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Humanising Finance
January 2018
5 ways to get into the habit of saving
     

5 ways to get into the habit of saving

No matter where you are in the world, everyone can relate to the struggle of financial stress. Managing finances can be a daunting task, especially for fresh university graduates. The start of a new year is always a good time to review your financial plans and work out a way to achieve your resolutions for the year.

Cultivating a good saving habit is very important for the long run and this all boils down to small actions. Here are some ways to handle your money smartly in the new year and achieving financial freedom.
 
 
1. Create a budget
 
Mapping out your monthly expenditure will help you get in control of your finances. Naturally, there will be certain months when your expenditure is higher due to festive seasons, birthdays or unforeseen circumstances. Try to work around these unexpected expenses. For example, if you bust the budget for one month, cut down on unnecessary spending and stick to only the essentials for the next.

This will help you make better financial decisions and save money throughout the year.
 
2. Keep track of your expenses
 
Daily expenses such as coffee and tea break snacks may seem insignificant on their own, but these can add up to big amounts over time. By keeping track of all these little amounts, you can determine whether something is a want or a need. Do you really need that S$6 latte twice a day?

Use technology to your advantage and leverage on personal finance apps that help you balance your income and expenditure so you can keep tabs on your spending habits easily.
 
3. Grow your savings
Don't let your monthly savings stay stagnant - make your money work harder for you. Transfer a fixed percentage of your monthly income to a separate savings account which suits your needs. Most banks offer savings accounts that offer a bonus interest per annum when you take up a few products such as home loans and credit cards. These have become popular in recent years.

Take, for example, Maybank's SaveUp Programme. Account holders can earn up to 3% p.a. with 9 products and services to choose from so you can stretch your savings.
 
4. Shop strategically
 
Good savers tend to be frugal individuals. Do your research and look out for good deals so you can make the best buying decision. If you know there is a festive period with massive discounts like Black Friday coming up, hold off on the shopping till then. Your wallet will thank you.

Another tip is to make the most of cashback reward programs like Shopback when you are shopping online as well. Those little amounts can add up to a significant sum and will come in handy on a rainy day.
 
5. Plan for retirement
Think about your future and start making contributions to it. Understanding the importance of retirement planning and getting a head start is essential. Set up an appointment with your insurance agent or financial planner to work out your financial goals and how your retirement plan can complement this.
   
 
Saving money is all about making informed decisions and working with what you have. This can help you avoid making costly mistakes in the future. Spend within your means and you could potentially achieve larger financial goals. Interested in finding out how you can take charge of your finances? Locate your nearest branch to get in touch with our team of professional wealth managers.
 
Always wanted to find out more about a finance-related issue? Email us at: corporateaffairs@maybank.com.sg
 
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