Preserving Your Savings In Your Account

No matter what online banking site Malaysia you did register, you still have the capability of accessing your savings online. Heck, even spending them without a physical access to an ATM is now a norm, and because of this, your money is practically portable, so long as you have a device and a network connection.

This raises a new problem, though. With your savings at your reach, it can be very tempting to spend a lot of your funds into pricey foods, clothes, and whatever you find fancy. You might promise yourself to stop, but you’d still do it anyway, right?

This is where a few solutions of preserving your savings come in. You don’t have to be an extreme miser to achieve this, but you should know your limits and monitor your savings so it doesn’t dwindle too much in only a day.

Needs vs wants

What’s the difference between needing and wanting something? Simply put, are these things absolutely necessary for you to keep going? Are they just nothing but decorations on your shelves? How often do you plan to buy, use or eat this and that? Is this the only best price that you can get?

Distinguishing between needs and wants is necessary because it can actually impact your budget. Basic necessities like food and shelter also fall into this aspect. You don’t need fancy gourmets to satiate your hunger, and you surely don’t need a luxurious apartment to keep yourself shaded, secure and having a place to sleep.

Look around your surroundings and your personal belongings. If your home looks good so far, then that is enough. If you have a smartphone, laptop or both, then that is enough as entertainment. Don’t have a TV? It is alright. You can already access movies or series from your portable screens.

Remember, if you want something, you must not only look at the price, but think whether it is really necessary for your own sake or just pure pleasure. If it is the latter, even if it is totally affordable, steer clear unless you have way more than you can spare.

Don’t use your credit card

If you do have a credit card, don’t use it. Only do so in dire emergencies, no more than this. Using your credit card may not require you to have hard cash in your pockets and speed up the transaction process, but then you will have to pay its debt that you rack up so far.

Coupled with rent, daily food, train tokens, phone credits, and so on, credit card debt can be a cherry on top of a whipped cream on the verge of collapse if your spending habits are lousy enough to cause this. Even as a careful spender, you still wouldn’t want to pay any debts on top of your monthly spendings.

Your credit card is not your cash. It is a lifeboat that you only use when the ship is sinking in the ocean and you have no other choice because either every other crew is dead, abandoned ship or there is no nearby land to swim to without being swept further way by the current.