Petrol prices are up and subsides for cooking oil have been removed. For many of us, such measures are untimely, as we are already burdened with the rising cost of living.<\/p>\n
Lecturer Ashley Greig<\/a> recently made headlines for her plea to Datuk Seri Najib Razak, asking the prime minister to put the people\u2019s needs first.<\/p>\n \u201cToday, you decided on an increase on the price of fuel and cooking oil. Today, you decided on going ahead with your plans of increasing the cost of basic necessities for living. Today, you decided to bring upon suffering to people who are helpless and have nowhere to turn to,\u201d she said.<\/p>\n But crying on Facebook is not going to solve your financial woes. After all, government policies will continue to affect us one way or another.<\/p>\n The only option is to take charge of your finances and you don\u2019t need much to begin with. We\u2019ll show you how:<\/p>\n Malaysians spend about 31.2% of their income<\/a> on food, that means roughly RM1,560 for someone earning RM5,000 a month. It is estimated the average Malaysian spends about RM700 a month just on dining out<\/a>.<\/p>\n Eating in helps a person save more and to stretch savings, do these two things: buy more vegetables, less meat and stock up on GST-exempt items. Yep, scrap that salmon fillet off the list, why pay more for food colouring<\/a>?<\/p>\n In fact, going vegan for a while can save you RM4,355 a year<\/a>. If you slash the booze, you save an additional RM2,880 a year \u2013 and this is just a conservative estimate.<\/p>\n The removal of oil subsidies shouldn\u2019t get you peeved, too. To recap, the government has removed subsidies for all cooking oil packages other than the 1kg polybag and 5kg bottles. But on January 1, 2017, the subsidy for 5kg bottles will be dropped, meaning the government will only continue to subsidise the 1kg polybag.<\/p>\n Fine, just boil or oven bake your food. If you on a time crunch, slow-cooking works and if you are seriously pressed for time, just whip up a salad.<\/p>\n Malaysians went ballistic when Datuk Ahmad Maslan, the deputy international trade and industry minister, mooted the idea of getting two jobs.<\/p>\n Remember #2Kerja? Perhaps it\u2019s not that ridiculous a suggestion after all.<\/p>\n If you are mulling over side income gigs, check this out: car ownership in Malaysia is the third highest in the world with 93% of people<\/a> owning, renting or leasing a vehicle, double that of neighbouring Indonesia ad Philippines.<\/p>\n One thing most Malaysians have in common (if not all) is their mutual hatred for the traffic. This creates the perfect market opportunity for you to earn some cash.<\/p>\n Yep, take up ride-sharing. The proposition is not farfetched. We found that with only six trips and four hours a day<\/a>, an UberX driver can earn up to RM2,373, while a GrabCar driver can fetch about RM2,248. In a year, you earn RM28,476 and RM26,976 respectively.<\/strong><\/p>\n That can easily cover your home or car loan, making it easier for you to cope with the rising cost of living.<\/p>\n\n If your car is more of a bane than boon, then just sell it. How do you get around? Read on\u2026<\/p>\n In Greater Kuala Lumpur, it is estimated that congestion costs the economy<\/a> up to 2.2% of GDP while Malaysia as a whole, a third of urban roads<\/a> are \u201cat capacity or extensively queuing\u201d.<\/p>\n That\u2019s just a fraction of what you will be paying in petrol, toll and parking if you were to drive to KLCC yourself.<\/p>\n If you hitch a ride to and from work every day, here\u2019s how much you save:<\/p>\n\n That means you save RM3,600 a year just by opting for carpooling, and this amount does not even include your car instalment if you are still paying for it. What if you can\u2019t carpool every day? Then, take the bus, LRT or the soon-to-be-launched MRT.<\/p>\n At the end of the day, we can\u2019t always expect someone else to swoop in to make all our problems go away. Any government that promises to solve everyone\u2019s personal debts, is a government that will be driven to bankruptcy. What it can do is provide incentives to lighten the burden of its people, just like the annual budget.<\/p>\n Beyond that, it is all up to us. Why opt for a Starbucks latte every day when there are cheaper options available? Drop that off your must-haves list and you save about RM4,000 a year \u2013 just from coffee.<\/p>\n Even the gym. Who says you need fancy equipment to get fit? Forget spending RM3,000 a year, and access a decently equipped gym instead, which costs half that price.<\/p>\n<\/span>Skip dining out for homecooked goodness<\/strong><\/span><\/h2>\n
\n
<\/span>Get a (part-time) job<\/strong><\/span><\/h2>\n
\n\n
\n\t <\/td> \n\t Clear credit card debt
\nOutstanding balance: RM10,000
\nInterest rate: 15%<\/td>Pay higher fixed amount every month<\/b>
\nMonthly repayment: RM2,000
\nTime to pay off the balance: 1
\nYear, 11 Months
\nTotal interest paid: RM158<\/td>Just paying the minimum payment<\/b>
\nMonthly repayment: Minimum payment of 5%
\nTime to pay off the balance: 6 years, 11 months
\nTotal interest paid: RM3,158<\/td>\n<\/tr>\n\n\t \n\t Getting an MBA at Nottingham University: RM46,000<\/td> Investing a larger amount every month<\/b>
\nMonthly contribution: RM2,000
\nInterest rate: 6% p.a.
\nTime to achieve RM46,000: 21 months<\/td>Investing a smaller amount every month<\/b>
\nMonthly contribution: RM500
\nInterest rate: 6% p.a.
\nTime to achieve RM46,000: 6 years 3 months<\/td>\n<\/tr>\n\n\t
\n
\nDo this while doing your bachelor\u2019s degree, and you stand a chance of furthering your education without even needing to take a loan.
\n
\nYou can also opt for this right after graduating or during your first two years of working full time. By the time you get into grad school, you\u2019ll also have working experience. <\/i><\/td>\n<\/tr>\n\n\t Clear PTPTN loan of RM90,000
\n
\nAdministrative cost: 3% p.a.<\/td>Monthly repayment: RM1,914.49
\nRepayment period: 3 years 8 months
\nTotal interest incurred: RM4,602.18<\/td>Monthly repayment: RM1,914.49
\nRepayment period: 7 years 2 months
\nTotal interest incurred: RM12,820.22<\/td>\n<\/tr>\n\n\t Carpool or take public transport<\/strong><\/h3>\n
\n\n
\n\t \n\t \n\t \n\t \n\t \n\n
\n\t \n\t \n\t \n\t <\/span>It\u2019s all about you<\/strong><\/span><\/h2>\n