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Here Are 3 Simple Steps To Start Saving 20% Of Your Income

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On a daily basis we hear from our readers and users about how they need to get more loans because their income is insufficient for them to survive after repaying all their existing debts. It is also not unheard of for Malaysians who are just clueless as to what happened to their salary by the second week of the month. These stories, though heart-wrenching, can be frustrating to hear. Our millennials survey last year found that the biggest concern most Malaysians have when it comes to their finances is the high cost of living. But if I may be brutally honest, I believe the biggest problem we have is the lack of financial planning. I mean, sure, cost of living has skyrocketed and income is trying to catch up, albeit in snail-pace. But I the disparity between income and cost of living is not that great that it is impossible to survive. Perhaps, we should do some self-reflection and look at our finances to figure out how we can cut and trim to match our current cost of living. ...
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I Survived A No-Spend Week & This Is How I Did It

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Finance writer Michelle McGagh from London gave up spending for a whole year, aside from her mortgage and bills as well as £30 (RM167.15) a week for groceries and essential toiletries. She said the frugal life made her happier, healthier and allowed her to overpay almost £23,000 on her mortgage. Being spendthrift by nature, I decided I should give it a shot. I have always had problems reining in my finances and it’s about time I embarked on some plan to keep my money in check. And as I am a little wiser – after my failed attempts to fulfil any New Year’s resolution – I decided instead of doing a McGagh, I would attempt to not spend for a week and see how much I’d save. So, here’s how I did it: Have a well-stocked pantry As my wife cooks most of our meals at home, I already had canned food and other dried ingredients stored at home. If you are the proud owner of a skeletal pantry, stock up ahead of time. I discovered that knowing that I have a well-stocked kitchen moti...
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A Little Flexibility Goes A Long Way In Managing Your Loans

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Loans are becoming a necessity to move forward financially in today’s economy. Taking on loans is not necessarily a bad financial move if you excel in managing them. However, if your phone is ringing off the hook and your postbox is filled to the brim with bills asking you to pay up – then it’s definitely time to relook at your loans, and strategise on how to pay them off. Most people would likely turn to debt consolidation plans. However, most of these consolidation plans come with a structured and rigid payment plan. If you are unable to commit to the payment plan, you will be brought back to square one. For example, if you consolidate your debts or loans using a personal loan, here’s how your payment structure would be like: Loans/Credit facilities Consolidation using personal loan Credit card A: RM12,000 Credit card B: RM14,000 Personal loan: RM30,000 Total debts: RM56,000 Loan amount: RM56,000 Interest rate: 7.90% per annum Loan tenure: 5 years Monthly repayme...
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Survey: 9 Out Of 10 Youth Think Wages Are Too LowMalaysian youth are primarily concerned

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Survey: 9 Out Of 10 Youth Think Wages Are Too LowMalaysian youth are primarily concerned about low wages, according to the Merdeka Centre for Opinion Research. Breaking down the numbers, the research house found that this view was most prevalent among Indian youth (98%) followed by the Malays (85%) and Chinese (84%). The report also revealed that seven out of 10 Indians (74%) and Malay (705) youth found it difficult to enter the job market. This was less so for the Chinese (45%). But what stood out, among others, is that youth from all three racial groups had one common concern: personal finances. Malays (77%), Chinese (71%) and Indians (68%) said they constantly worried about their finances. Merdeka Centre conducted the survey, titled “Perception of Economy, Leadership & Current Issues,” in 165 constituencies in 12 states around the peninsula from August 3 to 8. Of the 604 respondents, 68% were Malays; 23%, Chinese; and 9%, Indians. On September 13, Prime Minister...
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Online System For Unclaimed Money To Be Up Next Year

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A system to enable people to access and check the status of their unclaimed money online will be activated in the second quarter of next year. The government is currently the custodian of a whopping RM5.96bil in unclaimed money as of October 31. Out of which 70% is from banking transactions, which includes money kept in savings and current accounts, as well as fixed deposits. Another 18% is from insurance accounts and the balance 12% constitutes other forms of accounts such as trade accounts. According to Deputy Finance Minister Datuk Othman Aziz, this year alone, the department had received 50,015 applications. Of these, 34,353 applications were from around Kuala Lumpur. Othman said the system is expected to be activated in the second quarter of next year. The Accountant General’s Department, which manages unclaimed money, will also join the Mobile CTC (community transformation centre) programme organised by the Finance Ministry. This to allow more people, especially thos...
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Retirement Savings Is Top Financial Priority Amongst Malaysians

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Who doesn’t want to be their own boss? According to the Employees Provident Fund (EPF), about 50% of the Malaysian workforce ply their trade in informal sector, which encompasses a wide range of jobs, from pasar malam hawkers to freelance writers. A survey conducted by INTI International University and College found that 68% of freelancers in Malaysia chose the freelance route despite the availability of the full-time jobs. Some, such as the EPF, believe there is a level of distrust among Malaysians towards the formal institutions – in government and corporates – which could be partly fuelling that growth. Regardless of the reasons, what’s certain is the Malaysian freelancing economy has grown by 31% and is the third largest freelancing market in the region, on the backdrop of digital platforms such as Freelancer.com and Upwork. But the life of a hustler means fending for yourself and to do that, you need a financial safety net. The good news is, setting that up is easy an...
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