Financial Guide: Saving Money for an Eventful Holiday

Countless times have we been worried about the expenses we made during holiday and the financial backlash that awaits us once it is over. With bills, taxes, mortgages and other financial commitments always on the horizon, we can’t help but scrimp and stretch every ringgit until the next payday – defeating the purpose of a supposedly destressing escape from our chaotic life.

But imagine if we were a tad-bit meticulous with our financial plannings. There would be nothing to fear, knowing that we have prepped ourselves financially. 

Here’s how to do it! Brace yourselves for THE financial guide with simple tips and tricks for a worry-free holiday experience.

#1 Evaluate your expenses

Photo Credit: Self Sufficient Kids

Always partition your monthly income according to your lifestyle. You don’t want to have lobsided partitions that will leave you struggling the whole month.

Another tip to avoid splurging unnecessarily is by evaluating your current financial situation. Be mindful of your current commitments beforehand and purchase the cheaper alternatives. Look out for upcoming promos so you could prevent impulse buying. A little research always goes a long way. 

There are also various apps downloadable for free on your handphone that would track your daily expenses so you can see where most of your expenses go. 

 #2 Treat it like a bill

When payday comes, you will always think about paying off your rent, bills and other monthly commitments first. Why not include saving under the same bracket as well? 

Place a fixed amount of money each month and slowly increase the amount if it is not too stringent for you.

If you’re the forgetful type, you can always set a standing instruction on your banking e-portal to credit in a fixed amount each month (don’t forget that you set a standing instruction 😆).

#3 The RM5 rule

Photo Credit: Free Malaysia Today

The rule is simple; anytime you receive an RM5, save it! It is a fun way to prompt you to save daily. You can also flex and bend accordingly  like making it RM10 instead of RM5.

#4 Punishment Jar

Photo Credit: Hopeful Forever

Some can relate to the punishment jar as a reminiscence of their childhood, but now that we are all grown-up, we have a better sense of discipline, dedication and honesty. 

Simply add a rule, and follow it! Breaking the rules will result in having to place a sum of money inside the jar as a punishment which would mean less money at your disposal when the holiday season comes around. You can also get a friend or a family member to keep tabs on you. 

It will also help break bad habits such as spending impulsively, smoking, getting distracted and more. 

#5 Make it collaborative or competitive

Like ‘gymming’ or keeping fit, the act of saving can be tough without having others to keep you on track. Grab a friend who is also struggling to save and do this together to keep motivated. 

Turning it into a healthy competition between friends and adding stipulations can spice things up as well. One example could be to determine who could budget the most in a month, and it only gets more engaging when more people are involved; as they say — the more the merrier! 😃 

#6 Investments

Photo Credit: Money Control

Saving for your holiday doesn’t require diving into the complexities and nitty-gritty of investments, so start small. Look at items with resale value – such as your old pokemon cards or limited edition figurines.

If you are planning for a full-on splurge on your holiday, you would have to invest in bigger and more expensive assets such as houses, shop lots, land and more.

High-yield fixed deposits are not bad either. They have built-in disincentives that discourage you from withdrawing money or else the interest earned will decrease. 

#7 Eliminate auto-charge subscriptions

Minus out those auto charges for subscriptions that you barely use. Netflix, PlayStation, Spotify and various magazine subscriptions are just a few that have probably been consistently draining cash from your bank accounts. Besides, you’re bound to save a few hundred dollars when you began unsubscribing.

Saving money takes time, so it’s best not to procrastinate. Begin saving up today!

Oh! Since we’re on the topic of saving, why not use CatchThatBus? You will be saving LOADS on your holiday expenses simply by travelling by bus to your destinations. Visit our website for a hassle-free bus booking experience. 

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