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By Kalitha Munegeswarn

The practice of saving money is always important as we would be able to have sufficient finances when we need them in the future. Savings is essential for your future marriage, starting a family, for your college or university fund, in the event of injury, illness, natural disaster or even if you lose your job. It takes discipline to set aside some money from your monthly salary for the future. 

As parents realise that the cost of education is going up, they should start saving money for their children’s education when their kids are still little. Setting aside a few ringgit a day would be sufficient when their children grow up and pursue their studies in tertiary education. However, with credit card services, people are spending more than their salary could afford these days. 

It is crucial for us to set aside a small percentage of our income monthly in our savings account. It is also important for parents to educate their children to save money from a young age. If you save enough money, you might even be able to start a small business at some point in your life. However, excessive spending of money without any financial plan would lead you to be in debt. If you don’t save money, you will always run out of money every month. 

A good habit one could practice is to save money and only spend it later. The expensive watch or electronic gadget that you always wanted could wait once you have saved enough money for it. It is also good to determine what you’re spending money on and seek out better deals to ensure that we are spending wisely. We will learn to appreciate and manage our finances well in the long run. 

** The views expressed on this opinion is of the writer and not the publisher