Comments on: Simple Strategies to PAY YOURSELF FIRST

By: FRANCIS

FRANCIS — Thu, 17 Feb 2011 11:37:19 +0000

I have to admit that saving account without ATM is best especially if one can have a good income.Thank you for your advice.

By: KCLau

KCLau — Sun, 25 Jul 2010 13:34:31 +0000

Hi Eddy, you are right.

By: KCLau

KCLau — Sun, 25 Jul 2010 13:34:03 +0000

I am glad that it works for you.

By: WYC

WYC — Fri, 23 Jul 2010 02:30:52 +0000

I am very agree with the 3rd option – open a joint saving account, either with spouse or parents. I have this kind of account since last 2 years with my spouse…really need to thank her. It really works!!! Once some amount is accumulated, we either put it in fixed deposit or some other investment link fund. Other than achieving financial target, we can build stronger trust in our relationship too

By: Eddy Loh

Eddy Loh — Fri, 23 Jul 2010 01:57:15 +0000

Thanks for the infor KC.

So I presume that the current whole life plan where i need to pay the first 8-12 years does not qualify for the RM1,000 tax relief for annuity policy?

Thanks.

By: KCLau

KCLau — Fri, 23 Jul 2010 01:50:30 +0000

This is the most important move of financial planning. Thanks for sharing your experience here.

By: Uniswati

Uniswati — Thu, 22 Jul 2010 15:33:24 +0000

hi kclau,
..good article! I hv been paying myself first since last few years after reading few books on personal financing,..and i know It’s worth doing!! [..although sometime i hv to really decided on something, but pay my self first always a priority!]..Now, i already used to the habbit and happy with the result…! You are right, everybody must pay themselves first even how hard it is.

By: KCLau

KCLau — Mon, 01 Mar 2010 03:37:09 +0000

That works!

By: Fairuz

Fairuz — Sun, 28 Feb 2010 16:07:54 +0000

The way I save my money through:
1) ASB acc…. da acc book hold by my mom (25%)
2) unit trust monthly investment (30%)
3) my beloved mother (15%)

This way i have a small access to my money even though i love to spend it .
Btw, my mom was a financial officer 7 years ago….so you know how hard to talk about money with her…hehehe

By: Louis

Louis — Sat, 30 Jan 2010 06:39:31 +0000

Every month I will set aside my “pay yourself first” money in terms of eFD after my salary is credited into the account. Nowadays it’s very easy to set aside a sum of money with the facility of eFD in internet banking.

By: KCLau

KCLau — Tue, 03 Nov 2009 01:23:27 +0000

Lynn,
Thanks for your sharing.
Doodad account is really very useful to separate our savings from being depleted by doodads.

By: Lynn

Lynn — Tue, 03 Nov 2009 01:02:54 +0000

Hi KCLau,

enjoy reading it. perhaps another one to add (also to peter)..keep separate accounts for a) savings, b) investment, c) fixed monthly expenses and d) doodads…chances are we need to fix our car, buy bday gifts, go for vacation, all that can be taken from the doodad account (which could be leftover from previous months’s expenses (account c: expenses)…i have just ‘implemented’ this like one year…last time i used to take out from my savings…;( ..and now i dont touch it at all…in fact i can reward myself using the ‘account d: doodad’…b,c,d, i have it with mbb, easy for transferring, if really neccessary..;), except for savings…;)

By: KCLau

KCLau — Mon, 26 Oct 2009 03:59:47 +0000

Hi Eddy,

I think the program available for tax relief is not available in the market at this moment.
Annuity is a plan that provides yearly income for you until death.
The hot selling products in the market now is some whole life plans (technically whole life), but function like an annuity.
You will need to pay the first 8-12 years (plan varies from different companies), and receive income for the rest of your life onwards.

By: Eddy Loh

Eddy Loh — Sat, 24 Oct 2009 10:45:00 +0000

Dear KC Lau,

I read with interest on the RM1,000 relief for the annuity insurance policy. I am actually confuses and also being make confuses by insurance agent on what is actually consider as an annuity insurance policy.

Can you please give example on to different it.

Thanks.

By: KCLau

KCLau — Wed, 06 May 2009 02:17:37 +0000

Hi Evelyn,

I believe we all face the same problem like you. Who doesn’t like to spend money?
I admit that spending money is fun, especially when you don’t have to worry about not having enough to spend.

I think you can put the money in places where you can’t “see” it. When it is out of sight, it is out of mind.
For example, an endowment policy, a saving account without ATM card or internet access.

By: Evelyn Naome Mpagi

Evelyn Naome Mpagi — Mon, 04 May 2009 12:49:01 +0000

Hi Clau
Thanks for the write up of pay yourself first. It has made a great deal of impact on me since iam very indisciplined as far as spending is concerned. Even when i save on a pure save account i still withdraw it when in a fix.
I have tried to invest in treasury bills but when they mature i spend it all without a wink!!!.
I hope i will mature in my spenditure habits.
The problem is iam self employed and also employe other people who i thought should be paid first.

Help Clau.

Evelyn

By: Peter Lim

Peter Lim — Sat, 17 Jan 2009 16:19:19 +0000

I clear up my bank account (leaving only a balance of RM 1,000, and RM 1,000 for cash expenses for the month) at the beginning of the month.

So, any excess (after paying of all the obligations) is in savings, which i’ve invested at the beginning of the month.

Since my income fluctuates, i can fix my expenses. Anything above that is save (invested, actually) upfront.