The habit of saving should be nurtured and practiced from an early age, before we start working. On the other hand, if you just want to start when you get your first salary, it is quite difficult to start.
According to statistics, 75% of Malaysians cannot afford to save even RM1,000.
Congratulations for those who already have the awareness to save, but make sure you don’t make mistakes that will ultimately be detrimental.
1. No Target
When saving money, it is important for us to know how much savings we need to have. And how much salary money needs to be saved each month.
Ideally we save at least 10% of the monthly salary we receive. If the salary is RM3,000, set aside RM300 every month.
Next, we are advised to have emergency savings of 3-6 months from our salary. If the salary is RM3,000, make sure we have at least RM9,000.
2. Big Expenses For Unimportant Things
Spending a lot on useless things doesn’t actually bring good in the long run. Spending on new smartphones, car upgrades and so on will come at a loss; because it will depreciate.
So, change your lifestyle and reduce the amount spent on unimportant things.
3. Interested In Cheap Goods
Most of us believe that buying a cheaply priced product is the best way to save money. Cheap goods are not necessarily quality which eventually causes us to have to spend more often.
For example, buying a belt that costs RM400 and can be worn for 5 years is more worthwhile than one that costs RM80 but only lasts for 5-6 months.
It is better to spend extra budget to get better quality and more durable.
But if the goods are cheap and quality, that is the best.
4. Not Tracking Expenses
It is a mistake that many people make. When we don't know where the money is spent, we don't know where we went wrong and where it can be reduced.
Make sure we keep track of every money that comes in and out. Only then do we know whether we overspend or not.
5. Save But Don't Invest
Some like to store it very much, even keep it under a pillow. Eventually the value of the money is eroded by inflation.
We need to realize that the money saved only increases if we add it.
Make sure we also invest to grow the money we have. To invest, there is no need to wait until you have a lot of money. Small amounts can be developed on disciplined conditions and invested consistently over a long period of time.
If possible, set aside 10% for savings and 10% for investing. Then there is money to use when there is an emergency, there is also money for retirement.
Info About Wahed
Wahed Invest is an online halal investment platform, the world's first digital Shariah -compliant investment management service provider where their objective is to provide or make halal investments.
Wahed Invest should be your investment option because it is a SHARIAH COMPLIANT investment. It has obtained a Halal Certificate where Wahed's investment is in accordance with Islamic principles without involving any illegal sectors such as alcohol, firearms, gambling, riba and the like.
Not only that, but it is the world's first Islamic Finance technology company (Fintech). This digital technology investment has been approved by 3 recognized Shariah Advisers, namely Dr Aznan Hasan, Mufti Faraz Adam Hanif and Shaikh Muhammad Ahmad Sultan.
Wahed Invest is also an investment in the Wahed platform starting as low as RM100 with no lock -in period. Wahed’s current investment portfolio options include US and Malaysian stocks, sukuk and gold.
Wahed Investment is registered with the Securities Commission Malaysia (SC). The SC's job is to control anything related to securities to protect investors.
How to Invest Wahed Investment
Download the Wahed Invest app at https://wahedinvest.com/get-started and get a starting bonus of RM10 by using code ‘MOHISM487’ during registration.
In fact, don't forget to enter the reference code "MOHISM487" to get RM 10 from Wahed Invest when you enter the capital.
All investments involve risk, including the possibility of losing the money you have invested and past performance does not guarantee future performance. Return histories, expected returns and probability projections are provided for informational and illustrative purposes only and do not reflect actual future performance. We are not responsible for any liability for your trading and investment results.
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