When it comes to money, people often think about ways to earn and save for future spendings, but what is more important is the way you manage money. It is necessary to have good money habits so you can live more comfortably and be prepared for the future. But how do we ensure sufficient savings?
Money is not just the amount you have at the moment but whether there is enough in the long-term that truly matters. In this article, you will find some of the practices you can follow to ensure good money habits and how it would benefit you in the long run.
You are encouraged to pay off as much of the total outstanding balance of your credit card bill in a timely manner every month. This will minimise the interest and late payment fees incurred on your balance.
Before applying for a credit card, you have to find out which credit card best suits your needs. Once you have that figured out, you will be able to make an informed decision on whether or not it is absolutely necessary to apply for the credit card you are eyeing. With Hong Leong Bank’s Credit Card Recommender, we can recommend the best credit card for your needs.
It is also important to always keep your expenses in check, hence, you should review your account regularly using HLB Connect Online Banking & Mobile Banking App. You will need to know where your money is going so you remember what you have spent on, even for the small purchases. Using HLB Connect, you are able to check your account balances and details from anywhere, 24/7. You will also get instant updates of your last 15 debit and credit card transactions from the last 7 days.
When you are aware of where your money is going, it will be easier to find out where you can improve your money management. Perhaps there is a monthly subscription service that you are not using, that is your sign to unsubscribe. If you find that a lot of your expenses are from dining outside or takeaways, you can consider having more home cooked meals. These simple and easy cutbacks are going to help you a lot in savings.
We can’t deny that we always want something and even if we contemplated it for a long time, we can’t seem to get away from that emotional attachment. This is when we need to pull ourselves back on the right track. We should only buy things that are necessary first. Once we have some extra money to spare, we can think about getting the list of things on our wishlist. Always ask yourself, “do I want it or need it?”. Even if you come to a conclusion that you want it, ask yourself again if there are any alternative items that may also suit you better or are more affordable based on your current finances.
We will never be able to predict everything in life so it is always better to prepare for the unforeseen circumstances that might result in unexpected costs. You need to first allocate money that you can save to meet your saving goals and consider opening an account for “rainy days” to use when you need to. This way, you will be prepared if you are in need of an emergency fund. You can do that by opening a bank account online with Apply@HLB App from Hong Leong Bank.
We will need to plan this as early as we can, as early planning plays a very big role in financial security. This helps us to prepare for a comfortable living even when we are retired and when we grow old. Set a financial goal in mind of how much retirement fund you need to live comfortably. The sooner you plan, the more you can save. Consider placing an eFixed Deposit to help grow your wealth at a guaranteed rate and at low risk. Using HLB Connect to manage your eFD, new placements and withdrawals can be made anytime. Additionally, you can enjoy the flexibility to make early, partial withdrawals from your eFD and still earn eFD interest on remaining balance. To find out more features and benefits, visit our eFixed Deposit page.