2021 had just pass a month like that. If you still not yet start you saving plan do considering with the method i going to share to you at below. As we already know to start a good investment a baby start for this will be to start with saving. There is some Guru out there may share how to do refinancing/borrow money with current low OPR (Overnight policy rate) interest but personally i feel this method will be bad for you if you did not establish a good personal finance.
Personal feel that if the money you going to investment if coming from the borrowing, you can not make a right decision when the market is having correction there is a chance where you will be making a wrong decision by exits or cutting lost too early.
Let discuss back to our topic on this blog. How to save the first thousand dollar to fund your investment, Below is the method which widely use and i believe you will find a method suitable and benefit for you. You will find the 7 method which showing you the fastest to slower way to get yourself equip with the first RM1,000 in next 11 month (before 2021 end)
***For example purpose, I will be using monthly 3,000 (Malaysia average income is RM 3,224 on Oct 2020) a income as the calculation :-
Part 1 with manual saving method
- 333 Saving Method
- 33.3% Investment Saving : 1000
- 33.3% Short & Long term saving : 1000
- 33.3% Daily Expenses : 1000
- *** Achieve goal in 1 Month
- 16.7% Saving Method
- 16.7% Investment Saving : 501
- *** Achieve goal in 2 Month
- 235 Saving Method
- 20% Investment Saving : 600
- 30% Short & Long Saving : 900
- 50% Daily Expenses : 1500
- *** Achieve goal in 2 Month
- 136 Saving Method
- 10% Investment Saving : 300
- 30% Short & Long Saving : 900
- 60% Daily Expenses : 1800
- *** Achieve goal in 4 Month
- 1225 Saving Method
- 10% Investment Saving : 300
- 20% Leisure Saving : 600
- 20% Yearly Expenses : 600
- 50% Daily Expenses : 1500
- *** Achieve goal in 4 Month
- 11125 Saving Method
- 10% Investment Saving : 300
- 10% Leisure Saving : 300
- 10% Education Expenses : 300
- 20% Yearly Expenses : 600
- 50% Daily Expenses : 1500
- *** Achieve goal in 4 Month
- 52 Weekly Saving Method
- *** Achieve goal in Week 45 or 11 Month
Hope the above 7 method able to help you save your first thousand dollar in order to start your investment journey. On next few blog i will share what you can invest with your first thousand dollar to start work for you.
Personally i feel that, at different stage of life you will find your self using a different type of saving method. Anyway the main thing is we able to make our saving work for us. On next blog i will introduce the method i use and from there how modifier with help for the book i read to varies type of method which suitable for my current life.
Today the quote for you to take a way :-
"Being in control of your finance is a great stress relief"
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