Create tabung for rainy days or future vacation.

It is almost the end of the month, some might have received their salaries or some sooner.

Is saving a portion of your salary a habit? Do you set aside right after the money is in the bank? Or saving what is left after a month?

Borneoecho would like to share a few tips that will guarantee there are some money for rainy days.

A person ought to have at least three months salary worth of savings as emergency fund in case of retrenchment, car breaks down, medical needs among others.

Generally, financial advisors would recommend to save 10 per cent of the income every month.

If 10 per cent is too much, set any comfortable amount of money every month consistently.

Let say you keep RM50 per month, you will get RM600 in a year. With compounding interest of 0.5-2.5 per cent for savings account, you will get between RM3,038 to RM3,196 in five years.

Of course, there is a strategy for your money to work itself better at higher interest (That will be another topic for Borneoecho to share later)

It is best to do it immediately after getting the salary, so that you can avoid from spending the allocation for something else (out of wants, instead of needs).

Where do you keep the savings?

Which category would you set as your tabung?

Do you trust yourself to put the money in a piggybank or a box at home? Opt for auto-deduct from the bank to a fixed income/unit trust account, so you could save the hassle or make yourself discipline in saving money every month.

Maybank has recently launched a mobile application named “MAE” or Maybank E-wallet which you could set a “tabung” that has the auto-deduct feature according to your target amount, monthly budget and years to commit.

Another good thing of this tabung is you can share the “tabung” with other friends and family members to pool money together for common ambitions perhaps vacation, buying a house, etc. By having more people committing in a common purpose, it motivates you to save more.

More frequently asked questions about the app can be found at

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.