, an emergency or maybe even your children’s education, you won’t have to go into debt again when you need it later.
Invest while you are healthy and able and preferably when you start working. The longer you invest consistently, the bigger your savings will be. Consistent investment will help you accumulate capital quickly to collect bigger returns. However, the money left in the savings account should not be spent, it is better to save a little for small things that needed money urgently.
Finally, your spending habits will improve if you start investing at a young age. Investing early allows you to cultivate disciplined spending habits by focusing on budgeting and cutting expenses when needed. By having clear goals and actions and a thorough understanding of what you use the money for, it will be easy to divide your salary.