Money, money, money (34030)

Listening to the ABBA music, Money, money, money / Always sunny / In the rich man's world / Aha-ahaaa..... one can't help to emphasize at one stage or another, in whatever continent of the world we may be, the impact of GFC (Global Financial Crisis) which started in 2008 when some of the American financial companies failed and merged had brought a feeling of anxiety and fear to many.

There were some that could not pay their monthly homeloan repayments and ended up losing their dream house. There were others who got the axe and have to plan the unplanned early retirement. In all of this unsuspecting financial impact in our everyday lives - increasing home loan and credit card interest rates, it is not a bad idea to think on how in the short term we can save and spare our money for a better financial future.

One noteworthy observation which is proving to be a hit in the hip pocket to any John Citizen of the world is the taking of Monday to Friday lunches from home. Many workers in both genders are opting to bring cut lunches rather than spend their $10-$15 for a lunch meal. Surprisingly enough as this is put into a practice during the global financial crisis, others have begun to see the benefits of saving $50-$75 per week for a different purpose.

Realising what the money saving exercise meant over a period of 3 months or more, a lot of people even if they are not financially hard up or affected by the GFC are motivated to continue the saving habit for another financial purpose i.e. planning a Bali or Malaysia holiday or adding it into their monthly home loan payments to help reduce the interest rate portion of the mortgage at a quicker time.

This "money saving self-sacrifice" embraced by many in this time of austerity should really be taken as a sensible step to saving for life. Unfortunately, to a lot of people, saving is not a built-in habit learned at a young age. Hence for those who have taken this lead as a consequence of the GFC are finding it hard to adjust to the lifestyle with financial constraint. Over time however, when it is obvious the number of colleagues doing one and the same heating up their left-over meals from last night or toasting their bread sandwiches, the idea of being thrifty is gaining momentum.

This money saving exercise should also be encouraged not only for the workforce but even for the students from all walks of life. Imagine having the weekly allowance money growing in the piggy bank rather than being spent to the nearest McDonald's fast food outlet. Aside from the benefit of savings for the rainy day, there is also a guarantee that with home prepared lunches, you know what you are eating and whether it is a healthy stuff or not.

A very simple topic as it may be, it is interesting though that a basic wealthy habit is often disregarded as one of the essential facets in life. Hard to believe it or not, but learning the basics of saving money is often not well practiced by the young and old alike.