8 of the Best Savings Advice as Told by Successful Women
Not too long ago, the word savings and investments were synonymous with men as they were the breadwinners of families and the main source of income in the average household.
Today, women have gained more awareness & courage to break the glass ceiling in assuming high level positions and voicing out the worth of their contributions. Yet, we often hear some women say they’re not financial savvy or don’t know how to start saving.
We’ve spoken to 8 successful women who are smart savers and they’ve shared their universal savings advice.
The Big Coffee Swap
If you love the simple pleasures in life that come with a price tag, spend a little bit to save in the long run. Artisanal coffee is a big guilty pleasure; invest in an affordable coffee machine and make your own cuppa joe at home to save money that would otherwise be spent at a café! To put things in perspective, the average coffee machine and coffee beans cost some RM400 and is able to produce over 100 cups of coffee. For the same RM400, you’d only be able to get 33 cups of artisanal coffee. You could save some RM200 a month that you can direct into your savings!
IsabelUse Public Transport
Remove the burden of large costs in your fixed expenses by eliminating the need of a car and using the train and bus systems instead. If this option is available to you, utilize it to reduce expenses and put that extra ringgit into your savings account!
VanessaAutomate Your Savings
Payday is the most exciting day of the month and while there’s a list of splurges on our to-do list, putting away 10% of your income is crucial. To ensure you don’t forget to save or skip a month, automate the transfer of your savings using the features available with your bank.
MelissaBuild An Emergency Reserve
You’ll never know when you’re going to run into a tight spot, so an emergency reserve is a definite must. This fund should allow you to survive for at least 6 months without an income. Cut expenses, swap brands for local products and shop for your daily necessities at local markets. Whatever money saved from these changes should go into your emergency fund!
LindaPlan Ahead
The best way to avoid unnecessary expenses is to always plan ahead. Simple changes like meal preps for office lunches and a set grocery list before hitting the store helps prevent impulsive expenses.
FarehahDiversify Your Savings Profile
Consider your savings as part of your monthly fixed income and diversify it. As the adage saying goes, don’t put all your eggs in one basket. Some low-risk options for this include fixed deposit, unit trust or gold savings.
JoanneFocus On Retirement Today
It’s never too early to focus on your retirement funds. Regardless of where you are in your career, start planning for retirement now. The options are endless; whether it’s a cash bank account, a gold savings plan, a private retirement scheme, fixed deposit. Just get started.
Li LingShop Smart
One of the biggest money traps is consumerism and that’s often tied with our needs for material things plus how society is shaped (i.e: birthday gifts, festival decorations, fancy dining, etc). It’s important to enjoy these things but there’s a way to be smart about it. Use group buying websites to enjoy products and services at a discount, shop for gifts throughout the year during sales periods and if you’re looking for festive decorations, pick them up just after the festival to score great discounts and be ready for the next year!
VanushaReady To Get Started?
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