Mr Money TV Shares 7 Easy Tips To Save Money If You're Earning RM3,000 A Month Or Less

Saving money on a tight budget is tricky, but doable.

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Making less than RM3K a month can feel pretty tight, especially when you've got rent, utilities, and groceries to cover

Living on less than RM3K a month can be challenging. High living costs and limited income can make it tough to save. But don't stress, with a few smart moves, you can manage your money better.

Even on a tight budget, saving money is definitely doable. With a bit of planning, tracking your spending, and using some handy tools, you can start building up your savings bit by bit.

Let's dive into some easy tips to make every ringgit count and help you feel more confident about your finances:

1. Build an emergency fund

Emergencies can catch us off guard and demand our immediate attention, but having an emergency fund can help alleviate some of the stress. Think of it as a cushion for those unexpected bumps in the road, like a surprise medical bill or a car repair.

First things first, aim to save between RM1,000 and RM2,000 as an emergency fund. I know it sounds like a lot, especially when you're on a tight budget, but it can really help you out when life throws a curveball.

Here's a simple way to get started: after covering your monthly essentials, try to stash away whatever you can.

For example, if you're making RM3,000 a month and your expenses are around RM2,700, you can save RM300 each month. In about six to seven months, you'll hit that RM2,000 goal!

If you're finding it tough to save, maybe take another look at your spending and see where you can cut back a bit, or think about ways to boost your income a little.

2. Track your spending

Start by figuring out where your money goes each month. Use apps like Money Lover or Wally to keep track of your expenses.

Write down every purchase, no matter how small, for at least a month. This will help you spot spending patterns and see where you can cut back. You might find that little expenses, like dining out or impulse buys, are adding up more than you thought.

3. Prioritise needs over wants

It's important to know the difference between what you need and what you want. Needs are things like rent, utilities, groceries, transportation, and healthcare. Wants are things like eating out, entertainment, and shopping sprees.

Focus on covering your needs first and cut back on your wants. This doesn't mean you can't have any fun; just look for cheaper alternatives like cooking at home or enjoying free activities.

4. Create a monthly budget

Making a budget is key to managing your money. Start by listing all your income and then write down all your expenses. Assign specific amounts to each spending category.

Apps like YNAB (You Need A Budget) can help you set up and stick to a budget. The trick is to be disciplined.

For example, if you've set aside RM200 for entertainment and you're running low halfway through the month, find free activities for the rest of the month.

You can also budget your RM3,000 salary into sections of a pie. This method helps you visualise how much of your income goes to different categories, making it easier to see where you can adjust and save.

5. Leverage tools for maximum savings

GXBank and Hargapedia can be great allies in your savings journey!

GXBank offers features like 1% unlimited cashback on transactions and a competitive interest rate on savings. You can learn more about GXBank's offerings and decide if it's the right choice for you by checking out this GXBank Malaysia Review.

Saving on groceries is super important too. Hargapedia helps you compare prices, make weekly shopping lists, and find the best bulk deals. Shopping smart can save you a lot, letting you put more money into your savings.

6. Get creative with your savings approach

Sometimes, thinking outside the box can lead to big savings. By incorporating savvy strategies into your routine, you'll find that saving money becomes easier and more enjoyable.

Here are some fun ideas:

Host Clothing Swaps
Instead of splurging on new clothes, why not organise a clothing swap with friends? Gather clothes you no longer wear and trade them with your friends. It's a fantastic way to refresh your wardrobe without spending a single cent.

DIY Beauty Treatments
Pampering yourself doesn't have to break the bank. Save money on beauty treatments by making your own at home. Raid your kitchen for ingredients like honey, yogurt, and olive oil to create facials and hair masks. With countless tutorials available on platforms like YouTube, you'll have all the guidance you need.

Embrace Meal Prepping
Eating out can quickly drain your wallet, but with meal prepping, you can save both money and time. Dedicate some time each week to prepare meals in advance. Cook large batches of your favorite dishes and portion them out for easy grab-and-go meals throughout the week. This not only saves you from the temptation of ordering takeout but also minimises food waste by ensuring all ingredients are used efficiently.

7. Establish long-term financial goals

Setting goals and tracking your progress is essential for securing your financial future.

Here's how you can set goals and stay on top of your finances:

Set SMART Goals
Make your goals Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). Instead of just deciding to save money, aim to save RM500 in six months for an emergency fund. This way, you have a clear target to work towards and can measure your progress along the way.

Use Budgeting Tools and Apps
Take advantage of technology to help manage your money. Tools like Mint, PocketGuard, or Goodbudget can simplify your financial planning. They allow you to set goals, track your spending, and analyse where your money goes each month. By providing insights into your spending habits, these apps help you make informed decisions and adjust your budget as needed.

Automate Savings
One of the easiest ways to ensure you save regularly is by setting up automatic transfers to your savings account each payday. This method ensures that a portion of your income is saved consistently without requiring you to manually transfer the money each time. Automation helps you develop a saving habit and reduces the temptation to spend the money intended for savings.

To read more about the average cost of living in Malaysia, check out this article.

Managing money on a tight budget can be tough, but with the right strategies, you can do it

Start by understanding where your money goes, focus on your needs, and make a budget. Use creative ways to save and plan for your financial future. Remember, every little bit you save adds up.

With a bit of determination and some smart planning, you can overcome financial challenges and build a solid foundation for your future. Start today, and watch your savings grow!

Watch Mr Money TV and Frankie from the FAQ Show break down a fresh grad's salary below:

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This story is a personal opinion of the writer and does not necessarily reflect the position of SAYS.

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