AS the cost of living rises, it's imperative for Malaysians to find ways to stretch their ringgit.
While the prospect of saving might seem daunting for some, the reality is that anybody can pick up the habit with good preparation and discipline.
Here are six simple money-saving tips to try out:
1. Create an effective budget plan and stick to it
First, begin with an audit of current expenses and spend one month tracking purchases and taking note of outgoing expenses on a spreadsheet. This will provide an accurate overview of how much money is being spent, and what it is being spent on.
In doing so, you will be able to determine which expenses can be cut out or optimised. Then, it's all about staying disciplined and avoiding impulse purchases that cost extra money for no reason.
2. Adopt new, less expensive shopping habits
While purchasing daily essentials is a necessity, there are still ways to save. Spend more upfront to buy items in bulk or wholesale, as this will help in saving for the long run.
Besides that, consider adopting a sustainable shopping approach, like opting for secondhand or preloved items. These tend to go for much lower than their firsthand counterparts, and oftentimes offer a very similar experience at a fraction of the price.
3. Keep track of recurring app subscriptions
When it comes to services like entertainment app subscriptions, they often charge based on the features the user has selected. In order to save more money in the long run, opt for cheaper subscription plans that come with smaller price tags, or share the plans with your friends and family to enjoy lower rates.
If no longer in use, you can cancel subscriptions to prevent unnecessary expenditure.
4. Set up a debt repayment timetable
Debt management might be one of the best decisions one can make to achieve financial freedom. Being in debt can reduce cash flow, making it more difficult to budget and save for the future. Paying off any outstanding debts may help you save hundreds and thousands of ringgit in interest.
Try to pay off high-interest debt fast, to prevent your debt from snowballing. Besides that, set a debt repayment timetable, create a timeline and make a budget to repay your debt, as this will help you stay on track and hold yourself accountable.
5. Give yourself 24 hours of consideration before buying something online
When buying things online, it's easy to get carried away by all the new trendy items on an app or website. That's why it's important to properly consider whether the item is "a want" or "a need" before making an impulse purchase. Online shoppers should allow themselves a full day to think about whether they still want the items before checking out their virtual shopping cart.
6. Take advantage of online coupons and deals to save on food
While the best way to save some money is to whip up your own meal at home, most Malaysians rely on food delivery services that make mealtimes convenient after a long day of work. That's why another way to save money while eating well is by ordering via food delivery — using the right platforms and making the most of the discounts available.
SAVE MORE WITH PANDAPRO
The great news is that saving does not have to mean skimping on good things.
Food delivery platform foodpanda has a variety of restaurants, supermarkets and marts to choose from.
They also offer pandapro, a subscription package that allows users to enjoy huge discounts on their orders.
Recently, foodpanda unveiled a new promotion, giving away two months of free pandapro subscription and an extra RM50 in cash vouchers to four million lucky users.
Some of the benefits that users can look forward to when they become a pandapro subscriber include 12 free deliveries and 20 per cent discounts at 20,000 selected restaurants when they order food delivery.
On top of that, users can enjoy 20 per cent discount vouchers when they order items from pandamart, as well as 25 per cent discounts on dine-in meals. All of this can add up to a lot of savings!
foodpanda app users can choose to subscribe to various pandapro plans:
- one month at RM8.90 per month (Enjoy 70 per cent off)
- six months at RM6.90 per month (Enjoy 77 per cent off)
- 12 months at RM4.90 per month (Enjoy 84 per cent off)
Subscribe to pandapro today and get a free two-month subscription and a RM50 voucher. Find out more about pandapro here.