Finance Management, Malaysia

1
Manage Finance in a Better Way!
Bbazaar.my
2
Tips to manage your finances
betterListed below are the tips that everyone
should follow in order to be financially stable.

• Set a budget
• The first step to manage your finance better is
  to set or make a budget.
• A budget will help you analyse how much money you
  spend and where exactly you spend it. Setting up
  a budget will also help you cut down on
  unnecessary costs.
• There are times when you might not remember where
  or how youve spent your money and making a
  budget will help you keep track of it.

3
Why is managing your finance important?

• Financial independence is one of the crucial
  factors that affect your life as an independent
  individual.
• Living on your own or being an independent
  individual is a pretty hard and if one doesnt
  know how to manage their money, it is just going
  to make everything harder.
• Knowing how to manage the money that you have and
  the money that you spend is very important.
• Everyone should know how to make money work for
  them so that they can lead a happy life and be
  financially stable.

4

• Track your spending
• It is very important to keep an eye on your
  spending to ensure that your money is not being
  spent unnecessarily.
• Small expenditures like bus tickets, magazines,
  food might seem negligible but it amounts to a
  lot when you calculate your spendings.
• It is important to keep a diary or something
  similar to make a note of all your expenditures
  including the negligible ones so that way you
  will know where exactly your money is going.

5

• Clear pending credit card debt and loans
• Not making loan or credit card payments might
  affect you very badly as it might not only lead
  to penalty charges but it will create a very
  negative remark in your credit history.
• It is very important to make minimum payments on
  your credit card and make the monthly payment of
  loan on time.

6

• Make payments on time
• Laziness and care free attitude is ingrained in
  most of us. More often than not we tend to fall
  back on making payments which will lead to
  penalty charges later.
• Be it bill payments or EMI payments for a loan or
  credit card, it is very important to ensure that
  you make payment before the due date to avoid any
  additional fee.
• Making payments on time will not only ensure that
  you pay only whats needed but it will also help
  you build a good credit history which in turn
  will help you get a good credit score.

7

• Invest wisely
• Investing wisely and saving up is another
  important step in managing your finances.
• Investing in saving schemes, insurance policies,
  mutual funds will help you save and get benefit
  for the money you spend.
• There is no dearth for options when it comes to
  saving schemes and investment schemes.
• Every individual should invest in a suitable
  scheme based on how much they earn and what their
  priority is.

8

• Build an emergency fund
• Everyone is aware of the saying Little drops of
  water make a mighty ocean and the same applies
  for money.
• Every penny that you save will help you in the
  future and that is why it is important to build
  an emergency fund. Build an emergency fund by
  investing consistently no matter what the amount
  is.
• Emergency funds will help you get access to
  instant cash in case of a financial emergency and
  it will also ensure that you dont have to resort
  to loans or other borrowing schemes unnecessarily.

9
Presented ByAysha Maria