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These Smart Ringgit-Saving Tips Can Help You Extend and Grow Your Money


I’m always approached for advice on how I manage my money so well. I say that hearing endless stories about people being stuck in debt, such as a neighbor who lost his house because of loans he couldn’t pay, a gambling fiend who struck it lucky once before going on a losing streak that had him forever indebted to friends, and other stories about financial woes that lead people to depression and declining health has pushed me to be wise with my finances at an early age.


To keep my finances in good condition, here are a few Ringgit-saving tips that I follow to help me gain financial freedom someday, with constant practice:

1.  Be prudent in my day-to-day living.

To practice effective saving of money, I make sure that every Ringgit counts. If this means, having to change my attitude about money, then that’s what I do. Some Malaysians go by the thinking that a few Ringgits don’t matter. They usually shrug and say “it’s just money!” I know a number of people who’ve gotten into trouble with this way of thinking and have ended up being bankrupt. I don’t underestimate the value of each Ringgit, and try to save as much as I can whenever I can. I do this by first listing down all my monthly and yearly subscriptions, and the corresponding amount of money I pay for each. The next step is that I think hard and well if there’s really a need to continue subscription for these things. Do I really read the magazines I subscribe to? How many hours a day of cable TV do I watch? One or two? Then I can just cancel these subscriptions. Other things I can do to minimize my expenses is to always choose the practical option. Must I really order a scoop of large fries with my burger when I eat out? Do I really need to drink soda with my meal? Now, I just get a side dish or get a smaller size of fries. Going for the less expensive choice has helped me save up on lots of costs over time.

2. Always check your receipt and billing statements.

Another way to show that I value my Ringgit is by always checking my receipt whenever I purchase something. People make mistakes, so I check to see if the cashier charged me with the right amount on the receipt, if the charge was accurate.  More caution is advised when shopping at flea markets, discount shops, and at the streets, where sellers often try to fool and short-change buyers by not giving them the right amount of fruits. Another thing I also closely examine and verify is the billing statement account I receive every month for my bank account, credit card, and other billing I might have.

3. Get insured.

What does saving have to do with getting insurance, you ask? If you think that insurance is just another way of spending money unnecessarily, you might change your mind when you find yourself in a situation where sudden illness or an accident can cripple your bank account. To protect my savings from being drained by hospital bills, doctor fees, and other medical expenses in the future, I got myself and loved ones a health insurance. This way, I won’t have to shoulder the full burden of the expenses any future accidents or illnesses.

4. Steer clear from high interest rates

Living a frugal life is all about evading unnecessary waste of money. Hence, I’m wise enough to pick a bank that offers the most affordable interest rates, be it for my fixed deposits or for choosing a credit card. Not being careful in picking these things will result in high interest rates that can eat away at my money and leave me with lower funds for yourself.

5. Invest money.

When I save and set aside money at home, my income doesn’t grow. I maximize saving by investing my money in investments that provide me with extra earnings—including a savings account, a fixed deposit account, a unit trust or shares. A savings account can give me the lowest compounded interest of around 2%, while fixed deposit can yield around 4%. Meanwhile, unit trust can give 5 to 20% compounded interest and finally, investing in share can yield 50 to 100% compounded interest if it performs well. It should be noted, however, that investing in high risk stocks that have the possibility of yielding high profit can also pose bigger threats of losing bigger amounts of money.

That concludes my top 5 must-do for friends who ask me tips on how I save money. By doing these things, I keep myself away from debt and move slowly towards the kind of financial independence that, like everyone else, I’m working hard to achieve.

About the Author:

This article is prepared by Compare Hero for Financial Planning DIY. Compare Hero is Malaysia’s leading financial comparison website. With Compare Hero, users can compare a broad list of financial products, from credit card to insurance plans. With this, Malaysians can compare financial products side by side, letting them choose wisely and enabling them to have better financial decisions.
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These Smart Ringgit-Saving Tips Can Help You Extend and Grow Your Money
These Smart Ringgit-Saving Tips Can Help You Extend and Grow Your Money
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