this article i ambik from other site- x ingat kat mana.but really good- kene sentiasa mengingatkan diri sendiri
SAVING DILEMMA – HOW TO STAY DISCIPLINED
How ambitious are you, financially, when it comes to New Year resolutions, or after receiving bonuses?
You’re most likely to say: “I’ll start saving RMX a month” or “I’m putting aside RMX for my emergency fund” and the wish list goes on.. But what happens 3 to 6 months down the line? Those resolutions would have altered completely to: ”Oh, I need to do some renovation to my kitchen” or “ This month is our wedding anniversary, I would like to take my wife on a nice vacation overseas”. Not that you can’t enjoy all the goodies, but like any other resolution, unless some action is taken on your part, nothing will ever change!
Most people face this dilemma when they have money in their hands – to save or to spend! Unless they decide to save, their financial future will be very bleak. Let us define the meaning of dilemma. According to Meriam-Webster Online dictionary, is a problem involving a difficult choice. A situation where you cannot decide what to do! Saving or spending has always been the most talked about topic in the area of financial planning because this is a basic decision one has to make in order to achieve financial independence!
Let’s look at the typical savings dilemma within each age group. These dilemmas differ as they grow older and hopefully become wiser!
The Savings Dilemma
Ages 21-30
I don’t need to save now… I’ve just started work
I don't earn a lot yet, and I'm entitled to a little fun while I'm young.
There is plenty of time. I'll start saving when I earn more…
Ages 31-40
I can’t save now….. I have a lot of financial commitments.I've got a growing family on my hands. It takes all that I have to keep them going. As soon as the children are a little older, I'll start to save.
Ages 41-55
I can’t save now…
I've got three children studying in college. I need to pay for their education.
My medical bills are piling up; my old car is acting up;
I have yet to settle credit card bills from previous family trips.
I can't save yet
Ages 56-65
I can’t save now…I know I should. I’m living on my EPF money...but it will only last me less than 5 years. If only I started saving 30 years ago, then I might be able to enjoy a nice vacation...
But it's too late now. You can't save when there's no income.
Sounds familiar? If you do not want to end up regretting and blaming yourself later, then you need to get rid of those dilemmas and save.It takes all that I have to keep them going. As soon as the children are a little older, I'll start to save.
Ages 41-55
I can’t save now…
I've got three children studying in college. I need to pay for their education.
My medical bills are piling up; my old car is acting up;
I have yet to settle credit card bills from previous family trips.
I can't save yet
Ages 56-65
I can’t save now…
I know I should. I’m living on my EPF money...
but it will only last me less than 5 years. If only I started saving 30 years ago, then I might be able to enjoy a nice vacation...
But it's too late now. You can't save when there's no income.
Sounds familiar? If you do not want to end up regretting and blaming yourself later, then you need to get rid of those dilemmas and save starting from NOW!! It’s never too late to start saving, better late than never!
You see, saving money isn't about sacrifice. It’s more of making small adjustments here and there. No matter how much you make, you can still save. If you earn less, then start with a small amount. As long as you follow the rules of living within your means, then you won’t go wrong. So, don't wait until you have more money to start saving. Start immediately because saving money is one of the means of building wealth and the smartest way to prepare for your financial future.
How do I do it?
All you need is to have financial-discipline which is about controlling your spending and making sure you pay for the things that need to be paid. What you need is to create a budget and implement it. If you cannot control your spending then no matter how much money you make it will never be enough. Control your WANTS, get only what you NEED, say NO to impulse buying and follow your budget strictly, then you’ll be alright.
Once you have changed your spending habits, the rest will follow through smoothly. A key part to financial success is learning the skill of discipline and spending wisely. Once you are able to accomplish both of these objectives, you will be well on your way to save more!
But, how to stay disciplined? Among other things that you can do are as follows:
Set a Goals
Make sure you set a goal that is SMART (Specific, Measurable, Attainable, Realistic, Timely). An example of a goal could be; I want to have RM15,000 in two years as deposit for a house. The ensuing action for the goal could be to save RM625 every month. Setting goals is likely the first step to turning dreams, ideas, and wishes into REALITY! When you set a goal, you commit yourself to achieving your goal.
Use Rewards and Punishments
If you are able to maintain your budget or able to reach your goals, then perhaps you can reward yourself a treat. However, if you suddenly find yourself going over the budget, then as a punishment, you may have to forego some pleasurable activities.
Automated Savings
For those who feel that savings on regular basis is a choice, one option could be through forced saving, which is via salary deduction.
Accountability
It is always good for you to share your goals with your spouse or a close friend. By doing that you are in some manner accountable to them. They may from time to time ask you about your goals, and surely you want to show that you are competent enough to stick to your goal.
In conclusion, it doesn’t matter how much you save. What is important is that the earlier you start saving, the more time that you’ll have to accumulate a really large nest egg for the years ahead. Stay consistent and be disciplined and god willing, when the time comes you know that you are financially prepared for them.
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