Given the opportunity, why wouldn't anybody in their right mind want to be rich?
Tell me, like seriously. Is there anybody out there who DON'T WANT to be rich? Given the choice.
At first, my aim is simple. I want to live a modest life, free from debt. I think I've fairly achieved that, given that I have no asset to begin with. I live a simple life, no flashy stuff no bling bling. Simple. Basic. My aim was also simple. I just want to save money. That's about it. Nothing more. Of which the money saved, I intend to use to partly help my parents and the balance for my wedding. That has been done too, alhamdulillah.
Moving on, after I got married, it took quite a while for both of us to agree on how to manage our financials. Until there was a point at which we were so mad at each other we didn't talk the whole day, and it was full with anger and sadness and also tears... I think that was probably our biggest fight, the first one regarding money. I think perhaps the last one too, since we're practically automatic now when it comes to money; saving and spending wise.
Reconciling our differences in dealing with money was not easy at that time. Well, I'm somewhat radical when it comes to saving and extra cautious when it comes to spending. But, my husband was somehow a bit of the opposite hehe. So yeah, it was quite a struggle fine tuning that. Over the course of few months after our biggest fight about money, was when we finally able to live to the notion of "Pay Yourself First".
PYF does not mean that we pay for something that we wish to buy. Instead, PYF means we keep aside a certain percentage of our individual income into our savings pot. At some point we also managed to increase the percentage, resulting in a bigger amount in savings. The balance will then be used for bills, monthly installments for our car and apartment. Managing within that circle has allowed us to accumulate a sum of money we have aimed to save since our big fight. So the fight is actually a blessing in disguise =)
For many people, myself also included, the mantra has always been "kalau ada lebih baru simpan". And here I wish I can share with everyone how wrong that mantra is. We should switch it to "simpan dulu, lebih baru belanja". Believe me, it works.
And going back to being rich, of course somehow now I want to be rich too. I'm still in the journey of exploring things now. Taking one step at a time insya Allah. Who's with me?
Thursday, December 08, 2011
Pay Yourself First
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6 comments:
I AM! :)
To recall,the fight was a results of spending on 2 big items at a shot i.e our car was going thru some major issue and I wanted to get a new phone LOL
My biggest spending is normally on the car, it does cost a fortune at times,so if anyway is thinking to buy a car remember to factor in the maintenance cost.
save first before you spend. I'm trying to increase my saving. Annual increment resulting me in going to TH to increase my deduction.
By the way, as radical as I am in savings, I always believe in giving to the less. Kan semuanya berkah, insya Allah. I don't stick to an allocation on how much should I give to others, but someone once wrote 7:2:1, 7 for spending, 2 for savings & 1 for others. macam tu la kut
A good point to save $$ to buy what you want. It is always a value my parents taught me & my siblings. Till today, I save to buy my wants ESP handbags...haha.
PS: My brother is saving up to buy his fave robot figurine.
Hehe yes of course you are with me! If not, I'll be dragging you with me I don't care hehehehe
Yes kak, of course. Giving to others tak perlu berkira sangat, especially family. Spending for own pleasure tu yang kena berkira sikit ehe, cuma ye la at times of course we would wanna spend a bit more on ourselves =)
Hey Li San, thanks for dropping by. It's good that the culture is started within the family circle. It'll help us to become better in managing our money. But sadly, in most Malay family that isn't the culture...
Ow... talking about spending, i clearly can recall my dad indirectly told me to feel what it's like to earn my own money before simply spending his money. Alhamdulillah it does work and i am forever thankful to him for the life learning experience. Started off by washing neighbour's dishes for raya, worked PT at Starbucks with only RM4.50 per hour, really thought me a lot. I now think twice before giving my money over to the cashier =)
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