How To Increase Your Credit Limit Without Affecting Your Credit Score In Malaysia
- By CompareHero.my
- June 9, 2020
With the current COVID-19 pandemic, many credit card users are searching for ways to increase their credit limit without hurting or harming their credit score. Here we’ve listed down the step-by-step guide on how to have your credit limit increased for Maybank, CIMB, Citibank, Hong Leong, AEON, Standard Chartered Bank, Public Bank, and more.
Your credit card’s limit is like your pants during the MCO. In no time, you’d realise that you’ve outgrown it.
If you’re relatively new to this, you may ask – what’s a credit limit? Very simply put, it’s the maximum you can charge to your credit card, and is usually put in place to stop you from going overboard.
This goes hand-in-hand with how much you earn too, as in most cases, banks would give you a credit limit of 2x your monthly salary. If you have a humble paycheck, there’s a chance you’ll have an equally humble credit limit. (And vice-versa, of course.)
However, there are times when you just need a little more room to swipe. Increasing credit limit is a common consideration, especially if you’ve outgrown your limit. You may need to make an extraordinarily huge purchase this month. Or you need that extra room because you now want to give your daughter a supplementary credit card.
Or perhaps your rice bowl has been affected by the pandemic, and likewise with your cash flow. You may need to help bolster your finances by paying with your credit card while things improve on your end.
Don’t be ashamed if you fall in that category – the Covid-19 pandemic has caused many to lose their jobs, and it seems like every new week comes with news of massive layoffs in a variety of industries – media, aviation, hospitality… the list goes on.
Regardless of why you need a credit limit increase, the question beckons…
Contents
Is It Actually A Good Idea To Increase Your Credit Limit?
Is it good to increase your credit limit? Is it bad to increase your credit limit? Should you even bother? Let’s dive into the pros and cons of increasing your credit limit really quickly.
On one hand, increasing your credit limit gives you more spending power to meet your needs and wants. This is especially useful if you have a major milestone in life – a wedding, a new and empty home, a new baby, trying to win your girlfriend back because of that thing you said…
But on the other hand, if your history of dealing with debt has always felt like trying to stay afloat in choppy waters, increasing your credit limit may be a bad idea. Scratch that – it would be the worst idea.
First off, if you’re struggling to pay your debt, chances are, banks won’t actually agree to giving you a credit limit increase. You’re already trying to survive the rough seas – increasing your credit limit at this point would be akin to attaching an anchor to your feet.
But the bigger thing here is that your credit limit WILL affect your credit score. More on this in the next section.
How Increasing Your Credit Limit Can Impact Your Credit Score
If you didn’t know, your credit score is a 3-digit number that indicates your creditworthiness. It’s what banks, lenders, insurance companies, employers, and future mother-in-laws use to gauge if you’re financially healthy or not. The higher your score, the more likely it would be to get financial help. (And, in some cases, the hand of the person you want to marry.)
If you have a higher limit and an equally high usage, you’ll run the risk of having a high credit utilisation rate. If you increase your limit without actually increasing your expenses, then you’ll have a lower utilisation rate. Let’s demonstrate:
| Standard Ali | Super Spender Ali 2.0 | Super Jimat Ali 3.0 | |
| Credit Limit | RM5,000 | RM10,000 | RM10,000 |
| Credit Utilisation | RM4,000 | RM9,000 | RM4,000 |
| Credit Utilisation Rate | RM4,000 / RM5,000 x 100% = 80% utilisation rate | RM9,000 / RM10,000 x 100% = 90% utilisation rate | RM4,000 / RM10,000 x 100% = 40% utilisation rate *WINNER!* |
From the above, here’s the takeaway as to how increasing your limit affects your credit score.
- High utilisation rate: lowered credit score
- Same utilisation rate: credit score maintained
- Low utilisation rate: improved credit score
Related: 5 Ways to Improve Your Credit Score
So… When to Increase Your Credit Limit, and How Much Should You Ask For?
As an increased credit limit means bigger responsibilities, it would be wise to only request for this when you have a significant pay raise. The more income you have, the easier it will be to cover your debt if you ever overspend. Just remember that, in most cases, you’ll need to provide your most recent 3 months’ payslip – you may want to wait till you get that before requesting for an increase.
Also, if you have an unhealthy credit score, you may want to fix that ASAP. Requesting for a limit increase when you have a low score will likely leave you disappointed. Having a low score isn’t the end of the world, though.
There are many ways to fix this, and you can start with paying all your bills on time. One thing though – improving your score is a slow burn process, and roughly takes about 6-12 months before you see an improvement. Hang in there, be diligent, and you’ll definitely see results.
Related: How To Check My Credit Score In Malaysia?
If you’re planning to increase your limit because you’re planning to go overseas, you may want to request this early as the process can take a few days to complete. You definitely don’t want to be caught unprepared when you’re about to travel. (PSA: Please think twice about planning your travels in this post-Covid-19 period!)
As for how much credit limit you should ask, well, the truth is that there really isn’t much you can do when it comes to choosing your new limit. This will largely depend on how much income you have, and in some cases, how good a paymaster you’ve been to your bank.
Easy Steps On How To Increase Your Credit Limit
For your convenience, we’ve compiled the following step-by-step guide from the websites of the respective banks. These steps are accurate at time of publishing, and are subject to change depending on each bank’s plans.
Be prepared to share some official documents to help your banks consider your application, which may or may not include your most recent 3 months’ payslip, EA form, and EPF statement.
P/S: Your request will be at the discretion of the bank itself, so we can’t guarantee that you’ll get your request approved.
| Banks (alphabetical order) | Process |
| Increase credit limit for AEON Credit Service | 1. Download and complete the Credit Limit Review Form. 2. Prepare the latest documents for the following: For salaried employees Either one of the following:
For self-employed individuals
3. Send all the documents to them either via email (customer.service@aeoncredit.com.my), fax (03-7863 7800), drop-off at any one of their branches, or by mail (AEON Credit Service (M) Bhd, AEON Credit Card Sales, Level 5, AEON BIG Subang Jaya, No. 3, Jalan SS16/1, 47500 Subang Jaya, Selangor Darul Ehsan). *For a temporary increase: Call their Customer Care Officer at 03-2719 9999 instead |
| Increase credit limit for Affin Bank | 1. Go to the Affin Bank credit limit request page here. 2. Fill in your details and press ‘Submit’. 3. Wait for their representative to contact you. |
| Increase credit limit for Alliance Bank | 1. Download and complete the Permanent Credit Limit Increase form. 2. Prepare the latest documents for the following: For MNC/PLC salaried employees:
For non-MNC/PLC salaried employees:
For self-employed individuals:
3. Send all documents to them either via email (info@alliancefg.com) or by dropping them off at any Alliance Bank branch. *For Temporary Credit Limit increase: call their Contact Centre at 03-5516 9988. Do note that this is only applicable for overseas travel, hospitalisation, and compassionate purposes. |
| Increase credit limit for Ambank | 1. Log in to AmOnline and select on ‘Apply’, then ‘Apply Credit Limit Increase’. 2. Fill up your desired new limit and employer details. 3. Click on ‘Income Documents and choose the type of income documents you want to submit. Click ‘Upload Now’ to upload your file. 4. Upon accepting the T&C, click on ‘Confirm’. You can then proceed to ‘Request TAC’. 5. Key in your TAC, and end your request. You will receive an SMS and email notification to indicate a successful submission. |
| Increase credit limit for Bank Islam | 1. Download and fill up the Increase/Decrease Limit and Card Upgrade/Downgrade forms here. 2. Prepare a copy of your latest 2 months’ payslip or 6 months’ bank statements with the latest B Form and tax payment receipt (if self-employed) for processing. If you have changed jobs, please include a job validation letter. 3. Get in touch with the bank directly to submit your documents. |
| Increase credit limit for BSN | 1. Print/Download and complete the Credit Limit Increase Application Form. 2. Prepare the following documents: For salaried employees
For self-employed individuals
For commission earners
3. Submit your completed forms via email (cardservices@bsn.com.my). |
| Increase credit limit for CIMB | Call their Customer Service centre (03-6204 7788) for step-by-step guidance. However, do prepare the following documents: For salaried employees
For variable income earners
For self-employed individuals
|
| Increase credit limit for Citibank | 1. Fill up the application form here. 2. Be prepared to submit at least one of the following documents:
Salaried foreigners working in Malaysia must also include the following documents:
3. Click on ‘Submit Now’. *For temporary credit limit increase: 1. Log in to your Citibank Online account. 2. Click on Services > Card Services and select ‘Temporary Credit Limit Increase’ under the credit limit increase tab. 3. After filling in your desired credit limit (subject to approval), effective date, and reason, click “Next”. In the next screen, check that your details are correct, before ticking the Terms & Conditions box. Lastly, click “Confirm” to submit. 4. Your temporary credit limit increase will be granted instantly, and will be reflected in your account credit limit. 5. If you prefer speaking to someone directly, you can contact their CitiPhone Banking:
|
| Increase credit limit for Hong Leong Bank | How to increase credit limit via Connect Online Banking: 1. Log in to Connect Online Banking 2. Go to ‘Other Services’ 3. Go to ‘Request Increase in Credit Limit’ 4. Follow instructions to complete steps How to increase credit limit via Connect Mobile Banking App: 1. Log in to Connect Mobile Banking App 2. Tap on ‘Menu’ > ‘Services’ 3. Tap on ‘Credit Card’ > ‘Request Increase in Credit Limit’ 4. Select Credit Card(s) 5. Follow instructions to complete request (Excerpt taken from this HLB page. For more info, contact HLB directly.) |
| Increase credit limit for HSBC | Please contact the bank directly at 1300-88-1388 (local) or +603-8321 5400 (overseas). |
| Increase credit limit for ICBC | Please contact the bank directly to discuss a credit limit increase option:
|
| Increase credit limit for Maybank | 1. Login to Maybank2u 2. Click “APPLY”, then click “CARDS” 3. Click “INCREASE NOW” at “Increase Credit Limit” 4. Fill up all the details and upload your latest income documents. (Excerpt taken from this Maybank page. For more info, contact Maybank directly.) |
| Increase credit limit for OCBC | Please call the bank directly at 03-8317 5000. |
| Increase credit limit for Public Bank | Please contact the bank directly at 03-2176 8000, but be prepared to submit the following documents: For salaried employees
For self-employed individuals
For individuals with variable income
For individuals with other income
For individuals with overseas income
We also found this helpful excerpt from this Public Bank page: For Cardmembers who earn RM36,000 per annum or less, the maximum credit limit extended shall [be] two times of Cardmembers’ monthly income. Where the Cardmember operates two or more cards with the Bank, a total Combined Credit Line will be extended to cover the use of all the cards held by the Principal Cardmember and the Supplementary Cardmember(s), if any. If preferred, the Supplementary Card may be nominated with a separate Credit Line from a minimum of RM1,000. Emergency temporary Credit line extension will depend on circumstance and payment record. |
| Increase credit limit for RHB | Please contact the bank directly at 03-9206 8118 for Peninsular Malaysia (available 24 hours, 7 days a week) or 082-276 118 for Sabah and Sarawak. |
| Increase credit limit for Standard Chartered Bank | Please contact the bank directly at 1300-888-888 or +603-7711 8888, but be prepared to provide the following: For salaried employees/commission earners
For self-employed individuals
To increase your credit limit, you also need to have maintained your credit card account with the bank for at least six months. |
| Increase credit limit for UOB | 1. Call their 24-hour Call Centre & request for a permanent/temporary credit limit adjustment. 2. Fax in your three latest income documents to 03-2690 0121. You can also send it via email (uobcustomerservice@uob.com.my) or mail (PO Box 11212, 50738 Kuala Lumpur). For salaried employees
For self-employed individuals
|
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12 Easy Ways To Protect The Environment While Saving Money
- By CompareHero.my
- June 5, 2020
Happy World Environment Day 2020 (5th June)! These are 12 easy eco-friendly tips that can help you change your spending habits on water, energy, groceries, meals and more to save money and protect the environment at the same time.
Rising sea levels, increasing global temperatures, more frequent extreme weather, prolonged droughts, among other observable effects of climate change do more than just drive our ecosystems, wildlife and communities to extinction. They also impact the things we value and depend on like water, energy, agriculture and human health.
Neglecting our environment also comes with a hefty price. From 2010 to 2110, the cumulative cost of climate damage for Malaysia and ASEAN is predicted to be RM40.1 trillion and RM151.0 trillion respectively, according to researchers at the University of Malaya and Universiti Teknologi Malaysia. To put it into financial context: Malaysia’s Gross Domestic Product (GDP) in 2019 was RM1.51 trillion.
On a micro level, it’s hard to imagine what we, as individuals, can do to fix a problem of this scale and severity. But humans are more powerful and influential than they think. When we act in unison with others – communities, governments, organizations, cities and schools – we can bring about meaningful and sustainable change.
This World Environment Day (June 5), we would like to shed light on some of the simple and easy ways you can care for the environment while also saving money, and vice versa. Going green while on a budget may seem intimidating or overwhelming, but you’ll soon realize that these sustainable and eco-friendly habits are easy and practical.
Scroll down further to get some easy tips on how to save the environment while saving money.
Contents
- Rethinking How We Use Water And Energy
- 1. Fix pipe leakages in your house – they cost more than you realise
- 2. Invest in energy-saving products (or just put a brick in your toilet!)
- 3. Keep finding creative ways to use less water at home
- 4. Don’t just turn off the switches – unplug them completely
- 5. Take public transportation or walk to your destination
- Rethinking How We Shop
- Rethinking How We Eat And Drink
- Rethinking Our Product Choices
- Our Take – A Change In Attitude And Mindset Makes All The Difference
Rethinking How We Use Water And Energy
Change your mindset to change the world
Malaysia’s low tariff structure and potable water supply may be among the reasons why Malaysians tend to take water for granted. Although your water bill probably isn’t your most expensive utility, it’s the easiest to cut back on.
We consume an average of 201 litres of water per day, which is equivalent to 402 bottles of 0.5 litre capacity bottles, according to figures from the National Water Services Commission (SPAN). That figure is higher than the recommended 165 litres a day by the World Health Organisation (WHO). It’s clear that something needs to change.
Try calculating your personal water footprint here to understand how much water usage should be reduced in your daily life. Water footprint is defined as tap water and ‘virtual water’ used to produce food, electricity, and home goods.
When we alter our management of, and attitude towards water, we can help reduce water wastage and save up on some cash.
The same can be said of energy consumption as well. Thanks to the advent of technology, and notable progress of energy access, more people than ever have access to basic energy and electrical needs.
But this also means a larger segment of society is regularly consuming energy and dependent on electric appliances such as washing machines and microwaves, and devices like smartphones and tablets.
It’s safe to conclude that current households consume more energy than the generations before us. Without proper energy management, we could directly or indirectly be contributing to the country’s carbon footprint, which may lead to bigger global issues like climate change.
So it’s in our own best interest to self-educate and reevaluate how we think and use energy. And it appears that we’re heading in the right direction – research shows that consumers in markets, big and small, are becoming increasingly motivated to purchase eco-friendly products, and are specifically looking out for companies that care about environmental issues.
But ideals and mindful actions are two separate things. When it comes to the environment (and anything really), we should walk the talk and take practical steps to reduce our carbon footprint. We found some useful tips online that we’d like to share with you. Let’s analyze:
1. Fix pipe leakages in your house – they cost more than you realise
Get to the root cause of your high water bills – leaks!
On average, a total of 37.8 litres of your water footprint is lost to leaks in a day. Calculate your water waste here for more insights. We tried it out and discovered that 1 second worth of leaks on a fast running faucet could generate up to 7,461,047 litres of water!
Learning how to repair leaking pipes and faucets may seem like a daunting task, but it will be worth the effort. Examine the washers and gaskets for wear and tear as this may be causing the leaks.
2. Invest in energy-saving products (or just put a brick in your toilet!)
Relatively new technology now makes efficient use of water possible.
Conventional showerheads flow at 18.9 litres per minute or more, in comparison to low-flow showerheads which typically flow at 9.4 litres per minute. Similarly, conventional faucets flow at around 18.9 litres per minute, while low-flow faucets flow at 6 litres per minute.
The investment may require some extra moolah up front, but it will be a bargain once you save up extra money down the road.
Similarly, it’s also good to install low-flow toilets at home, especially since flushing is cited as the biggest cause of water loss in a house, according to WaterCalculator. Fun fact: a person flushes five times a day on average. Conventional toilets use 18.9 to 26.4 litres per flush, but newer low-flow models use as little as 6 litres.
Not keen on investing in a low-flow toilet? Try using development devices like bricks or bags filled with stones to retrofit a toilet so it uses less water to flush poop down.
According to the Sustainability of Semi-arid Hydrology and Riparian Areas (SAHRA) research institute, these displacement devices can reduce the amount of water a toilet uses by about 15.9 litres per toilet per day. However, it’s not recommended as a long-term solution because of the potentially damaging side effects.
3. Keep finding creative ways to use less water at home
Cut down on your water bill by reducing your water usage in general.
- Reduce long showers: time yourself by showering to a maximum of two songs.
- Recycle used water from washing your rice, pasta or fruits to water your plants.
- Use a cup or a tub to store water when brushing your teeth or cleaning dishes.
- Only wash clothes with your washing machine if it’s on a full load.
- Lastly, water plants or wash the porch with collected rainwater.
4. Don’t just turn off the switches – unplug them completely
Switch off and unplug all electrical appliances and sockets when not in use, because this can help save up on electric bills, and is good for the environment. It’s not a widely-known fact that all things plugged in are bound to generate some energy, and unknowingly add more zeros to your electric bill.
Make it hassle-free for yourself by using a power strip for low voltage electronics like computers, phone charges, lights, among others. Just be careful not to overload the strip or use all appliances at the same time because it can overheat and get on fire. With a power strip, you can avoid the need to unplug all electronics. Instead, just unplug the main switch to save time.
Conserve energy by turning off electricity extension, plus and power strips.
Though Malaysia has one of the lowest electricity prices in the world at USD$0.06 (RM0.26) per kWh for households, it’s good practice to reduce electricity usage.
5. Take public transportation or walk to your destination
If it’s convenient, we recommend walking or cycling to wherever you need to get to. It’s cheaper, good for the environment and for your physical and mental health. The other option, whenever accessible, is to take public transportation.
You could also carpool with friends or family, especially to work, to reduce carbon emission and pollution all around.
Malaysia made a commitment to reduce its CO2 emissions per unit of GDP by 45% by 2030 at the 2015 United Nations Climate Change conference.
It’s known that Malaysians are heavily reliant on privately owned vehicles. Around 13.8 million cars and 13 million motorcycles on the road are cited as contributing factors to the country’s 7.27 tonnes of carbon dioxide emission per capita, based on the CO2 Emission from Fuel Combustion Highlights 2017 report by the International Energy Agency.
That figure was double that of neighbor Thailand, and higher than the densely-populated China at 6.59 tonnes. It’s time we try to reduce our carbon footprint (and save money!)
Related: 6 Reasons Why You Don’t Need to Buy a Car in Malaysia
Rethinking How We Shop
Biodegradable packaging and responsible and sustainable use of sources are just two examples of how brands are changing their business models to suit a growing trend and demand for environmental-friendly products. In fact, 60% of people say they are willing to pay more for sustainable goods, according to a 2015 Nielsen poll studying up to 30,000 consumers in 60 countries across the globe.
As part of your own effort to be greener, support brands or merchandises that practise sustainability or are known for their environmental causes.
Lush, for example, believes in protecting people, animals and the planet. Their pots and bottles are made from BPA-Free and 100% post-consumer recycled (PCR) plastic. Even their paper bags are made with 100% post-consumer recycled paper and are compostable.
Click here for an in-depth look at top brands that are positively impacting the world through their green products, and also discovering great commercial success from it.
1. Cut down on grocery spending
Shop in the refrigerator first – use up old meat or wilting produce as much as possible.
Make sure your grocery list is as specific as possible, and only purchase ingredients that you’re going to use within the next few days.
We recommend buying groceries online because not only is it safer, faster and more rewarding, but also helps you resist temptations while browsing through the aisles at the supermarket.
While you’re at it, it may be good to check our list of credit cards to see the latest cashback and rewards available to make your shopping experience more fulfilling.
Related: Top Credit Cards in Malaysia
2. Go digital – shop online
Stay indoors, and shop online.
Almost similar to the previous point, cut down on gas, parking and toll costs by shopping online. It’s easier, more rewarding, safer and environmentally friendly.
However, to truly contribute to the environmental cause, it’s best to avoid rushed shipping, and buy more items together to minimize shipments. You can even go to the extreme of supporting companies that only use eco-friendly packaging.
Rethinking How We Eat And Drink
As the saying goes, you are what you eat. What we consume affects our emotional, physical, mental, and for some, spiritual well-being, and determines our quality of life.
Therefore, to ensure that we can continue living a healthy and happy life, it’s crucial that we reflect on both the quality and quantity of what we consume to understand its personal, financial and environmental impacts.
1. Commit to better meal planning
Take at least five hours in a week to shop, prep, and plan your meal for the week. You won’t run out of recipe ideas, because there are tons of recipes to try on YouTube, Instagram or Pinterest.
Here are some interesting 5-minute recipes
If you’re completely new to the world of meal prepping, Savethefood provides a guide for to start your meal prepping journey and discover meal prepping plan suggestions.
The guide also gives extra tips and guidance on your journey to becoming a food waste warrior. You will discover a collection of preparation and storage tools, by using the planning features provided by Savetthefood to estimate how much food you need when prepping for family and friends.
2. Give the ‘atas’ coffee a break – make your own drinks instead
Skip that regular on-the-go coffee. Both the cup and lid of your favourite coffee will live on for over 100 years! Cutting down on this simple luxury (or necessity for many) can help save a person up to hundreds of Ringgit a year – money that can be used for investment and retirement savings instead.
Simple homemade juices are easy to make.
Drop the pricy flavoured (and unhealthy) bottle drinks from supermarkets with your own homemade drinks. Infuse your filtered water at home with slices of fruits like strawberries, lemon, orange or blueberries. Even the most durable plastic items, like bottles, can take 450 years to biodegrade.
Rethinking Our Product Choices
You are what you associate yourself with like values, beliefs and attitudes. The same applies to business marketing. What we perceive as valuable depends on the technical, economic, service and social benefits that customers receive in exchange for the price they pay.
If convenience is valuable to you, you will most likely splurge on products that offer that (even if they are bad for your pocket and the environment!) So, if you’ve read up till this point, we’re pretty sure you value the environment and personal finance, to some degree in your life. Hence try making product purchases with those two factors in mind.
1. Produce your own cleaning products
Swap expensive and toxic-filled cleaning products with more eco-friendly, natural and cheaper alternatives.
Make your own all-purpose cleaner with a simple recipe which includes adding 3 cups of water, 1 cup of vinegar, 2 teaspoon, and 10 drops of essential lemon oil. Though it’s more diluted than the usual disinfectant, it’s still great for cleaning jobs around the house.
Play your part in helping the environment by using natural products.
Other alternatives are baking soda, which is a good cleaner and deodorizer, and cornstarch, which is good for polishing and cleaning sliding windows, picture windows and other glass surfaces.
Our personal favourite are lemons. Their powerful natural acids help cut through grease and kill bacteria easily. For a more extensive list of natural alternatives, click here.
2. Forgo plastic for biodegradable products
Purchase glass or steel containers, straws and cutlery instead of using disposable plastic items, which not only makes your meal slightly more pricey, but it’s bad for the environment, too.
Reduce, reuse, and recycle.
Avoid paying the usual RM0.20 penalty for plastic when you shop outside or takeaway by bringing your own recyclable bag.
3. Stop printing stuff unnecessarily (and stop companies too, while you’re at it)
Papers and paper-based products generate the largest portion of most municipal solid wastes, according to KL-based Thanam Industry, a scrap and recycle specialist.
In Malaysia, paper accounts for over 50% of all office waste, and it’s estimated that one tree is cut down to produce 20 reams of A4-size papers.
Paper waste ends up filling our landfills unnecessarily. Every month, over 57,000 tonnes of paper are thrown into landfills in Malaysia – an equivalent to chopping down 680,000 trees of marketable size.
Help reduce the amount of paper piling up landfills.
Thrown out paper also forms a large part of the waste stream when they end up in drains and waterways, causing other problems like flash floods.
One super simple way to reduce paper usage and save money is to enroll in your bank’s digital bank statements, like HSBC’s for example. It’s a small gesture, but collectively, can make a whole lot of difference to our landfills. Additionally, when you pay your bills online or via credit card, you stand a chance to earn great rewards and cashback.
4. Swap paper towels with microfibre cloths
Cut the long-term cost of purchasing new rolls of paper towels by replacing it with microfibre cloths, which are eco-friendly and washable.
Microfibre cloths are also more efficient as they absorb spills and trap dust better than paper towels.
5. Invest in a metal razor
Swap your disposable plastic razor with a safety metal razor. You may need to initially fork out some extra money for the metal razor, but the latter will be worth the investment, especially when you cut down on disposable razor purchases.
According to the Environmental Protection Agency, around 2 billion non-biodegradable disposable razors are thrown into landfills every year.
Sustainable razors can make a difference.
Not into metal razors? Well here’s a list of pros and cons for other types of razors available in the market.
6. Break up with disposable diapers, menstrual pads, and tampons
Disposable baby diapers, another source of overcrowding in our landfills, take 500 years to decompose. A crazy figure considering most babies will go through between 2,500 to 3,000 diapers in their first year, according to most baby experts online.
Eco-friendly diapers don’t have harsh chemicals that can irritate a baby’s skin.
Disposable diaper waste makes up 12% of our landfills, based on the latest findings by the National Solid Waste Management Department (JPSPN).
The solution? Get washable diapers, not only are they cheaper in the long run, but also more eco-friendly. This local blogger agrees with us.
Menstrual pads are no exception to the global plastic domination. Collectively, pads, tampons and panty liners with their packaging and individual wrapping, all of which are made of 90% plastic, produce more than 200,000 tonnes of waste per year!
According to Organiccup, it is estimated that an individual goes through approximately 11,000 disposable pads and/or tampons in a lifetime. Multiply that figure by all the people in this planet that use these products, and it amounts to a substantial number.
There are plenty of greener options to choose from when it comes to feminine care. Just look through the internet and you’ll come across a whole lot. But we recommend trying The Hive Bulk Foods, the first zero waste store in Malaysia, because it offers a variety of options from organic cloth pads to reusable sanitary pads.
Our Take – A Change In Attitude And Mindset Makes All The Difference
Convenience comes with a price – one that we as a society, are willing to pay a premium for because we’ve been wired to believe that it’s inherently good for us. The idea of convenience complements the fast-paced lifestyle most of us are familiar with in today’s ‘always-on-the-go’ society, even if it may appear to just be a facade.
We often opt for the nearest, quickest and easiest items, though these convenient items are hardly economical or eco-friendly for that matter.
When we choose to be more mindful consumers, and take necessary strides to reduce our waste (and carbon footprint), not only do we get to save money in the long run, but also contribute to protecting Mother Nature from pollution.
So start small, because every effort counts.
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7 Strategies To Get Out Of Debt Fast During The COVID-19 Pandemic
- By CompareHero.my
- June 4, 2020
Contents
- Due to the current COVID-19 pandemic, many borrowers are now struggling financially to pay off their credit card debt, home loan, car loan, and student loan. Learn how these 7 debt reduction strategies can help you get out of debt fast during this tough period.
- First, Do Your Budgeting And Set A Goal
- 7 Debt Reduction Strategies To Help You Get Out Of Debt Fast:
- The More Disciplined You Are, The Faster It Is To Get Out Of Debt
Due to the current COVID-19 pandemic, many borrowers are now struggling financially to pay off their credit card debt, home loan, car loan, and student loan. Learn how these 7 debt reduction strategies can help you get out of debt fast during this tough period.
Got some debt on your shoulders? It could be your credit card debt, housing loan, car loan, education loan, and a whole lot more. Well, you’re not the only one – most of us have some form of it, one way or another. It’s easy to fall into debt, but hard to get out of it.
From 2014 to 2018, stats from the Malaysian Department of Insolvency revealed that 95,000 people were declared bankrupt between 2014 and 2018 because they couldn’t honour their borrowings with lenders. Some of the main causes that dragged them down were personal loans (27.76%), car loans (24.73%), housing loans (14.09%), and credit card debt (9.91%).
Everyone wants to get out of debt fast, but the thing is, having to clear it off can be a long and arduous journey especially if you have multiple loans here and there. But what’s most important is that we manage our debt efficiently and consistently, because the last thing we want is to ruin our credit score.
Related: Ultimate Guide To Credit Scores
It’s even more important now than ever, especially in our post-MCO life. The sooner we clear off our debt, the easier it will be to face an uncertain future. As difficult as it may seem, there is a way to get out of debt (even on a low income, or even during this Covid-19 pandemic), but what’s more important is that you stay out of debt too.
Before we get into some debt repayment strategies, you need to do one very important thing first.
First, Do Your Budgeting And Set A Goal
By coming up with a proper budget, you can tell your money where you want it to go and keep track of how well you’re sticking to your plan. This will also be a great way to wake up to the amount of debt you have gathered over time. It will seem extremely discouraging at first, but the first step to a debt-free future is acknowledging the problem and planning out a realistic path to achieve it.
It’s easy to get lost if you’re juggling multiple loans at once, and this is why you need to first make a list of debts that you currently have, including your credit card debt, car loan debt, housing debt, education debt, personal loan debt… so on and so forth. From there, list down your income and expenses, and work out a schedule for you to pay your debt every month.
Budgeting can be discouraging but it is the most important part of your journey
It’s also crucial to set goals that work for you. One of the biggest mistakes in paying off debt is coming up with an over-ambitious target that only works on paper. If you’ve lived your life on poke bowls and lattes, telling yourself that you’ll switch to potatoes all-day-everyday will only leave you miserable. You may fall back to your usual spending habits in no time, leaving you disappointed and back in the cycle of debt all over again.
Weigh your income versus your debt, and consider other expenses so you can still live a relatively happy life during the course of your debt management.
7 Debt Reduction Strategies To Help You Get Out Of Debt Fast:
1. Consolidate all your debts into one
You may have multiple debts and loans with various interest rates and tenures. Some of them have high interest rates, some a lot lower. With so many variables, it can be hard to keep up with them.
Imagine if you could combine everything into one loan at a single interest rate. This, my friend, is called a debt consolidation loan. It may seem counterintuitive to get another loan to pay off your loans, but debt consolidation loans were made with the sole purpose to help borrowers get out of debt.
So, let’s say you have three credit cards with an interest rate of 15%, and each card has an outstanding of about RM5,000. To add to that, you have a personal loan worth RM50,000 which you’re using for your side hustle, and that has an interest rate of 7%.
You also have your car loan to account for, and your total debt to date may round up to RM200,000 or so. (And this will only grow if you don’t make the minimal payments to each one of your loans.)
With a debt consolidation loan, you’ll get to simplify this mess by combining all your debt into one. Think of it as the bank buying all your existing debt from other creditors, and in exchange, you repay that total amount to only one bank. Not only is this a lot easier to manage, but it can even save you money in the long run if one of your debts has a higher interest rate.
If you’d like to read more about debt consolidation, we’ve covered this extensively previously in this article. If you’d like, you can also browse through some of the debt consolidating loans and calculate which one would suit your current debt and repayment ability here.
2. Take advantage of balance transfers
This is kinda like a debt consolidation loan, only that this revolves around credit cards.
If you’re struggling to pay off your bills every month, you can combine all the debt from several credit cards onto one card. Again, yes, it may seem counterintuitive to sign up for yet another credit card, but the end goal here is to use this card as your “debt holding” card. (And may we suggest that you put your other cards aside after performing a balance transfer until you have full control of your finances.)
So… why do people do balance transfers? For one, you can take advantage of a lower interest rate. Plus, some banks even offer a 0% interest rate if you can pay off your debt within a short amount of time (e.g. 6-12 months)! However, other terms may apply depending on the card issuer (e.g. paying a one-time fee of 3% on the balance transfer amount).
Related: The Best Balance Transfer Plans in Malaysia
3. Use the Debt Snowball Method
We’ve watched enough movies to know how this works – a small snowball at the top of a mountain accumulates more snow as it rolls down. We can do the same with your money, but be prepared for an intense ride.
Like a snowball rolling down a mountain, this method will see your repayment sum growing bigger and bigger
We’ve previously covered this in another article, but in case you missed it, here’s an excerpt on how it works:
Let’s use the example of Ali who has to pay off his credit card debt (RM1,000, monthly repayment RM84), education loan (RM2500, monthly repayment RM105), and car loan (RM18,000, monthly repayment RM300):
- Ali lists down all the current debts he has.
- He arranges them by smallest to largest total amount, not by monthly repayment amount: Credit card (RM1,000), education loan (RM2,500), and car loan (RM18,000).
- Ali pays off the loan with the lowest amount (credit card debt) in two monthly payments of RM500, while still repaying the minimum on the other loans.
- After the credit card is paid off, Ali moves on to the education loan with a monthly repayment of RM605, a sum of both the previous repayment amount with the current one: RM500 + RM105, hence the “snowball” effect. With this amount, Ali will be able to pay off the education loan in only 4 months!
- Next, he will move on to clear off his car loan with a total monthly repayment of RM905 – snowballing the previous payment amount with the current car monthly repayment. With this amount, the car loan will be cleared in 20 months (instead of 60!).
- He’s debt-free!
As you can see, this strategy starts small and helps you gain momentum as you start clearing your debt one by one. Like with everything else, this requires a great deal of discipline and perseverance. Plus, you’ll also have to find that small snowball (Ali’s initial sum in #3) first, and over time you’ll feel like the repayment is extremely high.
However, this method is extremely encouraging because you get to see your debt disappearing fast, one after another.
4. Use your EPF savings
The great thing about our retirement savings a.k.a. Employee Provident Fund (EPF) is that we have Account 2 to help us with big-ticket purchases. (In case you didn’t know, there’s no way to withdraw from Account 1 until you reach your retirement age.)
While we’re unable to withdraw for debts from credit cards at this point in time, you can still use it to pay off some of your existing loans such as your mortgage and education (PTPTN). And from 1st April 2020, those aged 55 and below who are still contributing to EPF can withdraw RM500 every month, for the next 12 months. This is part of EPF’s i-Lestari initiative as a way to help Malaysians weather through a post-Covid-19 world.
There are more situations for when you can withdraw – you can explore them in our previous article here. All these also do come with some T&Cs which you can view on the EPF site itself.
If you’re able to use your account to clear off your mortgage (even partially), you’ll be able to free up more of your income to pay off the remaining debt you have. Granted this may leave a hole in your retirement savings, but it may be worth considering to keep you from defaulting on your loans. If you’re still working, you can slowly rebuild or add to your EPF once you’ve settled your pressing debts.
5. Use ‘found money’ to pay off balances
While getting bonuses may be a little tough nowadays thanks to the economy, ‘found money’ does come by once in a while. It could be extra money from your income tax refund, an annual raise, or even unclaimed monies you never knew you had.
(Yes, the last one is real. In October 2019, Malay Mail reported that the total unclaimed monies amounted to almost RM7 billion! You can check if you have unclaimed money here!)
You can also sift out some unnecessary items to sell, like branded shoes or bags. Consider doing an inventory on some of the things you have at home, and keep only what you can’t live without.
If you ever get that extra boost of cash, resist the urge to spend it as a “reward” for yourself. The biggest reward you can get is a debt-free future, so use it to clear off a chunk of your existing loans.
It would be a great idea to use it to kickstart the snowball method, and clear off your smallest debt first.
6. Consider using your emergency fund
Not the best thing to hear, we know.
Using emergency funds to pay off debt has been a popular argument, and for good reason too. One thing that this Covid-19 pandemic has taught us is that you can never tell what’s going to happen in the future. This is the very reason why emergency funds exist – to lend us a buffer in case something unpredictable happens.
But at the same time, not being able to pay off your balances will only amount to even more debt. In a blink of an eye, you may have grown your emergency fund… but you may also have doubled your debt amount, destroyed your credit score, and been at risk of defaulting on your loans. In some sense, this predicament could also be seen as an emergency.
Experts say that having an emergency fund with six months worth of expenses is healthy, but this may not necessarily be easy to obtain at this time. If you have looming debt, experts also suggest that it wouldn’t be a bad idea to cap your monthly savings at $500 (or RM500 for us), and put any excess money straight into clearing your debt.
It’s a tricky game of balancing which you’ll need to master, so strive for paying off more than the minimum, while saving a little for future rainy days.
7. Work part-time
They say that time is money, and it can’t be more true in this situation.
Hustle on the side to grow your income
It would be a great idea to pick up a side hustle to help supplement your income. Although the job market isn’t favourable at this point in time, there are still jobs to be done. If you’re already good at something, you may want to consider lending your skills to someone else for a fee. Who knows – apart from giving you extra cash, you could be building the foundation to your own future business.
We’ve also previously covered some of the jobs Malaysians can do during this time, which includes jobs that don’t require specific skill sets.
The More Disciplined You Are, The Faster It Is To Get Out Of Debt
If you find that you need more help, you can always consider signing up for credit counselling. For starters, Agensi Kaunselling dan Pengurusan Kredit (AKPK) provides financial counselling sessions and debt management programs to Malaysians, all for free. If you have extra cash, you can even speak to a hired financial counsellor for some hands-on help to manage your repayment.
At the beginning of our article, we mentioned that clearing debts is a long and arduous process. As discouraging as it may seem to calculate just how much you have to give back – and for however long – it’s not impossible if you have discipline, persistence, and the right methods.
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11 Practical Hacks To Reduce Your Financial Burden And Stress
- By CompareHero.my
- June 3, 2020
Everyone is now dealing with financial burden, problems, stress or struggles during this current COVID-19 pandemic situation. If you’re one of them, learn how these 11 practical hacks can help you overcome and reduce the financial difficulties you’re facing.
Money is the one thing that we all work hard for, yet always seem to never have enough. Though money can’t buy us complete happiness, it’s still an important tool to help us achieve goals that we aspire in life.
Our struggles with money is particularly evident in today’s COVID-19-inflicted economy, which has caused many to lose their primary source of income. Therefore it is imperative, now more than ever, for us to manage our finances prudently to ensure that we save for a rainy day.
To help you relieve your financial burden and navigate the somewhat challenging world of money management, we’ve compiled a list of financial hacks you might want to consider in a bid to stretch your Ringgit to the maximum.
Contents
- 1. Schedule your savings
- 2. Grow your own food
- 3. Make the most of your spending by using credit cards
- 4. Get DIY-ing
- 5. Cut down on house bills
- 6. Make your own drinks!
- 7. Save up on cooking
- 8. Look out for vouchers, coupons and freebies
- 9. Reduce on paper towels
- 10. Come up with a budget sheet
- 11. Take public transportation (if possible)
- Your turn – let’s put these hacks into practice!
1. Schedule your savings
One of the most tempting times of the month is when we see that nice, fat, paycheck land in our accounts. We instantly feel the need to spend on the cash, but hold up! It’s time to change that bad habit.
Split your paycheck between multiple accounts by scheduling your transactions so that a higher percentage of your paycheck ends up in your savings account every month. This will remind you that you’ll only be allowed to spend on a certain percentage while the rest goes into savings or investments.
2. Grow your own food
Cut the long-term purchasing costs by growing your own produce and basic ingredients like ginger, garlic, chilli, among others. Of course this hack depends on whether you have a functioning lawn to begin with. Additionally, the growth of your produce depends on other factors such as sunlight, water, soil and fertilisers, which when added all together may seem like a lot of work for the faint hearted.
But this fix works well for Malaysians in particular, who use a lot of basic ingredients and vegetables in their dishes. We found a local blogger who agrees with us. This local news outlet thinks it’s worth the effort too.
We recommend growing your own food because it will generally contain fewer pesticides and fertilizers, and is also greener and more environmentally friendly than its counterpart. The only flipside is that it may be slightly more expensive. But think of it as a long-term investment for the overall health and well-being of you and your family.
3. Make the most of your spending by using credit cards
Take full advantage of the benefits that come with credit cards such as rewards, cashback, and airmiles. (Well… maybe keep the travel rewards for when the pandemic is a distant memory.) Many banks and e-commerce companies offer huge discounts or attractive cashback options.
If you’re wondering where to get a headstart on credit cards, you can consider browsing through some of the credit cards available on CompareHero here. Shopping online is also much safer, faster and more rewarding in today’s new normal.
Though credit cards offer many great benefits, it must also be managed wisely. Besides paying credit card bills on time, making a budget for your credit card spending, and checking credit scores constantly, here are other tips on how to use credit cards responsibly. As long as you maintain high discipline and remain cognizant of paying the monthly bills before the due date, credit cards can be very beneficial for you.
An alternative are e-wallets, which have mushroomed in Malaysia over the past few years. In an effort to encourage cashless payments, the Malaysian Government is offering a one-off RM30 e-Wallet credit for qualified Malaysians as part of their e-Tunai Rakyat initiative.
When you claim it with GrabPay, you can enjoy vouchers and discounts worth up to RM3,000. Touch ‘n Go also offers rewards like cashback and cash vouchers when you spend on their platform. Other recommended e-wallet platforms include Boost.
Here’s a 101 on how to use GrabPay credits
4. Get DIY-ing
Save up on cash while being creative!
You don’t have to cut corners to cut costs. Save up on the moolah by not spending unnecessarily on items that can either be brought for a cheaper price, or better yet, created from scratch. Now is a great time to try your hand at DIY-ing your own household items or necessities.
We’ve learned that you can save a few bucks (and help the environment) by making your own household cleaners for instance. According to familyhandyman.com, all you gotta do is mix 2 cups of water with a ½ cup of vinegar to create your own cleaner. Another formula to create an all-purpose cleaning solution is mixing 4 tablespoons of baking soda with 1 quart of warm water.
5. Cut down on house bills
Switch off all electrical appliances when not in use and switch off sockets because these simple steps can make a huge difference. Also be sure to completely unplug all appliances because this can help save up on bills too. Trade in the convenience of the standby mode for cheaper monthly electricity bills.
Though Malaysia has one of the lowest electricity prices in the world at 0.06 U.S. dollars per kWh for households, it’s still good practice to be extra cautious of your electricity usage.
Save electricity by unplugging
Repair those annoying water leaks, which may appear harmless or too little to make a difference at first, but can lead to excessive loss of water, in turn, ramping up your water bill. Also reduce your water bill by only washing clothes on a full load and reusing rainwater to water plants.
6. Make your own drinks!
Now everyone should be a barista!
Are you one of those folks who can’t start their morning without a cup of coffee? Well, time to cut down on the extra cost by making your own coffee at home rather than getting it at your cafe. Not only will you help save the environment by using your own utensils, but you also get to save up on cash. Even if it’s as little as RM2, every Ringgit counts.
Switch the pricy flavoured bottle drinks from supermarkets, with your own homemade concoction. That’s right, you too, can make your own flavoured drink when you infuse your filtered water at home with slices of fruits like strawberries, lemon, orange or blueberries – to give it that hint of extra flavour. It may even be healthier if you use all natural ingredients.
7. Save up on cooking
If there’s one area of spending that can be reduced significantly, it would be our grocery shopping and cooking.
For starters, learn to appreciate the versatility of an ingredient or food. For instance, if you buy a whole chicken, rather than waste some parts like the feet or bones by throwing them away, use the animal as a whole. Chicken feet help make soups more aromatic, and the bones can be turned into chicken stock.
Secondly, realize that there is more than one way to appreciate a type of food. Eggs, for example, can be fried, scrambled, poached or omelette. There are so many ways to enjoy this versatile ingredient, so make full use of your eggs. Rather than spending lavishly, and needlessly, on new ingredients, try different recipes with the same ingredients.
There’s also a ton you can do to save up when prepping for food. Rather than spend RM12 on a burger, make your own burgers. Buy big cuts or packages of meat and use it over multiple meals. When you are preparing homemade burgers, make one for Monday, Wednesday and Friday to save up on cost.
Prep meals are cheaper and healthier than takeouts
When you take the time to plan out your meal prep, you’ll realize that you feel more secure knowing that there’s food at home. Hopefully, this motivates you to bring your own packed meals to work or as a reminder not to get easily tempted to eat out.
8. Look out for vouchers, coupons and freebies
Yum! Get a RM50 cash voucher on Outback Steakhouse’s burgers, steaks, ribs and more via Fave
Besides reducing your spending, you can also manage your finances better by cushioning it with some good old coupons or vouchers. Always be on the lookout for great deals online whether it’s a discount for a meal or a promotion at your local spa. (But adhere to health SOPs, of course.)
From discounted beauty deals to affordable dining options, Fave offers a wide range of vouchers that will still allow you to enjoy certain lavish activities at reduced prices.
Though we would advise you to prep and cook your own meals to save up, there’s no harm in wanting to dine out from time to time. Make the most of your dinner date by checking out Offpeak.my, for great dining deals at reasonable prices.
The online platform curates all of the best deals from a vast selection of restaurants. Once you’ve scrolled through your selection, make a reservation for a particular date and time. Just remember to practice social distancing when you go out!
Curious about other types of coupons and vouchers? Check out what’s available from other brands like Lazada, Zalora, GrabFood, among others when you click here or run through a list of available freebies here.
9. Reduce on paper towels
This hack seems insignificant, but when you think of the ongoing expense of purchasing new rolls of paper towel, cutting paper towels on the long-term can really bring your expenditures down by a large margin.
Food for thought (Source: Saatch & Saatchi Denmark)
Replace the paper towels with microfibre cloths, which are eco-friendly and washable. By washing and reusing cloth, you get to save money and reduce waste; they are also more efficient as they absorb spills and trap dust better than paper towels.
10. Come up with a budget sheet
When you have a better understanding of your net assets, expenditures, income and cash flow, you’ll get a more thorough picture of your finances and can better decide where or when to cut or add.
Keep receipts or download a spending app to track your monthly expenditures. The benefit of having a budget sheet is knowing how to spend your money in the most optimum way while also being mindful of your savings and investments.
11. Take public transportation (if possible)
One of the best ways to reduce your monthly living costs, while at the same time reducing global warming and air pollution, is to take public transportation when travelling. The caveat to this financial hack is that it will only be possible if public transportation is easily accessible near your house.
If you live near to where you work or your end destination is only a short trip away, consider walking or riding a bicycle, or taking public transportation (if longer), to reduce your carbon footprint and help reduce pollution all around.
According to latest figures from the CO2 Emission from Fuel Combustion Highlights 2017 report by the International Energy Agency, Malaysia’s carbon dioxide emission per capita was at 7.27 tonnes, double that of neighbor Thailand at 3.64 tonnes and higher than the densely-populated China at 6.59 tonnes (this data is as of 2015).
Malaysians’ heavy reliance on privately owned vehicles – 13.8 million cars and 13 million motorcycles on the road – was cited as the main reason behind the high figures.
Save up by travelling smart (Source: MyRapid)
If you live near a Monorail, LRT, MRT, BRT, Rapid KL buses and MRT feeder buses, sign up for MyRapid’s special unlimited travel pass for 30 days for cheaper ticket prices.
With the MY100 pass, you get to take all forms of travel options unlimited for 30 days for just RM100, while the MY50 pass offers unlimited rides (for 30 days) on Rapid KL buses and MRT feeder buses, excluding BRT, for just RM50. Imagine the amount of petrol and parking costs you can reduce from taking public transportation.
Your turn – let’s put these hacks into practice!
No one will be stuck in a bad financial situation forever. With proper money management and being more mindful of your spending, you too, will eventually have a better hang of your finances and increase your savings.
Hopefully these simple solutions to your financial problems will help you manage your finances better and lead to a more anxious-free life, which will hopefully improve your overall state of mind and quality of life.
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6 Ways To Give Back To Our Parents On Global Parent’s Day 2020
- By CompareHero.my
- June 1, 2020
Global Day of Parents is back again for its annual celebration on June 1 to honour all parents around the world. Learn how these 6 ways can help you give back and repay your parents for the love, kindness and sacrifices they make in conjunction with Parent’s Day 2020 this year.
Our parents are more than just our first teachers or role models. To some of us, they are our everything.
We are who we are today, largely due to the many lifelong sacrifices and selfless commitments made by our parents. Raising a family is never an easy feat, especially for all the single mothers or fathers out there, who battle endless hardships to single-handedly raise their children. Our parents have showered us with love, food, shelter, money and care when no one else would.
This Global Parent’s Day (1st June 2020), we want to highlight some of the ways you can give back to your parents. Now that you’ve grown into an independent adult who can care for yourself, it’s time to show appreciation and gratitude towards your parents.
You can give back to your parents in many meaningful ways, and we’ve compiled some of the best below.
Contents
1. Give a portion of your salary to them
Offer to provide financial security to your parents.
Although most parents will never ask directly, or expect their children to give them much, more often than not, it’s the gesture that counts.
For some parents, they may never share their financial struggles with you even though they are desperately in need of some extra cash from time to time. Their motivation to stay quiet simply runs from their altruistic belief that, as parents, they shouldn’t trouble their own children. *sobs*
So try to give back via monetary means when possible. Additionally, giving money to your parents will not only leave you feeling happy and satisfied, but it will also help you build financial muscle and resilience. Depending on your values and tradition, it’s also part of Asian culture to practice filial piety.
Consider transferring a fixed percentage of your paycheck to your parents if you can afford it. How much should you give? Start small like around 5% of your salary, and if it goes up, increase the contribution as well.
If you are struggling to make ends meet, then consider giving whatever amount you can give. At the end of the day, it’s not always the value that matters, but the act of giving back that does.
Related: How Much Money Should You Give Back To Your Parents?
2. Pick up the cheque sometimes
With many struggling to make ends meet, especially in the wake of the COVID-19 pandemic, our parents may be in similar situations, especially those who are retired or close to retirement.
On top of the virus, the rising cost of living, stagnant wage growth and unemployment issues in the country have also affected many elderly Malaysians who are struggling to reserve funds for their retirement savings.
Take this opportunity to give back by bearing any additional bills or living expenses such as electric, phone or water bills, healthcare payments, or groceries. It’s good to pick up the tab on certain things in order to reduce their financial burden.
Chip in for groceries, especially when your mom, or dad, prepares their favourite dishes. You can even cook it with, or for them, when you come over for visits.
Spend quality time with your parents.
In fact, you can earn more on groceries, when you take full advantage of the benefits that come with credit cards such as rewards and cashback. Many banks and e-commerce companies offer huge discounts when you shop for groceries online.
Also consider shopping online via e-wallets like GrabPay, Touch ‘n Go, and Boost, as these platforms also offer rewards like cashback and cash vouchers when you spend online.
Also read: Why You Should Have More Than One Credit Card
3. Visit them more often
Don’t wait for a major holiday to make an appearance. Always visit your parents when you have the time and chance. Don’t miss minor holidays either, and send homemade cards or at least a short wish to your parents if you can’t make it home for important dates.
If you’re on a shoestring budget, you can prepare DIY gifts for your parents for the holidays. Here are 23 swanky DIY gift ideas we found on BuzzFeed. Or you could get some flowers for your mom and buy your dad his favourite meal.
Try your best to celebrate important events with your parents, whether it be their birthdays, Mother’s Day, Father’s Day, or any other significant events. One of the best ways to give back to our parents is through our time, a priceless gift that cannot be bought.
Catch up with your parents after a few hard weeks of work.
4. Do household chores for them
It wouldn’t hurt to do some of the household chores when you come over to visit. Volunteer to do dishes and laundry, clean and scrub their toilets and kitchens, or even just vacuum the house.
Maybe set up a few days in a month as ‘Spring Cleaning day’, where the whole family gets together to clean the house. If you live with your parents, offer to be in charge of some chores on alternate days.
5. Drive them to their doctor’s appointment
Be their regular doctor’s-check-up-buddy.
Take some time off of work to drive and accompany your parents to their doctor’s appointments. As our parents age, it’s good to be there with them through every step of life’s journey, just as how they were there for us when we were younger.
It’s also vital that you have constant updates on the condition and state of health of your parents. If you can’t commit to attending certain appointments, offer to drive them to and from the hospital at the very least.
6. Treat them to nice, fun activities
Pamper your parents every once in a while. Bring them out to a nice dinner or lunch when you have the opportunity, or as a way to catch up on life matters.
Your mother would definitely appreciate spa or beauty dates, while your dad could be open to a good game of golf or maybe some quiet fishing time. Check out great beauty and spa deals at reduced prices on Fave. (Just be sure to take them out for these activities after the pandemic is over.)
If your parents are homebodies, just spend more time with them at home. You can cook them their favorite foods or bake them their favorite dessert.
Always keep in touch with your parents
Perhaps the most important thing is to just say hello from time to time. Text, call, e-mail, Facebook message or say it in person. No parent will ever get tired of hearing their child say “Thank you.”
At the end of the day, what matters most to our parents is knowing that they’ve raised their children right, and that they grew to become responsible and contributing members of society.
Always tell the ones we love how much they mean to us.
It doesn’t take one special day for us to wish or give back to the special people in our lives. Give back and pay it forward whenever you can, don’t wait for special days like Father’s Day, Mother’s Day, Parents’ Day, Chinese New Year’s, Hari Raya, etc. to tell and show our loved ones how much they mean to us. Remember, most parents don’t expect anything but a simple “Hello”.
