Category

Money Management

Best Ways to Use Your Economic Stimulus Money, Ranked

So you’ve probably heard all about the PN government’s RM250 bil economic stimulus package, designed to save Malaysia’s economy reduce the financial damage that COVID-19 and reduced oil prices will do to Malaysia’s economy.

(Well, it’s actually just RM25 bil in direct injection. You MakCik Kiahs aren’t getting that much. The loan deferments you still have to pay later and the EPF withdrawal is YOUR OWN MONEY, but I guess RM250 bil in total is *technically correct*, so let’s go with that.)

Regardless of the creative accounting, fact is that a lot of money will be freed up now, which can go back into the economy. Some of you will be getting a combination of the one-off financial assistance,

some of you will choose to withdraw your EPF money, up to a maximum withdrawal of RM500 per month, and some of you will be getting your loan payment(s) deferred (ie postponed). Assuming you have a mortgage and a car loan, that’s at least, what? RM1500 in freed up money every month?

(side note: should you defer loan payments or continue to pay? Read here)

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How to Avoid Polygamy in Malaysia: Add it in The Taklik

You already know that Islam allows a Muslim man to take up to four wives simultaneously in a practice called polygamy.

You may not know that Islam also allows wives the right to refuse husbands permission to marry more than one wife by adding it in the taklik.

This is a completely accurate, yet not that well-known piece of information.

In this age where the polygamy privilege is routinely being abused by irresponsible husbands – causing the wives severe financial and emotional distress – I hope to share widely the rights that women already have under Islamic laws, which she can exercise for her own protection.

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[SPONSORED] Verify Touch ‘n Go eWallet & 3 More 5-Minute Security Hacks

Let’s be frank here – ewallet and digital security is not the sexiest of topic to talk about. Therefore, let’s appreciate Touch ‘n Go eWallet not caring to be ‘sexy’ and choosing to feature it anyway in their educational video series, Cashless Confidentials.

In this article, we have brainstormed and came up with 4 actions you can do in 5 minutes that will significantly reduce your risk of losing money from scammers and hackers. It’s fast – you can do everything during lunch break. If you’re busy now, bookmark this article so you can pull it out later.

Note: If you consider yourself a Millennial or Gen Z, what you’re about to read below might sound like common-sense digital security practices.

However, keep in mind that they can be completely alien to your parents and grandparents, who are more susceptible to digital-based scams. I need you to read this so YOU can help them navigate this topic okay.

#1 – Activate Touch ‘n Go eWallet Money-back Guarantee Policy

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(At Least) 17 Money Calculations You’ll Make In Your Life

Throughout your personal finance journey, you’ll inevitably do some money calculations.

For some people, this thought stresses them – their immediate reaction is ‘I don’t want to do it! I’m not good with numbers!’

I blame high school maths. I think it made many people think that these money calculations are harder than they actually are.

I’ve compiled here some money calculations. Go through them, and tell me – how many are *actually* hard for you to do?

1. Home Loan Calculator. You do this calculation when you’re starting to shop around for a property, to find out the estimated mortgage / home loan repayments per month that you’ll have to make.

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17 Things to Include in Your Money Journal

Those who know me in person know that I never go anywhere without my notebook, which also acts as my de facto money journal.

My notebook is my primary organisational tool, my productivity hack. It’s how I keep track of my life, including my financial life. I jot down everything* in there. The way I see it, what doesn’t get written, gets forgotten.

(*Except for my passwords. I use a password manager for that. Security first kids)

Here’s a list of financial-related information that you can include in your money journal.

#1 – Your monthly income

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The Real Answer to ‘How Much Should I Spend On A Car?’

How much should I spend on a car? I’ve thought about this question many, many times.

The answer is simple: whatever is the amount, I should make sure that I can afford it. Like every other purchase.

But it’s also not that simple, because if it is, how come 1 out of 4 bankruptcies in Malaysia is due to car loans?

If you’ve been wondering how much you should spend on a car and avoid it being repossessed by the bank, here are some answers. Thanks to all contributions from the RoR audience!

#1 – How many % of monthly salary to go towards car payment?

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All the Financial Tools I Use for My Own Money Management (Malaysia-Specific)

The other day I was listing out all the financial tools that I personally use for money management in my notebook, and the list got kinda long.

That got me thinking – all of you must have your own money management system, right? Even if it’s in your head, even if it’s messy. You know, more or less, that the money in account X is for daily use and the money in account Y is earmarked for, say, retirement.

I did that list because (1) it’s good to know exactly what I have and what I use it for and (2) I don’t want to accidentally forgot about an account, which happens more often than you’d think (that’s why there’s over RM5.77 billion in unclaimed money???).

So here you go – an article compiling all the financial tools I use for my own money management. Please don’t @ me if any of them sucks for you – they’re just the best option for my situation right now – I’m not loyal to any of them and happy to switch to better solutions as and when it suits me. Also please don’t take anything here as investment advice.

The financial tools are arranged in this order:

  • Bank account
  • Credit cards
  • Debit cards
  • Pre-loaded/Loyalty cards
  • E-wallets
  • International money transfers/payments
  • Investment
  • Retirement
  • Insurance
  • Estate-planning
  • Accounting
  • Budgeting app
  • Other accounts with money inside it

Just to maintain some sort of neutrality, this article itself is free of referral links, but related articles and embedded social media posts may include links.

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How to Avoid Islamic Inheritance Laws in Malaysia

There are many things I love about Islam. But the default faraid laws or Islamic inheritance laws is not one of it. Islamic inheritance laws stipulate that male relatives shall receive at least twice the amount of female relatives (of equal standing). The determinant factor is literally… genitals.

Islamic Inheritance Laws is Not Fairly Implemented and That Sucks

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