In our current world where the economic outlook has various indications stating that it’s on a great decline, many of us will turn worried… and every worse, turn mental.

With the continuous inflation, consumers are looking for ways to overcome this predicament – but how?

The unfortunate scenario that the majority of us face is that despite the bad economy sentiment, we’re still not discipline with our financial capabilities.

So fret not, kenwooi.com has 5 simple says to be financially disciplined! They are very common but often ignored:

1) Have a daily expenses tracking

Many of us just spend when we have the money, but after a while we could barely remember where it was spent on and how much.

The key to knowing your spending habit is to have proper tracking. It could be a simple Excel sheet, or any Budget app you could find on your mobile.

Understanding how you spend could help optimize your cash flow and avoid unnecessary spending.

2) Save a fixed portion of our monthly salary

Whether it’s RM300 or 30% of your net salary, it’s recommended to stash away an amount and not touch them. It could be easily for any emergency or retirement.

I know it’s rare to be confronted with emergency and retirement seems “too far away to bother for now” but you’ll never know – anything could happen.

3) Spend within our means

If you earn a net RM3,000 a month, then spend RM2,500 a month – or lesser! It also means that we should not purchase anything too costly for our lifestyle. Like, watching a movie in 2D instead of IMAX 3D.

Don’t go broke trying to act rich!

4) Optimize our savings

The big question is… how do we make our existing money MAKE MORE MONEY for us? It could be as simple as storing them as Fixed Deposit (FD) or purchasing an investment plan for financial institutions.

Either way, that’s what the rich do – their money and assets MAKE MORE MONEY for them.

5) Earn more

While items 1 to 4 may seem within our control, don’t neglect item 5. We have to keep enhancing ourselves in terms of skills & competencies, as they will make us more valuable in the job market.

The better you improve yourself, the more you can offer, and the higher compensation you will command.

Alternatively, perhaps you can earn side income, or make money over the Internet. There’s plenty of opportunities available – just don’t get conned!