I am a believer in saving the $M1,000 if a person doesn't have outstanding bills or debts like credit cards, personal loan, property loan or even as simple as money owing to people like friends, relatives and family members.
Whether is a young adult who just started work, newly married couple, family with children or retirees, saving habit need to be cultivated (for those who already lost the savings habit or feeling, then it is time to get the habit back) because in the society we are living these days, spending becomes our biggest enermy. We can't live a day not spending our money. It is as simple as eating a meal!
Saving is an important behaviour that needs to be "rekindled". Nowadays, $1,000 is actually not a lot of money, a person can just spend it easily. But to earn the $1,000 is hardship... so why, think of giving away the $1,000 so easily.
One may consider investing the $1,000 which is a good idea. But how about challenging oneself to save the $1,000?
Though many may think that bank interest is not attractive but this habit of savings money is the bank is an action that a person need to have because by accumulating more cash in the bank, you can then convert the large sum of cash to investment that can give a more attractive return.
This is how your money will grow... CASH IS KING! Why? Because with cash, you have negotiation power!
Many people may have lost the essence of SAVING MONEY habit... why? Simply because, many use money to achieve desires or satisfaction.
How about just keeping the money in a savings account, or even in a money box or piggy bank, can the person leave the money alone? I often hear that "Cannot save money, just feel like spending it" or "I will spend it eventually".
For most of us, money and our feelings towards money are not static, but fluid, dynamic and intense. We know so little about why we experience these emotions towards money and the effects they have on our very existence. Not only do we have a physical self, an emotional self and a spiritual self, but we also have a "money self".
What is Money Self... is a SELF that is stingy, generous, gambler, spendthift, thirfty... And most of us can related that even siblings will fight and argue over money. That's what I mean by money self! It is almost like you are seeing a different person at times!
So, why does a person's behaviour and personality change when money is involved?
Our psychological money self is an integral part of our behaviour, thoughts and emotions, and these factors influence the way we deal with our money.
In other words, a person's financial personality is a major factor in how the person spends, saves and invests his or her money.
If you were to observe each person's "money self " and dig a little deeper into this psychological terrain, the financial deck may be stacked beginning in childhood, regardless of gender.
The social influences within the family upbringing, society and community in which people grew up, the early messages they received about money and their individual emotional make up will conspire to define how well they handle money as an adult! "
Therefore, saving habit has to be cultivated right from young to old! And saving the $1,000 is a good start!
Whether is a young adult who just started work, newly married couple, family with children or retirees, saving habit need to be cultivated (for those who already lost the savings habit or feeling, then it is time to get the habit back) because in the society we are living these days, spending becomes our biggest enermy. We can't live a day not spending our money. It is as simple as eating a meal!
Saving is an important behaviour that needs to be "rekindled". Nowadays, $1,000 is actually not a lot of money, a person can just spend it easily. But to earn the $1,000 is hardship... so why, think of giving away the $1,000 so easily.
One may consider investing the $1,000 which is a good idea. But how about challenging oneself to save the $1,000?
Though many may think that bank interest is not attractive but this habit of savings money is the bank is an action that a person need to have because by accumulating more cash in the bank, you can then convert the large sum of cash to investment that can give a more attractive return.
This is how your money will grow... CASH IS KING! Why? Because with cash, you have negotiation power!
Many people may have lost the essence of SAVING MONEY habit... why? Simply because, many use money to achieve desires or satisfaction.
How about just keeping the money in a savings account, or even in a money box or piggy bank, can the person leave the money alone? I often hear that "Cannot save money, just feel like spending it" or "I will spend it eventually".
For most of us, money and our feelings towards money are not static, but fluid, dynamic and intense. We know so little about why we experience these emotions towards money and the effects they have on our very existence. Not only do we have a physical self, an emotional self and a spiritual self, but we also have a "money self".
What is Money Self... is a SELF that is stingy, generous, gambler, spendthift, thirfty... And most of us can related that even siblings will fight and argue over money. That's what I mean by money self! It is almost like you are seeing a different person at times!
So, why does a person's behaviour and personality change when money is involved?
Our psychological money self is an integral part of our behaviour, thoughts and emotions, and these factors influence the way we deal with our money.
In other words, a person's financial personality is a major factor in how the person spends, saves and invests his or her money.
If you were to observe each person's "money self " and dig a little deeper into this psychological terrain, the financial deck may be stacked beginning in childhood, regardless of gender.
The social influences within the family upbringing, society and community in which people grew up, the early messages they received about money and their individual emotional make up will conspire to define how well they handle money as an adult! "
Therefore, saving habit has to be cultivated right from young to old! And saving the $1,000 is a good start!
posted by Carol Yip at 7:53 PM
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