Latest news with #667
The Star
29-05-2025
- Business
- The Star
Tips on how to start saving money, even if you're starting from scratch
Saving money can feel like an uphill battle, especially when you're starting from zero. But here's the good news: No matter how small your bank balance, it's never too late to start building your savings. With the right mindset, tools and strategies, you can transform your financial future one dollar at a time. About four in 10 adults in the United States (44%) could cover the cost of a US$1,000 (RM4,330) emergency with savings, according to Bankrate's recent annual emergency savings report. You might think you need to make more money in order to save, but there are actually plenty of other ways you can start your nest egg today rather than tomorrow. Here are seven tips. 1. Set clear savings goals The key to successful saving? Knowing what you're saving for. Whether it's an emergency fund, a down payment on a house, or a dream vacation, having specific goals can keep you motivated and on track. Start by writing down your savings goals, giving them names (like 'new car' or 'wedding'), and setting deadlines for when you want to achieve them. Then, calculate how much you need to save each month to reach your target amount by your deadline. 2. Create a budget that works for you Budgeting doesn't have to be scary. At its core, a budget is simply a plan for making sure you're spending less than you earn. While spreadsheets can be helpful, the key is finding a budgeting method that works for your lifestyle and personality. One popular approach is the 50/30/20 rule. Here's how it works: 50% of your income goes to needs (like housing, food and healthcare). 30% goes to wants (like dining out, hobbies and streaming services). 20% goes to savings and debt repayment. To get started, track your income and expenses for a month, then categorise them into needs, wants and savings. If your spending doesn't align with the 50/30/20 split, look for areas where you can cut back or adjust. Another helpful strategy is the 30-day rule. Before making any non-essential purchases, wait 30 days. This gives you time to assess whether the item is truly worth the cost and can help curb impulse buying. Make budgeting a habit; it helps make sure you're spending less than you earn. 3. Tackle high-interest debt High-interest debt, like credit card balances, can be a major obstacle to saving. According to a recent Bankrate survey, over half of American credit cardholders carry a balance from month to month, with annual percentage rate (APR) often ranging from 20% to 30%. (In Malaysia, interest rates for credit cards range from 15% to 18% per annum.) Let's say you have a US$5,000 (RM21,667) credit card balance with a 25% APR. Even if you pay US$300 (RM1,300) per month, you'll end up paying an extra US$1,579 (RM6,842) in interest before reaching a zero balance. That's money that could be going into your savings instead. While it might not feel like paying off debt is helping you save, eliminating those costly interest charges can free up more money to put toward your goals in the long run. 4. Build your emergency fund Life has a way of throwing curveballs when we least expect them. Whether it's a car repair, a medical bill, or a job loss, having an emergency fund can help you weather financial storms without derailing your savings progress. Aim to save enough to cover three to six months' worth of essential expenses in a separate, easily accessible account. Start small if you need to, even if it's just US$50 (RM216) or US$100 (RM433) a month. The important thing is to make saving for emergencies a regular habit. Whether it's a car repair, a medical bill or a job loss, having an emergency fund can help you weather financial storms. One of the easiest ways to save more consistently? Make it automatic. Set up recurring transfers from your checking account to your savings account each payday, so you're saving without even thinking about it. You can also take advantage of money-saving apps which can analyse your spending habits and automatically move small amounts of money into your savings when you can afford it. 6. Separate your spending and saving If you struggle with the temptation to dip into your savings for impulse purchases, consider keeping your spending and savings accounts at separate banks. This creates a psychological barrier between your spending money and your savings, making it less likely you'll raid your savings on a whim. 7. Find extra money to save Saving more doesn't always mean earning more. Take a close look at your spending habits and see if there are any areas where you can cut back, like subscriptions you don't use or impulse purchases you later regret. If combing through your expenses sounds tedious, try temptation bundling – pairing a task you don't enjoy with a reward you do enjoy. For example, only listen to your favourite podcast while reviewing your budget and cancelling unused subscriptions. 'You create a way to reward yourself for doing an unpleasant but important activity,' says Mariel Beasley, co-director of Common Cents Lab, a financial research lab at Duke University. You can also look for extra cash streams to boost your savings, like a side hustle, selling unused items or depositing gift money directly into your savings account. Starting to save can feel daunting, but the most important thing is to just start. No amount is too small, and no goal is too insignificant. By setting clear goals, creating a budget, tackling debt, and automating your savings, you can build a solid financial foundation one dollar at a time. Remember, everyone's financial journey is different. Stay open to trying new strategies and tools until you find the ones that work best for your unique situation and personality. With persistence and creativity, you can turn saving from a chore into a rewarding habit that pays off for years to come. – News Service
Daily Express
24-04-2025
- Daily Express
Fake documents in RM85,000 request: Headmaster charged
Published on: Thursday, April 24, 2025 Published on: Thu, Apr 24, 2025 By: Cynthia D Baga Text Size: Abd Rasad (left) leaving the courtroom yesterday. Kota Kinabalu: A headmaster who was previously charged with four counts of using fake documents was on Wednesday charged with two counts of using fake documents to apply for a special allocation amounting to RM85,000 from the Chief Minister's Department. Abd Rasad Sadikir Sadikil, 56, pleaded not guilty before Sessions Court Judge Jason Juga to the charges. On the first and second counts, Abd Rasad is accused of using fake documents as genuine, namely a bank statement dated Aug 19, 2021 and a letter of support from the Community Development Officer (PPM) for the Banggi constituency dated April 4, 2021. The charges stated that the two forged documents were submitted with the intent to deceive, in order to obtain RM85,000 from the Chief Minister's Special Allocation for the construction of the Anak Banggi Community Association's administrative office in Kg Karakit Banggi, Kudat. The funds were channelled through the Sabah State Ministry of Finance into a bank account belonging to a woman. Both offences were allegedly committed between April and July 2021 at the State Ministry of Finance, Block C Menara Kinabalu, Jalan Teluk Likas, Tanjung Lipat. The offence under Section 471 of the Penal Code, punishable under Section 465 of the same Code, carries a jail term of up to two years, a fine, or both, on conviction. Earlier, Deputy Public Prosecutor Nur Izzati Safiee of the Malaysian Anti-Corruption Commission (MACC) applied for the two new charges against Abd Rasad, to be consolidated with his four previous charges. She also requested that the bail granted in the earlier cases be extended for these two new charges. The court granted the application and fixed June 12 for pre-trial case management. No additional bail was imposed, as the court ordered that the same bail issued in the previous cases would apply to the current cases. On May 21, 2021, Abd Rasad, who is suspended from his work due to his cases, was charged with four counts of using false documents to obtain payment for primary school equipment supplies amounting to RM9,667. He allegedly committed the offences between October and December 2018 at the General Office of SK Manggis/Mangkubou in Pitas. The court previously granted bail of RM10,000, with RM5,000 to be deposited with one local surety. Abd Rasad, who was not represented, was also ordered to report to the MACC office twice a month, refrain from contacting prosecution witnesses and surrender his passport to the court, if he has one. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
New Straits Times
23-04-2025
- New Straits Times
Sabah man accused of falsifying documents to obtain state allocation
KOTA KINABALU: A civil servant claimed trial at the Special Corruption Court to two charges of using forged documents in an application for a special allocation from the Sabah chief minister. Abd Rasad Sadikir Sadikil, 56, pleaded not guilty when the charges were read before Sessions Court judge Jason Juga. Abd Rasad had allegedly used false documents as genuine, namely a bank statement dated Aug 19, 2021, and a letter of support from the Community Development Officer (PPM) for the N1 Banggi constituency dated April 4, 2021. The two forged documents were submitted with the intent to deceive, in order to obtain RM85,000 from the Chief Minister's Special Allocation for the construction of the Anak Banggi Community Association's administrative office in Kampung Karakit Banggi, Kudat. The funds were channelled through the Sabah State Finance Ministry into a bank account belonging to a woman. Both offences were allegedly committed between April and July 2021 at the Sabah Finance Ministry, Block C, Menara Kinabalu, Jalan Teluk Likas, Tanjung Lipat. The offence, under Section 471 of the Penal Code and punishable under Section 465 of the same Code, carries a maximum sentence of two years' imprisonment, a fine, or both, upon conviction. Earlier, Deputy Public Prosecutor Nur Izzati Safiee of the Malaysian Anti-Corruption Commission (MACC) applied for the two new charges to be consolidated with four existing charges previously faced by the accused. She also requested that the bail granted in the earlier cases be extended to cover these two new charges. The court granted the application and fixed June 12 for pre-trial case management. No additional bail was imposed, as the court ordered that the same bail issued in the previous cases would apply. On May 21, 2021, Abd Rasad, who is a headmaster, was charged with four counts of using false documents to obtain payment for primary school equipment supplies amounting to RM9,667. He was alleged to have committed the offences between October and December 2018 at the General Office of SK Manggis/Mangkubou in Pitas. The court previously granted bail of RM10,000, with RM5,000 to be deposited and one local surety required. The accused was also ordered to report to the MACC office twice a month, refrain from contacting prosecution witnesses, and surrender his passport to the court, if he has one. The accused, who is currently suspended from work, was unrepresented.
Zawya
20-03-2025
- Business
- Zawya
Solidarity Bahrain shareholders to get 27.5% stock dividend
Bahrain - Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, yesterday held its annual general assembly meeting (AGM), for the financial year ended December 31, 2024. The meeting was chaired by board of directors chairman Shaikh Khalid bin Mustahil Al Mashani and attended by the shareholders, representatives from the Industry and Commerce Ministry, Central Bank of Bahrain, Bahrain Bourse, and external auditors. The agenda of the AGM commenced with reviewing and approving the minutes of the previous meeting, along with the financial statements for the year ended December 31, 2024. The shareholders also approved the board of directors' recommendation on the distribution 27.5 per cent of stock dividends, of paid-up capital amounting to BD3,666,667, equivalent to 1 share for every 3.636 shares. It is worth noting that above-mentioned stock distribution has been approved by the Central Bank of Bahrain. Shaikh Khalid remarked on the occasion: 'Solidarity Bahrain continues to demonstrate a robust performance throughout the year, evident in its strong financial results. Our commitment to ongoing development over the past year reflects the enduring dedication of our stakeholders and our ambition to establish ourselves as leaders in the industry.' He further noted: 'We are optimistic that Solidarity Bahrain will sustain its growth trajectory, supported by our continuous achievements in the kingdom's insurance sector.' Solidarity Bahrain chief executive Jawad Mohammed said: 'Solidarity Bahrain experienced a successful 2024 across all areas, marked by strong profitability, significant contributions, and strategic expansion beyond Bahrain's borders. Financially, the company achieved a topline of BD60 million and a profit of BD8 million, demonstrating substantial growth compared to the previous year.' Mr Mohammed He added: 'A key milestone in our expansion strategy was the acquisition of nearly 30pc stake in Alliance Insurance, a Dubai-based composite insurer, with plans to secure an additional 20pc in the coming quarter. Furthermore, progress was made in the acquisition of bni and bnl, with updated SPAs signed between Solidarity Bahrain, Solidarity Holding, and BNH. The acquisition, expected to be finalised by the second week of April, will be followed by the merger of bni and bnl with Solidarity Bahrain, positioning the company as the market leader. Overall, the company's outlook is highly positive, surpassing the expectations of the previous year.' Mr Mohammed concluded: 'We are delighted to have successfully wrapped up the year, having launched several initiatives and reached numerous milestones thanks to the relentless efforts of our Solidarity Bahrain team. Alongside our strong financial performance, we have experienced significant internal and external growth, and we are confident in our continued advancement in the upcoming year.' Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
