Ahhh... what if?
I have lots of those. What if I have done this? What if I took that opportunity? What if I didn't do that?
I don't like to dwell much about the past. I do have regrets. Things I should have done, words I should have said. Probably would have been more careful in how I treat people and be more mindful in not hurting people I love and those who love me or used to love me. I can't change the past. But it is something that I think about from time to time.
So what if... I had saved more or made better financial decision when I was in my 20s?
I used to spend a lot in my 20s. Never really thought of saving up. I made attempts to accumulate my money. But hey, I was far too concerned about enjoying life. Nothing wrong with that but I should have been more practical and realistic about my finances.
Since I can't change the past, I can help future generations make better financial decisions.
So here are some tips for you.
1.Keep an Investment Fund, Emergency Fund, Charity Fund and Savings Fund
Set aside some money to be placed in the funds above every month. Up to you how much you want to put in. Could be as low as $1 and well, as high as you want it to be. Once it reach a certain limit like $500, you can take it out and use it for the intended purpose of the funds. Remember not to take out until you reach the limit that you set.
Investment Fund - Money that you want to invest. Could be gold, stocks or even property.
Emergency Fund - For emergency. An accident or unexpected financial situation.
Charity Fund - A must have. This will remind you to donate on a regular basis.
Savings Fund - Where your money should go and grow. It is good to have this especially in this age of uncertainties.
Other funds you can keep: Fun Funds (for fun activities), Holiday Funds (for holiday trips), Education Fund (for you or future generations)
2.Only buy what you can pay in full
Except for housing, car and really large expenses, pay everything that you want to buy in full. The bag that you have been eyeing, the latest handphone... well, make sure you have the money to pay for them. Don't put yourself in the position where you can't make payments and be in debt. Don't even try to put it on a credit card unless you can pay your credit card bills immediately.
3.Use your credit card when you really have to and for their benefits
Which brings me to this point. Use your credit card only ONLY only when you really have to. Do use them for their benefits. Again, make sure that you can pay them immediately. If you pay your credit card bills partially or make late payments, the interests are sky high and really puts you in a very bad financial situation. So not worth it!
These are the tips that I can give you based on my experiences. So that you do not have the same "What if..." as me. Hope they help!
What are the "What if..." you think about a lot? Do share in the comments below.
About the writer
Indah Ahmad loves watching F.R.I.E.N.D.S, The Big Bang Theory and Brooklyn 99 on repeat. She love couch potato-ing.
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