Let's explore your bank account or the money you invest in various channels such as stocks, mutual funds, government bonds including money collected in the form of saving cooperative funds. How much do you have? For the 23-year-old who has just started working, the savings may not be much.

If you are at the age of 40 or going to retire for the next 10 years but still have only 100,000 baht. You may probably ask yourself where the money did go. It is inevitable to answer, "enjoy to pay", so there is no money saved. Some people can save money but only a little because of pay by exceeding income.

Earn 10,000 baht. Spent 9,000 baht.

Earn 10,000 baht. Spent 15,000 baht.

Earn 10,000 baht. Spent 10,000 baht.

If anyone doesn't care to save money at all but still have money to eat and spend until after retirement. If he is not a millionaire, it is sure that his horoscope is very good.

For a salaryman, one thing that must be done every month after the salary is transferred into the account for a few hours is to divide some of the money, at least 15% of the salary, to save in a suitable form for each person.

The saving money should be divided into 3 parts. The first part which is for emergency use should be deposited with low-risk financial products such as money market funds. The second part is to build a family, such as buying a house, getting married, support children's education. You may bring this part of money to invest in medium-risk financial products e.g. mixed funds, property funds, Infrastructure fund. And the last part for retirement which is a long-term investment and provides consistently good returns such as mutual funds shared Infrastructure Fund.

Many people may think that they should spend money to create happiness for life when they were young and can make money. 

Then think about saving money at the age of about 40, of course, you can collect money whenever. But it would be much tiring to start collecting money when you are going to retire.  If this is the case, it's much better to save money early.

However, it seems that Thai people like "spending money" more than "saving money" because, at the end of the 4th quarter of 2018, household debt stood at 12.8 trillion baht, an increase of 6% compared to the same period last year. It is also accounted for 78.6% of GDP, increasing for the second consecutive quarter. When compared to other countries, Thailand has the ratio of household debt to GDP ranked at 10 out of 89 countries around the world and ranked 3rd in 29 countries in Asia (Source: Office of the National Economic and Social Development Council)

The Bank of Thailand conducted a survey of 1,500 households nationwide. It was found that households with debt still have an average expense higher than those without debt including regular expenses such as telephone expenses, travel expenses, and non-recurring expenses i.e. car modification expense. However, that expense fees may reflect the importance of social dignity.

Meanwhile, households with financial problems have a high extravagance on a regular basis, such as entertainment expenses and clothing purchases reflecting a rather extravagant lifestyle.

From the survey, it can be said that the main cause of debt formation and debt repayment problems is because the income does not cover the expense, especially expenditure that is not necessary and exceeds the status. It is also because of no appropriate financial planning for the long term and these are important causes that make money gone out rapidly

1. Never record a daily revenue and expenditures

No record of daily revenue and expenditures makes you unknow your own financial behavior, how much income and expenses you have in each day. You also don’t know that from where you get your income and for what you need to spend. Importantly, it shows that you do not have a clear financial goal, you don't see a big picture of spending and your ability to make money. That will result in your ineffectiveness in financial management.

2. Like to pay

People who never refuse to join a party invited by their friends or anyone can be assumed that they may not have saved money or had much money. They are quite impressive or too considerate to refuse when invited to do anything. That might be the beginning of an inability to save money. If they have to join every Friday party or even buy a cup of coffee after lunch, how much money will be left in the bank account? 

3. Money is a small matter

Many people are convinced that they have the ability to make money. So, when they spend money, they will not restrain. Furthermore, money is often spent on luxury items. Especially if they believe just to spend money that whenever they can make, they will spend more and more without saving and financial planning for the future and until the old age.

4. Inappropriate investment allocation

For those who collect money but find that the incentives do not grow well, the reason is that the allocation of funds is not appropriate, such as the majority of savings are in the form of deposits. Resulting in low returns or use all funds to invest in shares Resulting in unstable returns Because it will get good returns if the stock market rises but losses during the market are down.
 

For those who are worried about saving money, you do not need to solve problems by going to see the fortuneteller and adjust the horoscope. But they should act immediately by stopping spending on unnecessary things and start financial planning especially when earning money. Let's keep the money to save first, then spend on necessity. If financial discipline is well aware of and money is saved monthly, it is guaranteed that you will not be broke.