Applying creativity in saving money in Malaysia: get the same thing for less!
Dave Ramsey is a popular author and radio host in the United States. He gives solid money advice.
One of it, which I 100% agree with, is the Debt Snowball Method – a loan repayment plan for people who owe money and overwhelmed by it. Find the original explanation in his website here, written for the U.S. audience.
What I’m going to try do is to explain the Snowball Method in a way that is relatable to us Malaysians. So you can use it to pay off your debt, or advice someone about it.
This is a follow-up post to my oldie but goldie Masterpost: How to save money in Malaysia article.
Many people try a variety of methods to save money, with varying results. But what they don’t realise is: while every little bit counts, a big splurge can easily offset those savings. It’s easy to make a big splurge if you’ve been skimping – your head justifies “I’m already saving money via X, Y and Z. I can afford to make this more-expensive-than-average purchase”.
There are a few rules of thumbs when it comes to where to splurge and where to skimp. It’s a very individual decision, everyone values different things. Here are some of the ‘rules’.
In my Masterpost: How to save money in Malaysia article, I gave examples of what I personally did to save money. Some were successful, some were not. I thought it would be fun to list all the ways that I tried, and give them a rank. There will be four levels: easy, medium, hard, and impossible.
Note: This is not a comprehensive list of all the ways to save money in Malaysia. I don’t know much about how to save money on home ownership, for example, or how to save money for families. Regardless I think it can be a good start 🙂
Ways to Save Money in Malaysia
Sponsored Post (long post with lots of examples)
This is my first sponsored post! I’ll be promoting cards from two banks at the end of this article but all opinion and cashback hack ideas here are my own.
Can I just say that I am actually a big fan of credit cards? I use them anyway and they have saved me a lot of money over the years, especially combined with other cashback hacks. During my recent Krabi trip (which costs me about RM900), I gave example how I used a credit card to make some payments, and got RM50 + RM66 in total cashback. That made the vacation so much sweeter 🙂
How to Combine Credit Cards with Other Cashback Hacks
Do you remember how happy you were when you got your first smartphone? That’s what I’m feeling now 🙂
(Hint: It’s not AirAsia.com)
I am a budget-conscious traveler. If you are under 35 and grew up under AirAsia’s promise of ‘Now Everyone Can Fly’, chances are you are a budget-conscious traveler, too.
I admit that
sometimes I feel entitled and expect to get cheap flights. In my defense, AirAsia spoiled me. Constant offers through various media channels made me believe that I deserve that RM9 cheap flight ticket.
But as much as I love AirAsia (big fan!), today I am going to give you my ultimate hack in getting cheap flight tickets. It may include AirAsia, it may not, but you will get the best possible price for cheap flights.
It seems that a lot of people really liked my post on my grocery budget, specifically how I calculated that my average meal costs only RM2.86.
Grocery shopping is a very personalised thing, so forgive me if I’m hesitant to ‘advice’ you on how to shop. I can’t, I won’t. You know your own tastes, preferences, habits, allergies, better than I do. I won’t impose a ‘do this, not that’ on you.
Having said that I will share what I usually put in my grocery basket.
EDIT 7 Oct 2015: As of time of writing, Shopback offers 10% cashback on Qoo10 purchases, not 12%. Still, 15% savings is still not bad 🙂
EDIT 12 Dec 2015: There’s an ongoing promotion – be among the first 150 to use Mastercard, get double the cashback!
This hack involves a couple of things, but if you use prepaid, this is going to BLOW your mind. I’m going to help you save 17% off your prepaid cost!