Everyone loves setting up extravagant New Year resolutions just for the sake of doing it. We want to witness the Northern Lights in Sweden, buy the first Louis Vuitton clutch, attempt our first running marathon, read 200 self-help books per year. Wow, I’m going to be so awesome if I’ve checked all of these items off!
So, looking back right now, how many of the above did we realistically achieve? Okay – maybe just that marathon since it’s now one of the most mainstream activities in Malaysia these days. So… hooray!
We are often influenced by the perfectly curated lives of our ‘happening’ friends in the crafting of our desires. But let us be perfectly honest for a moment here, some of us can’t even afford to save beyond our monthly salary; or worse, some of us go broke by mid-month just trying to battle the hiking expenses, mountainous debts and unforeseen emergencies.
As a 2017 dawns upon us, it is important that we reflect on our spending habits, and try to curate a new year resolution for our wallet- because meaningful experiences will be attainable once we are able to manage our finances.
1. Split up your BONUS!
It’s the end of the year, some of you may have received your bonus (for those that didn’t, well, that’s a bummer, better luck next year! Have gratitude for the other happier things in life, like how we still have clean water).
The trick is, don’t spend 100% of your bonus on that lavish cruise or put everything into your car – use the rule of thirds to determine how to use it.
- 1/3 for the unsettled past debts, like your PTPTN, or car loan.
- 1/3 for the future – put it into some kind of savings or investments.
- 1/3 for the present – like any home improvements you’ve been laying off because you were living from wage to wage. Now’s the time to fix that hole in the ceiling or paint that wall.
Kiple e-wallet allows you to segregate your budget accordingly, especially when it comes to your lifestyle expenses. You get to do what you love, earn and even save!
2. Put aside emergency stash!
As much as want to live in a world where NOTHING bad ever befalls us, that world only exists where it rightfully belongs – in your dreams. Something always happens – be it a car breakdown, a tooth decay, a sprained ankle, or a job layoff.
Your monthly wage wouldn’t be able to cover these unforeseen emergencies, so to keep these incidents from running you into debt, you need to have a habit of saving aside a small amount of emergency stash every month. By diligently doing so, you may be able to increase your emergency savings to 3-6 months’ worth of expenses.
Kiple wallet allows you safe-keep Kiplekash in your e-wallet best used for food, drinks, and activities. However, Kiplekash can also be converted into cold hard cash as long as you withdraw it at selected outlets. Find out more about us.
3. Cut up all your credit cards
Impulse purchases are made worse with your string of credit cards, which hemorrhages your bank account in the long run. Instead, learn how to plot your necessary expenses and figure out how much cash you’ll need each week for important purchases. Be firm on that and only withdraw the exact amount of money needed so you won’t overspend. This will limit your impulse purchase on the pair of Stan Smith you don’t actually need.
Instead of a credit card, why don’t you download the Kiple e-wallet off the app store/Google Play! – this app enables you to save, earn and pay at your favourite outlets. It projects your daily spending, mirrored against how much you’ve saved from each purchase.
4. Make, and stick to, a budget
Writing a to-do list can be quite fun, same goes with crafting a weekly budget – the hard part is actually STICKING to it.
There are plenty of budget templates you could download from the web, and plenty of trackers you could utilise to help you manage your spending.
However, it’s only through trial & error, and your experimental experience – that you would know what works, and how much you’d be able to save.
Kiple wallet is not a budget tracker, but it is an e-wallet that enables you to track one part of your daily expenses (food, exercise, carwash etc) – and by understanding your weekly-monthly food expenses, you’d be able to make and stick to a realistic budget, and improve on your savings in a matter of time.
5. Know that being YOU, is enough.
Advertisement plants an artificial desire for us to morph into society – and to feel important, you’d need to get that bag, that pair of shoes, that new skirt – that gives you an artificial sense of importance, which then contributes to an artificial boost to economic growth.
In spite of all the innovative apps, meaningful discussions about saving money, advice from successful financial planners, budget trackers and plans – it all comes down to your heart and innate desire to be financially independent.
You need to know that this is enough – you are enough – you don’t need that extra accessory to be cool, because you are cool, as you are, not what you wear, or what car you drive.
In Kiple, we believe in enabling the masses in achieving financial freedom. We believe in creating a sustainable environment where you get to spend but save, where you get to spend and still have enough to live a meaningful life. We believe in sustainability. We believe in being pragmatic. We believe in happiness. Join our Facebook page to follow our updates. Let us achieve financial freedom together.