12 Creative Tips To Plan Your Christmas Shopping

• By CompareHero.my
• November 13, 2018

Two of the things that everyone looks forward to during the festive period are — Christmas songs and Christmas shopping! In this time of the year, gift shopping can be a pretty stressful ordeal due to the amount of time and money involved.

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Meaning Of Industry 4.0 & Its Challenges In Malaysia

• By CompareHero.my
• November 12, 2018

“We must progress to Industry 4.0”, “Industry 4.0 is great!” – but what exactly is Industry 4.0? There are talks about developing and expanding Industry 4.0 for Malaysia, even mentioned in the Budget 2019. We’ve made it easy for you to understand, read on to find out.

Understanding the Industrial Revolutions

Industry 4.0 is fourth in the line of industrial revolutions. The first industrial revolution was the mechanization of the manufacturing and processing industry, utilizing water and steam power. The second revolution saw the coming of the assembly line and electricity, enabling mass production. The third then followed through the rise of automation, providing more efficient processes and manufacturing – what we commonly see today in most factories.

What is Industry 4.0?

We are now slowly moving past the third industrial revolution and are advancing into Industry 4.0. Unlike the more drastic changes from between the previous industrial revolutions, however, Industry 4.0 simply takes the automation and machinery from the third and makes it better. How? Through smart systems using data and machine learning; the Internet of Things (IoT) and AI.

The third industrial revolution already benefits a lot from the use of computers and automation, creating more efficiency in most industries. Industry 4.0 comes into the picture with the introduction of connectivity between these machineries. This will allow for even more advanced automation, to the point where factories can run well without any human – a smart factory, essentially. And no, we’re not yet at the level of Skynet from the Terminator series.

That sounds too complicated lah, can simpler anot?

Can, of course can! In a nutshell, Industry 4.0 is a “smart” industry that can operate efficiently with less human-error by being connected. Picture running an entire factory remotely with only a few persons (it’s a bit of an exaggeration).

To better elaborate on a “smart” factory, let’s use the example of two factories: One is a smart factory and the other a conventional factory.

In the conventional factory, there is a large human factor at play for each of the processes. Right from the managing of the materials to the final product that lands on the customer’s hands. We cannot fully eliminate human involvement (not yet?), but that very involvement can reduce efficiency because of human-error.

For example, a staff may miss out on checking of a factory’s materials supply, causing a material shortage. This in turn causes a slowdown on the production of products. In the assembly line itself, most factories have factory workers that collect and assemble the products. However, this increases the possibility to risk of human injury and misassembled items.

With the “smart” factory addressing the same issues as the conventional factory, a lot of the human-error is reduced. Systems can be set up to measure material supplies; if the materials drop to a certain level, it can automatically order more or inform the operations management that it is running low.

Automated assembly lines using robots and other automation can almost eliminate the risk of human injury and reduce the percentage of misassembled products. An entirely connected manufacturing plant would be able to manage itself and adjust the production lines to the present situation, potentially saving time and money.

Imagine all that of the smart factory being managed by only a few persons through cyber-physical systems and the Internet of Things. Using big data and connectivity to manage automated industries with superior efficiency and low wastage – that is Industry 4.0.

Is Industry 4.0 already in effect?

Yes! Industry 4.0 is already being achieved in several major countries. Countries like the United States, China, Japan and even our neighbour, Singapore has already advanced to Industry 4.0 under names like “Smart Manufacturing”, “Made in China 2025”, “Industrial Value Chain Initiative”, and “Smart Nation Programme” respectively.

In fact, Amazon has already embraced Industry 4.0 through the use of robots in their warehouse. Watch the video below:

In fact, everyone’s favourite building-brick toy, LEGO, was already producing their plastic bricks in complete automation for years! You can read about it here: Gizmodo’s Exclusive Look-Inside of LEGO’s Factory. Everything from the raw plastic granules to the final product into its packaging is completely automated.

Challenges of Industry 4.0 Malaysia

Our nation is slowly advancing towards Industry 4.0. The Malaysian Ministry of International Trade and Industry (MITI) tabled the the National Policy for Industry 4.0 to help advance the countries’ businesses and factories. This will ideally help the local industries to increase productivity,  efficiency, quality, and to also develop new skills and talent with the people.

According to MITI, Malaysia is currently somewhere in between Industry 2.0, which is mass production of items, and Industry 3.0, automation. It is a slow process that is facing many challenges such as the lack of awareness and understanding of Industry 4.0 and also the lack of standards and skillsets.

You can read more about MITI’s National Policy on Industry 4.0 here too: Industry 4WRD

What do you think about Industry 4.0? Will Malaysia be able to implement it and will it help us advance as a nation? Let us know!
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The Cost of Raising A Child In Malaysia

• By CompareHero.my
• November 9, 2018

Lets be realistic about how times have changed. In the olden days, it was a must to have kids as soon as you tie the knot. I believe this concept is evident across all racial or ethnic backgrounds in Malaysia. More often than not, we constantly hear stories from our parents about how a plate of fried rice used to cost RM0.50 cents and you could get a cup of coffee at RM0.20 cents.

Today i really don’t think you can get anything at all for that price. So even though the folks back then probably did not earn much, I guess it wasn’t expensive to raise a child either. From clothes to food and even schools. Things have certainly taken a drastic turn in terms of the cost of raising a child in Malaysia today.

We have provided a similar article last year. This is an update as to my own experience. Lets talk about the present and the (gulp) future. Allow me to take you on a journey from the time you plan to have a baby right up to the registration line at your nearest pre school.

Pregnancy and Check Ups

Congrats! there’s the double line! You are now a proud parent. Ah the joy, the tears of joy, the reactions of your loved ones PRICELESS!. A trip to your gynecologist, now the PRICE begins. There are two choices that you can opt from. The cheaper Klinik Kesihatan or a private hospital. The Klinik Kesihatan would not cost you a single cent whereas the private ones would cost an average of RM300 for consultation excluding medications or supplements i.e. folic acids etc. The difference between the two is comfort and wait time. Klinik Kesihatan would most certainly take at least half a day compared to just an hour or so at a private medical center. Here you have the a choice to make according to your financial status. Base on my own experience, the choices would slowly reduce. Yes, it gets tougher moving on.

Must Read : Build Your Children’s Education Fund with These Savings Options

The Delivery 

Eight months down the road its that time to pop! Okay straight to the point. At this stage you still have your choice. Government or private. The situation here is a little complicated. Let me try an break it down to make it clearer.

Government (Normal delivery)

At the very best scenario i.e. delivery without procedures like suction cup or epidural would cost approximately RM100 to RM150 average. With the above mentioned procedures it would be around RM 200 plus.

Government (Cesarean)

If you have to go under the knife at a Government hospital, It would probably cost you close to RM1,000.

Private Hospital 

If you choose to have your baby at a private facility, take a deep breath as you read on. Now, the price varies from one private hospital to another. I have actually surveyed some of the top private medical centers in Klang Valley and these are the average fees.

Best case scenario, everything goes smooth without any complications, be prepared to have at least RM15,000.00 just to be safe.  In the event you require surgery, then my advice is that you keep RM20 to RM25 thousand.

Read Also : Ways to keep your Child Entertained without having to Spend Big Bucks

Infant Check ups

Now that the baby has arrived, you would need regular check ups. The choice is still available here between Government and private. Government would still be free but again, it would take you half a day. Private check ups would cost you between RM200 to RM300 excluding any medications. Now in my opinion, this is where the choice for free options pretty much ends.

Now lets take a look at some expenses that are unavoidable in my opinion.

1. Milk – Eventually we will move away from mothers milk and start giving our baby formula’s instead. A 900g tin of milk formula would last about a week, sometimes lesser depending on how much your baby drinks. Price ranges from RM100 to RM120 depending on the brand. So you do the math as to how much it would cost you for a month!
2. Diapers – We are looking at perhaps 4 diaper change maybe in a day. A large diaper would consist of 77 pieces priced at RM50 average. So in a month that would be….?
3. Utensils –  These include milk bottles, towels, blanket, mattress, pillows, food bowls etc. Easily all these would cost you close to RM500 average.
4. Clothes – If you have generous family members and friends, you could really save up alot here. But if you don’t, than let me enlightened you. Please allocate RM100 aside for ONE pair of simple baby wear. Yes, ONE pair. I’m pretty sure your baby needs more than a pair.
5. Toys – Really? you don’t plan to buy any toys at all? That’s not true. Like it or not, you are going to buy some toys. Unless you plan to buy them a t your local night market, baby toys these days ranges from RM90 to RM300 at any toy stores.
6. The Confinement Lady – Lets hope you don’t need one. But if you do, the standard rate these days is RM1,000.00 per month. To me, that’s a lot.
7. Insurance –  My strong advice is to sign up for a good insurance plan as soon as your child is born. You never know what could happen. Average commitment would be around RM200 per month.
8. Birthdays – Yes, I had to include parties in this list. However, this is subjective depending on the parents. The simpler the party, the less expensive it will be. Do keep in mind that even by throwing the simplest of parties would cost you an easy RM2000 maybe?
9. Pre School – Now your child has grown. He or she now has to learn and learning isn’t free. When I did my surveys recently, i was astonished as to the fee of pre schools these days. We are looking at RM3000 per semester. Can you imagine the impact that is going to cause? This is in addition to our car loan, home repayment, bills and other expenses.

Must Read : 5 Easy Ways to Teach Your Children to Save Money

Well, I hope that this article has shed some light as to how much it would cost to gave a child here in Malaysia. Although the prices I have stated may nit be exact, it should give you an idea.

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Here is a video on some money saving tips for parents in a very creative manner. Do have a look.

(Video Source : CNA Insider YouTube Channel)

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5 Financial Lessons To Teach Your Children

How to Kick-Start your Child’s Life Savings

So, are you looking forward to raising a child? If you are, remember to get a great cashback credit card or an outstanding reward credit card to save more money from you spending moving forward!
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New Taxation Rates In Malaysia According To Budget 2019

• By CompareHero.my
• November 8, 2018

Budget 2019 was expected to be a burden with the introduction of the new taxes, plus the pre-budget warnings that it will be the most difficult budget ever. The new taxes include a soda tax, digital tax, as well as a departure levy – to name a few. 

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Budget 2019: Summary Infographics To See

• By CompareHero.my
• November 6, 2018

There’s just so much to read about the Budget 2019. Among the many topics, not all will be applicable or relatable to each individual. Want to get up to speed on what matters to you in the Budget? These are the infographics to see.

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