Monday, February 4, 2013

How to save when you’re broke By Eugene Mahalingam - The STAR

Saving money is not impossible when you're in financial dire straits
SAVING money can be a tall order for a lot of people but it becomes near 
impossible when you're broke or financially challenged.
Still, it's not a position you can't come out of.
Here are some simple steps to follow to help you save despite
being broke.
Set up a budget plan
If you're broke and trying to save money, than it's best to come up with a 
budget plan, says Standard Financial Planner Sdn Bhd's Jeremy Tan.
“If you're broke, then you need to evaluate what you're doing wrong.
“Have a budget plan. Look at what assets you have?
“Perhaps you could try liquidating some.
“But even before you're broke, you should have contingency 
or emergency funds,” he tells StarBizWeek.
Keep working
MyFP Services Sdn Bhd managing director Robert Foo believes that 
if a person is broke, it's imperative for one to continue working or seek
a new form of employment - as soon as possible.
“If you have a job, then you should continue working.The experience that 
you already have would be invaluable.
And what happens if you've lost your job or unemployed?
All is not lost, says Foo.
“Don't feel hopeless. You've got skills and should be able 
to have contacts that can help you find a new job.
“If you have a job and you feel it's unstable or that you might lose it, 
then you should ensure that your resume is with headhunters, 
to ensure your income position remains as stable as possible.”
Tan also points out that age can be a factor
“Of course if you're young, you'll be able to take on multi-tasking jobs. 
If you're old, then you might need to go easy on the job load,” he says.

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