Do you understand that feeling, when your paycheck comes consistently like you can go up against the world?

Quick forward five days after and your account balance is RM -286.00. Your eyes nearly drop out of their sockets when you check your bank balance. Where did the money go?

In case you’re hoping to turn things around, great news, we have a few thoughts on how you can be somewhat a little less broke from now on. You should put in a touch of work and practice some abstinence.

1. Pursue the 50-30-20 rule

At whatever point your pay is in, quickly separate them into three parts.

Reserve 20% of your salary into another bank account and forget about it. These savings will sum up and in the long run help you to settle some personal debts or emergency needs. On the off chance that you think you have no self-control, at that point consider placing it into a fixed deposit account.

Next, put 50% of your salary aside for mandatory expenses. This will cover rent, utilities, healthcare, groceries, transportation, and others.

The remaining 30% of your salary will go for things you can’t live without such as phone bills, internet bills, etc. You can likewise allocate some money from this 30% to reward yourself with a year-end occasion to a place that you wanted to travel.

2. Korken jar your cash

Why? Well basically, this is for the money you have left after you’ve settled your mandatory payments like rents, bills, and utilities and have set your savings aside. Take this money and divide it into five sections: food, groceries, entertainment, transportation, and miscellaneous.

Every week, you are allowed to take out exactly the amount what you think you require for seven days – and attempt your best to make it last. You’re just allowed to approach the jar again following seven days. You’re also not allowed to top up the jar. That means you need to wait until your next paycheck before you can shop once more.

3. Take advantage of banking offers

Having multiple bank accounts does not just make your life easier to deal with your cash flow, yet it likewise makes you qualified for numerous advantages and rewards offered by various banks.

What if bank A offers points and rewards for paying bills with an online account? Then utilize that to settle your mandatory expenses. What if bank B offers great fixed deposit rates? Then utilize that for your savings. What if bank C has awesome cashback rates on their credit cards? Then utilize that to pay for your daily expenses.

Having multiple bank accounts likewise work great in the event that you have multiple financial goals so you can allocate different amounts of money for various objectives.

4. Never purchase anything immediately

At whatever point you see something you like, don’t get it immediately. Return home and approach your daily schedule; check whether it’s still on your mind. On the off chance that you are still thinking about it after a few days, at that point feel free to get it. In any case, if your craving has melted away, at that point you have effectively spared yourself a mess of cash that would have been wasted on something you didn’t generally need in any case.

Since you are very much well-equipped with these budgeting tips, hopefully, you’ll see a positive change in your bank account at the beginning of this month.

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