{"id":17567,"date":"2022-02-28T19:00:00","date_gmt":"2022-02-28T11:00:00","guid":{"rendered":"https:\/\/www.comparehero.my\/blog\/uncategorized\/ways-to-spend-rm1000.html"},"modified":"2026-03-26T16:00:17","modified_gmt":"2026-03-26T08:00:17","slug":"ways-to-spend-rm1000","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/money-tips\/ways-to-spend-rm1000.html","title":{"rendered":"10 Smart Ways You Can Spend RM1,000 Right Now"},"content":{"rendered":"\n

Spend guide for Malaysians: Do you have an extra RM1,000 but not sure what you can actually do with it? You can either indulge or spend it the right way and get some benefits. We gathered 10 best ways on how and where you can spend the money.<\/strong><\/p> \n

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What would you do if you had an extra RM1,000 in your pocket?<\/p> \n

While it would be tempting to get yourself that pair of NMDs you\u2019ve always wanted, or maybe even bring your partner out for a nice omakase dinner, there are better and smarter ways to make use of this money.<\/p> \n

Here are 10 suggestions:<\/p> \n

1. Pay off existing debt<\/h2> \n

If you have existing debt, it would be a good idea to take this RM1000 to clear all, if not some of it.<\/p> \n

It would be wise to prioritise the debt that has the highest interest rate. Credit cards come with a notoriously high interest rate of 15%, and this can actually increase up to 18% if you don\u2019t start paying back your owing!<\/p> \n

And if you opted in for the moratorium, now would be a good time to start kickstarting your repayment. Of course, with RM1,000 there possibly could be very little that you can clear\u2026 but your debt would still be RM1,000 less than what it used to be.<\/p> \n

Read also:<\/strong> 7 Strategies To Get Out Of Debt Fast During The COVID-19 Pandemic<\/a><\/p> \n

2. Add to your emergency fund<\/h2> \n

If there\u2019s one thing that COVID-19 taught us, is that we never quite know what the future holds. So if you can\u2019t predict the next crisis, it\u2019s best to prepare for it.<\/p> \n

Why not deposit that RM1,000 into your emergency fund? Speaking of which, it would be healthy to have a buffer that will last you for at least six months if you were to lose your income unexpectedly.<\/p> \n

Remember, your savings and your emergency fund should be two separate things. Keep your savings account for your long term goals! When life throws you lemons, you should use the former, not the latter. Not every bank has an option to separate your saving goals, so if necessary, you could always consider opening another savings account in a separate bank to build your emergency stash.<\/p> \n

3. Put into your retirement savings<\/h2> \n

Did you know that our retirement fund (EPF\/KWSP) is actually known to have a pretty attractive dividend rate? Though it goes up and down, many choose to park their cash with EPF for a slow and steady growth.<\/p> \n

To be fair, 2019 didn\u2019t yield the best rate (5.45% for conventional and 5% for Shariah accounts), and you can roughly expect how COVID-19 will impact 2020\u2019s rate… but it\u2019s still a lot better than Fixed Deposit rates.<\/p> \n

You can easily add to your EPF account through:<\/p> \n