Creative ways to save cash every day

CASH is king. If you’re cash rich, you have enough money to live your life plus extra for savings, investment and anything else. 

You can live a life you can easily afford and you can often do the things you want to do in your life.

 You’re not defined by your job and you have achieved a quality of life that many yearn for. 

It sounds great but it can also be incredibly difficult to achieve seeing as cash is so easily disposed of. 

There are a few tips to get you on the right path such as living slightly below your means (resist lifestyle inflation), save your cash, and gradually pay off your debt. 

We’ve covered lifestyle inflation a few weeks ago, but let’s take a look at some creative ways you can save cash. 

You need to get a little creative and have some fun with it because the ease to spend with cash makes it very difficult to save. 

The 52-Week challenge: As 2018 is almost upon us, that would be the ideal time to start. In the first week of the new year start by saving RM1 and then add an additional ringgit every week.

 It would then be RM1 in Week 1, RM2 in Week 2, RM3 in Week 3 and so on. By the end of the challenge, you would be RM1,378 richer! 

Match your spend: This forces you to determine your wants and your needs. For every single expense you make, you need to then set aside the same amount into your cash savings jar.

 This would make you think twice before every single purchase which helps to curb impulse shopping and unnecessary spending.  

Quite a bad habit and save the extra cash: If you’re a smoker, you know how easy it is to lose track of your cash each time you buy a pack of cigarettes. 

As a New Year resolution, you could kill two birds with one stone. You could kick a bad habit and save cash at the same time! Set aside the amount you would normally spend on cigarettes per month into your cash savings jar. 

Keep the change: Take all your spare change for the day and keep it in your cash savings jar. While your cash savings may not be very high, it does teach you to appreciate the value of every ringgit and sen.

Limit your ATM withdrawals: With this, you’ll first need to have a budget and you’ll need to know what’s a feasible amount for you to withdraw from the ATM every week. The idea is, the cash you withdraw should last you the week (and more if possible) and you shouldn’t have to visit the ATM twice. This exercises restraint and helps you keep track of spending.
Save a specific denomination: This can be any amount you wish: RM1, RM5, RM10 or RM20. Set aside the chosen denomination whenever you come across it. Personally, I save RM1 notes as I come across this the most whenever I get my change. You’ll be surprised how it can add up! 

Saving can easily become a habit and once you have built up enough cash savings while also paying down your debt, you’ll soon be able to set aside your cash for investments. Obviously, this won’t turn you into a cash-rich billionaire overnight, but it puts you on the right track to set some foundations in place. 

Nadia Khan is content manager at to increasing financial literacy and to help you save time and money by comparing all credit cards, personal loans and broadband plans in Malaysia.
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