Still No Savings? These are the 6 Best Financial Solutions For 2024
<p> The year 2023 will draw its curtain in a few weeks. In 2024, we start with a determined right step to make ourselves better than before.</p><p><br /></p><p>However, surely many of us still have problems in managing finances, right? Yes, at the end of every month the wallet must be dry.</p><p><br /></p><p>This article will share 6 financial solutions for your preparations for 2024.</p><p><br /></p><p>1. Prepare an Emergency Reserve</p><p><br /></p><p>This step is to prepare for unexpected financial problems. You can create a savings fund consistently on a monthly basis with a small amount by setting an appropriate savings limit.</p><p><br /></p><p>Put it in a separate account to make saving goals easier. For long-term savings goals, aim to save at least three months' worth of living expenses in an emergency account.</p><p><br /></p><p>Please make sure you pay off important commitments first and don't overdo it in making emergency savings.</p><p><br /></p><p>2. Manage Budget Based on Priorities</p><p><br /></p><p>Are you wasting a lot in 2023? If so, please check and balance to reduce the risk of financial hardship. Many of us like to spend more if we have excess capital on hand. Be aware that the action will make our spending irregular.</p><p><br /></p><p>The first step in managing finances is to look at your spending habits and planning. Please make a plan that is in line with your priorities and financial allocation to avoid excessive spending.</p><p><br /></p><p>These methods can help you stay on track and reach your financial goals regardless of the situation.</p><p><br /></p><p>3. Reduce Debt and Improve Credit Score</p><p><br /></p><p><br /></p><p>Prioritize paying off credit card debt that has high interest rates to improve your credit score quickly.</p><p><br /></p><p>Consider a different debt payment management method than before where you can pay off the debt faster than the set time.</p><p><br /></p><p>4. Take Self Insurance</p><p><br /></p><p>Emergency savings is the best measure to ensure survival in the future. However, you also need to make sure you are insured because it is more guaranteed.</p><p><br /></p><p>You need to do some revision and increase your understanding such as life cover, home, car, natural disaster and permanent disability. Please find an insurance agent who is certified and does not pay more for what you need only.</p><p><br /></p><p>5. Make Future Investments</p><p><br /></p><p>Recently, Malaysians were shocked by the news that almost 35% of EPF users have savings below RM10,000 by the age of 54. This news is not a good news where our average society has to work to ensure that their savings are enough for retirement.</p><p><br /></p><p>In Malaysia, information about investments is very less widely disclosed in society because they place high hopes on EPF savings only.</p><p><br /></p><p>Young people now need to know about investment savings to ensure that their financial management in the future will be more secure and organized.</p><p><br /></p><p>6. Think of ways to add another income</p><p><br /></p><p>Many of us agree that the minimum wage rate in Malaysia is still insufficient due to the rising cost of living. Indirectly, this urges the community to do side work to supplement other income.</p><p><br /></p><p>However, now it is easier because many companies offer side jobs where interested individuals will be offered tasks to earn wages. In addition, many are also involved in the online business industry.</p><p><br /></p><p>You just need to be careful because many irresponsible parties take advantage of offering opportunities but otherwise it is just a fraud mode that can make many people get into trouble or crime.</p>
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