How to Save Money with a Monthly Salary

There is no such thing as “Money Tree”

You don’t get money from a tree unless that “Money Tree” is either your rich daddy or your ATM card

When I started to save money

When I received my first salary from my 1st job, I finally felt how difficult it was to earn money for the first time in my life.

I had come to realize that money is not easy to earn but easy to spend without even thinking about it.

You can spend money like water but you earn money like drawing blood from your veins!

Hence, I started to educate myself how to save money with my monthly salary which is small at that time.

Invest wisely or simply deposit into my saving account and transfer to fixed funds for higher interest profits.

My dad used to tell me ” Save money for rainy days” which I had self taught myself not to waste money unnecessarily .

Here are 3 tips on how to save money with a monthly salary

#1   Deposit 10% into bank

• Every month when I received my cash salary by hand, I would deposit 10% of my NETT salary into saving account. ( NETT- after deduction of EPF Employees Provident Fund, SOCSO- Insurance, taxes ).
• I started to save money on my 1st job. It doesn’t matter how much I had saved but I DID saved instead of spending the whole salary.
• It has thus became a good habit that this little money became bigger over the years.
• In addition, I had taught my kids to save their pocket money in piggy banks, then deposit into saving account instead of spending lavishly.

#2   Don’t spend money on unnecessary items

I used to envy my colleagues for their new handbags, shoes, clothes and cosmetics.

• However, I don’t spend my hard earn money on these unnecessarily items.
• If I wanted to buy the item, I would wait for BIG discounts, grab discount vouchers online or cut out coupons.
• I also make sure that the item bought is value for money.
• Do not buy the same item for the next 2 years.
• Ask yourself whether this item is urgent and why you have to buy it
• Is it not usable anymore or just plain ugly?

For example; I had bought my wallet 15 years ago at $50 and am still using it as today.

# 3    Stay away from Credit Cards

I have never applied for any credit cards or debit cards.

• Although these plastic cards are convenient and FREE member fee for the first year, you will be in debts once you are hooked to lavish spending.
• You will be paying the interest fees, not the total amount you had been charged for.
• You are unable to pay the credit card bills with your small monthly salary.
• There are hidden charges stated in the bank statement.
• Use cash money when you buy things, never use credit cards
• If you cannot afford to pay in cash, simply don’t force yourself to buy it.
• Don’t buy the latest electronic gadgets ( smartphone,laptop,etc) with credit card monthly installment
• Credit card fraud often happened online. Consumers are being tricked into revealing their password or ID after receiving emails  pop up messages
• If you don’t have credit card, you won’t be spending money easily because you don’t have much cash in hand.

Share with me, how do you save money with your monthly salary?

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