The past few mornings have been spent researching better ways to save money. My mom helped me put in some amount into fixed deposits a few years ago, and they expired recently, so she took it out as one lump sum.<\/p>\n
“I’ve had RM**** in a fixed deposit for 4 years getting 3.7% per annum. I want something more.<\/i>”<\/p>\n
That, I said to a personal financial consultant, and she threw all her financial knowledge at me in technical jargon like I looked like I knew what she meant. Maybe she thought I was cute.<\/p>\n
Other banks were judgemental based on my T-shirt, jeans and laptop bag.<\/p>\n
So the next big thing was unit trusts. I was pretty impressed with the 6-15% interest, but our family’s Chief Financial Officer (my dad) was not.<\/p>\n
“Why do you think they have so many new funds and various service charges? To cover up their losses! They only pick those performing ones to show you in graphs!<\/i>”<\/p>\n
And so, I put the cash back in a fixed deposit. \ud83d\ude41 A joint account with a senior citizen<\/i> (my mom) bumped up the interest to 3.8%, but still! What is 3.7%?<\/p>\n
Supposing you had RM1000, and you chucked it in a fixed deposit for 12 months at 3.7% per annum. That would give you RM37 in interest a year.<\/p>\n
RM37 isn’t much, especially if you have a job. I could save that by skipping 4 frappucinos in a year! Divide that by 12 months for just over RM3 a month. You could save RM3 a month, or 10 sen a day, by just converting from your daily dose of Teh O Ais Limau<\/i> (RM1.20) to Teh Tarik<\/i> (RM1.00).<\/p>\n
Thus, saving accounts of any kind aren’t about getting extra money to spend. It’s about keeping money out of your itchy, spending hands.<\/p>\n","protected":false},"excerpt":{"rendered":"
The past few mornings have been spent researching better ways to save money. My mom helped me put in some amount into fixed deposits a few years ago, and they expired recently, so she took it out as one lump sum. “I’ve had RM**** in a fixed deposit for 4 years getting 3.7% per annum. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-330","post","type-post","status-publish","format-standard","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/glaringnotebook.com\/index.php?rest_route=\/wp\/v2\/posts\/330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glaringnotebook.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/glaringnotebook.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/glaringnotebook.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/glaringnotebook.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=330"}],"version-history":[{"count":0,"href":"https:\/\/glaringnotebook.com\/index.php?rest_route=\/wp\/v2\/posts\/330\/revisions"}],"wp:attachment":[{"href":"https:\/\/glaringnotebook.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glaringnotebook.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glaringnotebook.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}