Managing Money with Autism
Understanding Saving and Budgeting
What is Saving?
Saving means putting aside some of your money for future use. This can be for something you want to buy later or for emergencies.
How to Save
1. Set a Goal: Decide what you want to save for. It could be a new phone, a holiday, or just for emergencies.
2. Open a Savings Account: All banks in Malaysia offer savings accounts. You can visit a branch to get more information.
They keep your money safe and you can earn some interest.
Read Managing Money With Autism – Banks, Bank Accounts and Online Banking
for more information about opening a bank account in Malaysia
3. Save Regularly: Try to put aside a little money each month. Even a small amount can add up over time.
What is Budgeting?
The first step to managing your money is to create and stick to a budget. Budgeting means planning how to spend your money, ensuring you have enough for what you need.
Why is budgeting important?
Budgeting helps you:
- Track your spending.
- Decide if you can afford something you want.
- Manage debt by planning manageable repayments.
- Determine how much you can save.
How to make a budget
1. List Your Income
Write down all the money you get each month. This could be from a job, government aid, or allowances.
Check if you are eligible for any government benefits or support that can help with your income.
2. List Your Expenses
Write down everything you spend money on. This includes rent, food, transport, and other bills.
3. Compare Income and Expenses
Make sure you are not spending more than you earn. If you are, you need to reduce your spending or increase your income.
If you have money left over, use it to repay debts or save. If you have RM0 left, this means you won’t have money for emergencies. A negative balance means you’re spending more than you earn.
4. Plan Your Spending
Decide how much you will spend on each thing. Try to stick to this plan.
Be aware of the cost of living in your area. For example, living costs in Kuala Lumpur may be higher than in smaller towns.
Update your budget every year or whenever you experience a change, such as a new job, pay rise, moving, or changes in your family situation.
Tips for Successful Saving and Budgeting
1. Track Your Spending
Track all your purchases to see where your money goes. Many apps and tools can help you visualise your spending and saving. Check the resources section at the end of this page for useful websites and apps.
2. Prioritise Needs Over Wants
Make sure you cover your essential expenses first, like bills and food, before spending on things you want.
To control your spending, allocate a weekly or monthly amount to an e-wallet app like GrabPay for daily expenses. The transaction records help you track your spending and see if costs, like groceries, are increasing over time.
By understanding and practising saving and budgeting, you can manage your money better and live more confidently as an independent adult. Remember, it’s okay to ask for help. Many resources and people are available to support you in learning these skills.
Resources
Examples of Fun Online Money Management Simulations
Examples of Visual Budgeting Apps for Smartphones/Tablets
