Now that the holiday sugar rush and feasting have worn off, its time to get your A-game and rein in those frustrating money problems.We promise all you need are a few actionable steps and you are on your way to a brighter year. Overspending many overspend when buying on impulse .Whats more, this group is savvy when it comes to using technology, but not on financial matters, resulting in 40% splurging on purchases while a whopping 70% lived beyond their means.Of course, spending is not necessarily a bad thing but when it is done emotionally or gets out of control it becomes a problem.[block type="warning" title="Sound familiar?"]One way to beat overspending is to remember that money is money it is all the same. Dont put a label to it, but look at money for what it is: the value .Remember that spending an extra couple of thousands to secure that RM100,000 car is the same as spending RM2,000 more on a bottle of vintage wine. As soon as you drive the car or pop that bottle of wine, the money is gone.Be disciplined, but if labels are your thing, try the 50/20/30 Rule . So, no more than 50% of your net income should go to essentials such as rent and groceries; 20% for financial priorities such as an emergency fund or find this retirement savings; and 30% for lifestyle choices such as eating out or shopping.[/block] Not being able to save or not knowing how to One in three Malaysians do not have a savings account , and most do not have enough to last them more than five years in retirement, according to the Employees Provident Fund.It added that 90% of rural households have zero savings while in urban households, 86% do not have savings.[block type="warning" title="Sound familiar?"]Contrary to popular belief, savings are not piles of money stashed away never to be seen again.Its money you put aside now to be used later, in case of a large purchase such as a house or an emergency like a car accident or illness.The easiest way to get started is to have your savings automatically set aside before you spend it.You can do this by having money automatically transferred from your savings account to your fixed deposit account or other investments.You can even set auto debit standing instructions for money to be deducted monthly for unit trust contributions. Make technology work for you.[/block] Mishandling your credit card credit card debt and mortgage inch up in tandem with our income, but it is alarming to find that the younger group of millennials with the lowest income (below RM1,500) having an average credit card debt that is higher than their income at RM1,850.Also the AIF found professionals aged between 20 and 33 live beyond their means . Majority of its respondents live on credit, with 38% taking personal loans and 47% living on high-interest-rate credit cards. Only 28% claim to know how to manage their finances.[block type="warning" title="Sound familiar?"]Credit card debt is no laughing matter, particularly if this is one among other debts you are shouldering at the moment.Pay the minimum due and you will accumulate a lot of interest payments over time. Late payments are even worse: lower credit score and late payment fees.
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