4 Money Goal Tips for 2020


Worried about setting up and achieving your money goals? Here are some ways to make them happen in 2020! #Wawasan

1. Break the goal down instead of having one big ambiguous goal like ‘save more money’. Try something like ‘I will save 10% of my income every month’. That will clarify the goal and with that help you achieve it.

2. Build systems to help you achieve your goals. An example of this related to the above-stated goal would be to automate your 10% savings, which is a feature available on most banking platforms. Set it up so that every month 10% of your income goes into another account so that you can’t “accidentally” use it up.

  • Pro Tip: Set it up so that the money leaves your account right after your salary comes in.

 

  • Pro Pro Tip: Increase your EPF contribution – that way you’ll tap into the power of compounding interest and you won’t be able to touch the money till your 55 (check out the latest Ringgit & Sense for more on this)

 

  • Super Pro Tip: Try a digital investment platform, like Stashaway or Mytheo, to once again tap into the power of compounding interest but with more flexibility.

3. Review your goals. Take Mr. Stingy (@aarontang84) for example, he set aside (a SMART goal approved) half a day every month to do a money review and keep aware of his finances.

4. You’re not perfect, remember that it’s ok to make mistakes or even fail, as long as your making progress and taking the right steps. Take @surayaror from @ringgitohringgit foe example, she’s got some pretty moonshot goals, (like earning RM100,000 in 6 month!) and although she knows she might not achieve them the process of trying to get them done will move her forward!

For more advice on how to achieve your financial goals this year, check out Money Goal Tips With Mr. Stingy And ‘Ringgit Oh Ringgit’ at any of the following links:

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