We’re halfway through January and if you are still feeling depressed about your Financial status, you need to do something about it. Where to start? We thought you might ask.

Whether or not you think life is short, there are some things that never change: that we don’t get younger, and money still makes the world go round. Money matters are hard to deal with, so most of us keep putting making Financial Decisions until the last minute.

Stop that!

Putting off important financial decisions can haunt you when you get older. The more you put them off, the harder it will be to manage these finances in the future. Here are the financial decisions you need to be making right now:

5 Financial Decisions You Need To Make Right Away

1. Clear Your Debt

Start with the debts that charge the highest interest such as credit card. The faster you start paying more (debt repayments), the sooner you can be Debt-free and be truly happy. Take charge of debt consolidation plans such as balance transfer (credit card), low-interest personal loan or 0% interest cash advance.

Always make sure that you pay credit card debt on time to avoid late payment fees, which will just keep increasing your debt, and not lessen it! If you need help in clearing your credit card debts, why not consider getting a personal loan, which you can use to consolidate debt. Once you’ve cleared your debt, you can move on to other big financial decisions, like buying your first house.

2. Start Saving More For Your Retirement

Did you know you can get RM1 million at the age of 63 by saving RM300 per month from the age of 20? The earlier you start saving, the easier it is to achieve your retirement goals. On top of Employee Provident Fund (EPF) account, you should consider allocating another savings account for your retirement such as Private Retirement Scheme (PRS).

Here’s how you should you use your EPF savings.

3. Set A Financial Goal

Whether it’s a short-term goal like traveling to Hong Kong or long-term goal like buying a house, you need to have at least one in order to put your finance into an organised structure. By setting a goal, you will be motivated to save money and control your expenses. Over a period, you will find yourself more interested in personal financial management which covers debt management, investment, retirement, savings and more.

Find Out: What Is Your Net Worth?

4. Start Your Investment Portfolio

Stop telling yourself it is okay to start investing from tomorrow onwards. The key to long-term investment is to start early. As mentioned above, you can earn higher returns with a smaller amount of money if you start investing at a young age.

Be it unit trust, stocks, bonds, peer-to-peer lending, gold, property, or even exchange-traded funds (ETFs), there has to be one that suits you. Read this to learn more about the investment products for beginners!

Read also: What Is Bursa Market Place?

5. Demand For A Salary Raise

Asking your boss for a raise is not as easy as it sounds. However, the sooner you do it, the better returns you’ll get in the future. If you get a raise, you’re also increasing the amount you put in your EPF, which will then go into your savings. It also means that you can budget more money for household expenses and your debts. It’s a great opportunity to show your employer how amazing you’ve been at your job for the past few months or years that you’ve been in their employ, so it’s a great boost in your ego as well as your wallet!

Did you know the starting salary for fresh graduates in Malaysia has been stagnant over the past six years? Read this to know why.

Are you ready to make your financial status better now? Reach out to us by leaving your question or comment in the section below if you have any.

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