1. Save little by little for big items



When you need to buy pricy items, immediately set up a new section in your monthly budget for it, for example, "computer". Whenever you have extra money, just put it under the “computer” section. Doing this actually helps you to maintain your usual budget and savings, while increasing the money you save so that you can buy whatever pricy item you want without affecting your usual monthly budget. Plus, when things don’t come easy, you tend to cherish it more.

2. Establish an automatic savings plan



Establish a fixed deposit account in the bank, where you can’t take out the money until a maturity date. Each month, just allocate a small amount of money from your salary to be put into the fixed deposit. The amount of money placed in the fixed deposit monthly doesn’t not need to be a lot, but it will definitely help you save up a lot in the long run.

3. Have a “I don’t need this” list



Have a list in your cell phone or portable notebook that records the items you do not need, and make sure you firmly refuse to buy those items when you are shopping. After some time of getting used to it, you will realize you can live without those unnecessary things.

4. Small change



Although this method might sound a little old fashioned, putting your small change into a piggy bank helps you to develop good saving habit.

5. Waiting list for expensive and luxurious items



Even if you really want a luxury product, do not pull out the credit card immediately. Wait for a month or two, and find out if you still want to have it. Also, work and save up for that item. For example, if the price of the luxury item is RM 200, and your wages per day is RM20, only buy that item when you have worked and saved for 10 days. By that time, you will know very well if you really want and need it.

6. Put away your credit card



If you are a shopaholic, put your credit card away or cancel it. Request the bank to automatically deduct money monthly from your salary to pay off debts.

7. Online shopping



To check if the items sold in store is discounted, compare the prices with those sold on online stores. You might be able to search for better prices online, and occasionally receive cash vouchers, which you can use in the future.

8. Start saving online with a bank that offers high interest



Choose an online bank that helps you save money and earn interest. This actually increases your interest to save more in the long run.


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