3 min read I Date: 25 Aug 2022
The money mistakes you make today could potentially snowball into greater financial stress. With these simple tips, you can identify your “oh-no” moments and start taking control of your finances.
- Not tracking your spending.
It is easy to spend whatever savings you may have. However, is it necessary to deplete your hard-earned savings on something you desire? Before your next purchase, have a conscious mind to ask yourself if you really need it before completing a purchase.
- Not having an emergency fund.
You will never know when an emergency will come. Having money set aside for this could avoid your decision to dig into your retirement savings or spend it on borrowed money. There’s the 60-20-20 budgeting rule based on your gross salary. This approach suggests that you put aside 60% of your income for daily expenses and essentials, 20% for emergency savings and 20% for investments. So, start setting aside for unexpected moments in life.
- Not investing in retirement.
Work less hard for your retirement if you begin investing in it today. Remember, you can always start small and progressively grow the amount over the years. Even better, look for investment options that could increase your savings over the years. The earlier you invest, the better potential returns you can earn.
Avoid making money mistakes that could set you back in the future. Start acting today.
Here’s how you can begin your investment journey with Principal online. Our online investment portal is easily accessible and convenient to use. By completing 4 easy steps, you can start investing from as low as RM500 using cash or invest as little as RM1,000 using EPF savings.
Learn more : https://www.principal.com.my/en/invest-online
What to do next?
If you’re new to investing, or looking for a financial consultant, we have you covered. We offer a wide range of investment solutions to help you meet your financial goals. Our team of financial experts will help you define and plan your investments to achieve your dreams. Get advice on how much time to set aside for each of your goals, and where to start working towards them.
Disclaimer
Please be advised that investment in the relevant unit trust funds, wholesale funds and/ or private retirement scheme carry risk. An outline of the various risk involved are described in the relevant Prospectus, Information Memorandum and/or Disclosure Document. You are advised to read and understand the relevant Prospectus, Information Memorandum and/or Disclosure Document including any supplemental thereof and the Product Highlight Sheet (if any) before Investing. As an investor you should make your own risk assessment and seek professional advice, where necessary. Among others, you should consider the fees and charges involved. The registration of the relevant Prospectus, Information Memorandum and/or Disclosure Document including any supplemental thereof and the Product Highlight Sheet (if any) with the Securities Commission Malaysia (SC) does not amount to nor indicate that the SC recommends or endorses the funds. A copy of the relevant Prospectus, Information Memorandum and/or Disclosure Document including any supplemental thereof and the Product Highlight Sheet (if any) may be obtained at our offices, distributors or our website at www.principal.com.my. The issuance of any units to which the relevant Prospectus, Information Memorandum and/or Disclosure Document relates will only be made on receipt of an application referred to in and accompanying a copy of the relevant Prospectus, Information Memorandum and/or Disclosure Document. Securities Commission Malaysia does not review advertisements produced by Principal.