I'm not one to talk about managing finances, okay? I've splurged, I've made impulse purchases, I don't have a saving, but, that doesn't mean I can't talk about what you can do to improve your financial situation, if you're someone like me or in a similar situation I'm in.
So, my job isn't well paid, I don't live with my family, I rent a room but I do get a monthly allowance or financial aid or whatever you call it, from my mum to pay for my commute and food. Obviously, this isn't sustainable because I can't always depend on my mum or anyone else for ever so I need to start managing my finances wisely and strictly, given my job (hopefully I'll get a better paying job in the future) and the situation I'm in.
So, what I do is, I've made a spreadsheet of my expenses so I can see what I spend a lot on and then I can try to spend less on that stuff, for instance, food.
The other thing I do is and I've just started this, to set a time limit for the stuff I want so I won't make impulse purchases, for instance, I need to wait for at least one year before I can buy items that cost RM1,000 and above. For items that cost RM999 and below, I need to wait for at least six months. This is very hard to adhere to because it requires lotsa self-control and discipline, especially when there is a sale or the item is almost sold out.
Last but not least, before you make a purchase, you must make sure you've still got money left.
So, yeah, these are the things (they are no-brainers actually) that I can do to manage my finances, as far as I know.
