Saving money

Saving money is actually easy to say then implement. I believe a person should have at least 3 ways to save money.

1)A long term account - This account is used to keep all your savings that you only withdraw the age of 55 year and above. To make it even better, i suggest that one should keep it in a bank that offers a high interest for example ASB (Amanah Saham Bumiputera). It would be even better if you put all your bonuses in this account. This account should only accessible with a passbook.

2)A short term account - This account is for normal transaction for example to deposit salary,withdrawal of daily expenses. One should have ATM card and also passbook. Just in case the ATM card is stuck in the ATM machine. If possible withdraw 30% of the salary each month and deposit 15% of the 30% of the saving portion.

3)Current cash - I believe that one should always have cash that is accessible for emergency. If not used that it is to be kept in an envelope and kept in a safe place. If the amount is over RM500 then you should keep it in your 1st or 2nd account.