Spending EPF special withdrawal money might be something that many people take lightly. This is very dangerous. This is because it could cause them to spend money without planning and end up wasting their money on nothing.
There are several tips to know when spending money. Especially the EPF special withdrawal money that people usually withdraw in a huge amount. People have to really know how to set their priorities right. These are 5 tips.
Tips On Spending EPF Special Withdrawal Money
1) Use The Money To Pay All The Ongoing Debts
When you just withdraw your EPF money, you need to quickly set some aside. This is because you need some of it to pay all of your ongoing debts. Living in debt would be something that many people do not like because it makes them always feel uncomfortable. Having enough money for you to pay all of your debts is surely going to make your life feel so much better. Do not spend your money on wasteful things first. Remember to pay off your debts first instead.
2) Save Some Of The Money For Emergency That Might Happen
In life, we never know what is going to happen in the future. That is why it is so important for you to save some of your own EPF special withdrawal money. That saving can be used for an emergency situation that might happen in your life. When you have enough savings for an emergency, you will not easily become panic when you are in trouble.
3) Buy Important Things That You Might Need For Your Work
Sometimes when we are working, there might be some things that got broken along the way. You suddenly do not have enough money to repair them or even to buy a new one. Having this EPF special withdrawal money could help you a lot to buy some of the important things that you need to use frequently for your work. By having a new one, you can do your job much more efficiently. This means, you are spending your EPF money wisely and not wasting it.
4) Take Important Courses That Would Be Beneficial For Your Life
Learning is a never-ending process. You will always have some new thing that you want to learn in your life. It will be so beneficial for you if you always learn to improve your own soft skills. To do that, use your EPF money to take some important courses that you think might be beneficial for your life. This is a pretty great investment for your future.
5) Invest In Amanah Saham Bumiputera (ASB)
Some people might not know this. Amanah Saham Bumiputera (ASB) is actually a unit trust fund. This unit trust fund is made especially for Malaysian Bumiputeras. Investing in this ASB would give so many huge benefits to you in the future. Yes, you can spend your EPF money to treat yourself but do not use all of them for pleasure. Save some for your own investment. This is one of the things to know when you are thinking about what to do with your money.
All in all, make sure that you really plan on what you want to do with your own EPF Special Withdrawal money. The most important part would be to make sure that you are alert to scammers. Usually, scammers will try to trick you so that you will give them your money intentionally or even unintentionally. Try to avoid being tricked by them.
Sources: EPF.