6 Things You Should Start Doing To Cope With Rising Inflation

• By adji.hendrawan
• July 6, 2022

Grocery prices are going through the roof and most of us feel the pinch. Well, to be honest, a pinch is an understatement, recent inflation rates feel like a punch instead! If you’re anything like us, check out 6 things you should start doing to cope with rising inflation in this article.

Re-evaluate your expenses

It’s time to revise your expense tracker! We’re not suggesting you do a major expense cut like move to a cheaper apartment or sell off your car, but simply reassess the RM10 coffee you have to get every morning, the snacks you always buy during lunch break and all the unwatch streaming services you’ve been subscribing to.

Related: Streaming Services In Malaysia: Compare Packages And Pricing.

These small expenses normally add up and cause a significant impact on your overall budget. So take a step back and evaluate your daily expenses. Consider cutting these items from your monthly budget to save more!

Maintain your monthly savings

While we do recommend that you reevaluate your expenses and budget, that doesn’t mean that you should reduce your monthly savings. Maintain your monthly savings especially in times like these because you never know when you might be in need of emergency funds. If you can’t add to your monthly savings during this period, at least try to maintain it.

Diversify your income

The next thing you should start doing to cope with the rising inflation is to find a side hustle to help supplement your income. Do you have hobbies or skills that can generate income? Time to make full use of it!

Related: 8 Side Jobs for Malaysians to Earn Extra Money

Although your initial intention to take up a part-time job is to make more money, remember to look for opportunities that interest you and can help improve your skills as well. This way you’ll always learn something new, and improve yourself!

Plan your weekends

Most of us tend to spend extra money during the weekend to unwind from work and studies. For example, cafe hopping, watching movies at the cinema and unplan spa sessions – can add up to your monthly expenses in the long run.

Moving forward, you can try to fill your weekends with affordable or better yet, free activities! Create fun challenges that you can enjoy with your loved ones such as the famous TikTok’s Egg Peel Challenge and blindfold drawing challenge. Click here for more ideas.

Practise comparing prices to cope with inflation

Some grocers really take advantage of the inflation rate and use that as a reason to mark up the prices of goods. If you have a favourite place to shop for groceries, try to compare prices with nearby grocery stores. You might also want to consider buying your groceries online as they normally offer discounts and deals for online purchases.

This practise doesn’t only apply to your groceries, try to make it a habit to do so whenever you want to purchase anything.

Make full use of your credit card

Most credit cards come with perks and benefits. For example, the Standard Chartered JustOne Platinum Mastercard offers up to 15% Cashback on Petrol, groceries, e-Market Place, and e-Wallet. Be sure to utilise all the perks during this period to get the most value out of each cent you spend.

Check out a wide selection of credit cards from major banks, here.

It’s important to stay vigilant during times like these. While we can’t really do much to solve the inflation issue, we can try to implement all the suggestions above to cope with rising inflation! 

I’ll Be Fine – Famous Last Words Said About Travel Insurance & Where You Can Sign Up For One!

• By Dharshaini Grace
• July 5, 2022

It’s been 2 years since Covid-19 first hit us. But with the relaxation of SOPs in most countries including Malaysia, we can now travel both internationally and domestically for fully vaccinated individuals. With that, it’s more important than ever to get covered with travel insurance.

“Don’t worry, I’ll be fine.” 

Seems like a sentence of the past where travellers would consider getting travel insurance lightly. Not only that, most countries are making travel insurance a mandatory! Among the countries implementing this rule are Thailand, Vietnam, Philippines and The British Virgin Islands. 

“What happens if I skip getting travel insurance?” 

1. You may be unprepared for uncertainties.

Just like the many who travelled without travel insurance when Covid-19 first struck, no one was prepared for what was to come in 2020. You would have to deal with flight and hotel cancellations, quarantine, medical bills, and more. 

Today, travelling the world is more complex and riskier with Covid-19. You’ll need one that could protect you with better coverage! 

For example: 

• Get complimentary cash relief if you are diagnosed with COVID-19 during the Coverage Validity Period under Allianz Travel Insurance. 

Read also: 5 Steps for Picking Your Travel Insurance

2. You might not get treatment.

If you fall ill or get into an accident during your travels, depending on the country you’re visiting, they can refuse treatment. Without travel insurance as your financial net during travelling, some destinations will not treat you unless they’re guaranteed to be paid. You wouldn’t want to pay a hefty sum for hospitalization in a foreign place!

Now if you don’t settle your bills, you could be stuck there for a longer period of time until everything is paid in full. That’s right, you can’t leave the country! 

With travel insurance, you’d get peace of mind with protection against: 

And more. 

3. You will have to bear the price on your own.

Picture this, you’ve already spent thousands of ringgit preparing for your vacation and suddenly an unfortunate event happens – you’re hospitalized; lost or stolen belongings; natural disasters and more – you will have to fork out your own money! Even if you do use your credit card, you’re still paying for it, instead of leveraging off your insurance. In comparison, your premium would have cost lesser, with greater compensation! 

Allianz Travel Insurance

• For a premium as low as RM60, you’ll enjoy the following benefits: 

4. You’ll have a hard time getting help. 

It can be a daunting experience should you get into a mishap overseas. With travel insurance, you can easily get assistance if anything happens to you! This ensures that you get the best quality of care and that you can be moved, either back home or to a better medical facility, if needed. 

Allianz Travel Insurance has a 24-hour worldwide travel emergency assistance, where you can contact their authorized representatives for any help you need. 

Now you know the importance of travel insurance, it’s time to get yourself and your loved ones protected! Sign up for Allianz Travel Insurance now. 

Plus, for a LIMITED TIME ONLY, get a *FREE Barry Smith Micro-Beads Pillow (worth RM55)! 

Campaign period:  5th July – 5th August. 2022

CLICK HERE TO APPLY NOW.

*Limited for the first 48 successful applicants (while stock lasts). Terms and conditions apply. 

3 Fun Money-Saving Challenges For Your Kids

• By Dharshaini Grace
• July 4, 2022

Did you know, according to a report by the University of Cambridge, kids’ money habits are learned from as young as 7 years old? The earlier you start, the better it is for your kids to appreciate the value of money! 

Especially with the rising cost of goods and inflation, it’s now more important than ever for your kids to be financially literate.

But with kids, you’ll need to be extra creative especially when it comes to educating your little ones on how to save and spend money wisely. Not to fret, here are 3 fun money-saving challenges for your kids to try! 

1. The ‘Save, Spend, Share’ Money Jar Challenge

Recommended age:  3 – 12 years old.

The money jar is a classic savings method that’s super easy to do, and perfect for young kids because they can visually see the consequences of their actions. With this method, kids will get to watch their money grow but also learn to divide their allowances wisely too.  

All you need is 3 large jars, then label each jar with ‘Save’, ‘Spend’ and ‘Share’ respectively. 

The Savings Jar: Used as a piggy-bank for your kids’ long term savings goal. 

The Spending Jar: For your kids to treat themselves to things, such as candies. 

The Sharing Jar: To donate to your kids’ choice of charity or to help a friend/community cause. 

First, explain to your kids what each jar represents then challenge them to allocate their allowances, ang pows, or any monetary gifts they may receive into each respective jars.

Once the savings jar is full, it’s time to open a junior savings account for your kids. That way, your kids’ savings will be maximized with interests, incentives and more! 

2. The Grocery Budget Challenge 

Recommended age: 7 years old and above.

In order for you to teach your kids to save money, you’ll also have to help your kids to learn how to make wise financial decisions. With the Grocery Budget Challenge, you can encourage your kids to be responsible with the monthly or weekly grocery shopping budget. 

First, get your kids to list out the grocery items, set the budget together, then pass the cash to them. Your kids will have firsthand experience in making choices and understanding the value of money. 

Be sure to take the time to explain about deals, brands value, and tips on maximizing their savings on their groceries.

Example: Should they purchase from a well-known orange juice brand that sells orange juice for RM7 or a lesser-known brand that sells orange juice for only RM3? 

After each grocery shopping trip, compare the budget allocated vs. actual spending and evaluate if they went over or under budget. You can also encourage your kids to deposit the amount saved into their piggy bank or savings account! 

3. The 52-Week Money Challenge

Recommended age: 15 – 18 years old.

This is a popular money-saving method among adults that you and your kids can do together! The 52-Week Money Challenge teaches your kids to start saving in small amounts each week, then build it up accordingly in the following (52) weeks. Hence, helping them to develop good long-term money-saving habits. 

Kickstart the challenge by saving RM1 in Week 1, RM2 in Week 2, RM3 in Week 3, and so on until Week 52 – to accumulate a total of RM1,378 in savings! It’s a really great way to teach your kids how to budget their allowances and expenses to save the targeted amount for that week. 

While this challenge is best done at the start of the year, you can still do it any time as long as you hit 52 weeks!

WHERE TO SAVE YOUR KIDS MONEY? Check out the best Junior Savings Account now. 

What happens to our debts when we die?

• By CompareHero.my
• July 1, 2022

We’ve all heard about people around us receiving a huge inheritance when one of their family members passes. We’ve even heard about people receiving a house and more. But how many of us have heard about what happens to the debts of those who die?

Loans repayments and credit card bills come for you regardless of whether you’re sick or busy, but what do you do about it when you eventually pass away? Will one of your family members end up inheriting your debt?

Here’s a short answer: your debt doesn’t just disappear when you die.

But before we explain, let’s look at what happens to a person’s assets after they pass on.

First of all, it’s important to know that a person can die with or without a will. If the deceased had a will, the person who will be in charge of their assets will be stated accordingly. However, if there is no will, a court-appointed handler will manage their affairs and issue a Letter of Administration. It is similar to a will and lays out all the assets of the deceased.

With or without the will, there would still be a person in charge of handling the deceased’s affairs. This person is known as an executor. The executor will work to distribute the deceased’s wealth to their next of kin and clear their debts.

So, do executors inherit the debts of the deceased?

Executors do not inherit debts. Thus, the debts won’t be transferred to their name.

An executor will instead use the deceased’s remaining money to pay the debts off or sell any remaining assets to settle the debt. So even if the deceased left a house for their next of kin, there’s no guarantee that they will still get the house. If the deceased did not have any money left when they passed, the executor will need to sell the house to settle the debt first. Any remainder of that money, however, will be given to the next of kin.

What if there aren’t any assets of money left?

If there aren’t any assets or money left, the debt should technically be written off and be marked as void. Therefore, even if creditors ask the next of kin of the deceased to pay up, they can’t actually force them to do so. Of course, this is unless the next of kin co-signed the deceased’s loan or was a guarantor for the loan.

However, if you’re ever in the position where you’re being forced to pay for the debt of a deceased person, you can make an appeal to the creditors to reduce or even waive the debt. It’s legal for creditors to exercise their discretion in different situations, especially if the family is struggling financially.

Further, do make sure to read the fine print of the loan contract to find out if it includes a clause that allows those facing certain circumstances to waive the debt.

Now that you’ve got this covered…

Be sure to prepare a will and clear off any debts your have as soon as possible. After all, you gotta make sure your loved ones aren’t burdened when you pass away!

How Much Does It Cost To Have A Wedding In M’sia?

• By Dharshaini Grace
• June 29, 2022

I recently got engaged to my boyfriend of 9 years – I know, THAT long right? So, the next exciting step in our relationship is to get married! Growing up, I’ve never had a dream wedding. No fancy wedding venues, extravagant wedding performances, elaborate number of guests… needless to say, I wanted a ‘simple’ wedding. 

Also, being a realistic person, I’m conscious of my spending and of what holds the future for me, my partner, and the family I would like to one day build together. It was more important that I have plenty to live comfortably for the coming days, months, or years than spending a fortune for 1 BIG day.

Recently, Kosmo! posted news of how this Malaysian man was burdened with housing, car and wedding loans. Since taking up a loan of RM50,000 to pay for his wedding, he was still in debt after 12 years and is now struggling to make repayments. 

I was afraid of this. Entering a marriage life with a wedding debt in mind. While there’s nothing to be ashamed of about taking up a wedding loan to pay for your wedding day, you should weigh out if you’re capable of repaying the loan in the long run. 

With that in mind, I set my wedding budget at RM10,000 for 150 pax – boy, who was I kidding? 

Let’s start off with the MAJOR wedding expenses. 

According to an article posted by The Asean Post, 2019, a Malaysian wedding can cost between RM50,000 to RM200,000. Yikes! 

Couples who’ve tied the knot in the heights of the pandemic or MCO period managed to cut wedding costs drastically. With the SOPs in place, couples were able to limit their number of guests, enjoy special “Covid-19” discounts on venues, F&B, and more, as well as the flexibility to do virtual online and drive-thru weddings. 

Suraya, the blogger behind RinggitOhRinggit wrote an article on her Malay wedding expenses that took place during the MCO period and ended up spending only RM5,247.09 from the initial RM12,062.09! This was due to the services that were cancelled due to MCO including her engagement and reception events.

However, with most of the SOPs relaxed including wedding restrictions that were previously in place currently dismissed, it looks like 2022 will be an all-year-round wedding season. 

So how much does it cost to have a wedding in Malaysia? 

COUPLE #1 DEZRI & SANESH (HINDU/CHRISTIAN WEDDINGS)

Meet Dezri and Sanesh, long-time high-school sweethearts of 12 years and just got married recently! It was a beautiful union between two different faiths, with two weddings – a Hindu ceremony and a Catholic ceremony, followed by a dinner reception. 

“It was a ridiculous amount, but it was a family effort to be able to afford this wedding! We didn’t really set a budget to be honest, our family members wanted to contribute, so we asked how much everyone was willing to contribute and worked within that number.” 

Adding, “We knew that this would be more of a family reunion than our wedding, so we had family flying in from different countries so we decided to spend a little more here and there to make sure things were a little more enhanced that the usual. Super duper thankful to our family, none of this is possible without them.”

COUPLE #2 FIEYNA & SHAHIR (MALAY WEDDING)

Another couple, Fieyna and Shahir, shared their story of their gorgeous rustic boho themed Malay wedding. 

The couple who tied the knot after being together for 3 years said, “We got engaged on 27th June 2020. It was a very intimate event and only for close families and friends. 6 months later, we ended our bujang’s life and got married on 21st December 2022.” 

Fieyna added, “We actually planned for it earlier but because of MCO and JAIS strict rules at the time, so we decided to just grab the date and get married. After 6 months, we proceeded with an intimate nikah day. We had to postpone our reception to March 2021 because MCO happened again. It was time consuming due to Covid-19!”

Fieyna and Shahir, who had expected to initially spend RM 30,000 also mentioned, “Of course we wanted to minimise the cost but since it’s MCO, most of the wedding industry had marked up the prices because they wanted to recover their loss. We were also running out of time, so we had to proceed with what we had found and negotiated the prices with the vendors.” 

COUPLE #3 BEN & IRENE (CHINESE WEDDING)

While Ben and Irene, a sweet couple who are planning to get married in 2023, February, have been together for exactly 1048 days. 

“We love to keep track of the days we are together and celebrate important days such as anniversary, 999 days, 1000 days, 2000 days and so on.” 

“We’re planning to do a Chinese style wedding but instead of the conventional Chinese wedding of having dinners at hotels, we’ll have the traditional Guo Da Li ceremony（提亲，过大礼+ 过门) and head straight for our honeymoon “wedding” instead. Probably to Hokkaido or Iceland!” says, Ben and Irene. 

When asked why did they chose to go with this wedding plan, Ben and Irene said, “Both of us prefer this way as it is more comfortable & relaxing for all of us. We wish to create unforgettable memories in our 20s that’ll make us laugh when we’re in our 80s.” 

COUPLE #4 SUZANNE & BRIAN (CHRISTIAN WEDDING)

For Suzanne and Brian, who are planning to get hitched in September 2022, it was worth the spend as it was a once in a lifetime event.

“We’re planning what we deem as necessary but nothing too extravagant for our wedding, as we’re also saving towards our new home.” 

Suzanne added, “Honestly. I always wanted a small, simple yet thoughtful and intimate wedding. Brian doubted me when I said we could work within RM10,000. He was right! The budget has now tripled over!”

After reconnecting (and falling in love) with each other at work since knowing each other from highschool, the two are looking to get registered and have a Catholic church wedding in September 2022. On top of that, they’re also adding a twist to their wedding with a Chinese tea ceremony to honour Brian’s mixed heritage. 

Suzanne and Brian tells, “We surely didn’t expect the budget to be this high, but we are going for it and hope it turns out to be the most wonderful and precious moment after a year of planning!” 

So, how much does it cost to have a wedding in Malaysia? Based on research, and feedback interviewed by the few I’ve met, it’s an EXPENSIVE event. BUT IT’S ALSO THE EVENT OF YOUR LIFE! 

As long as you’re spending within your means and have enough to start a life together after the big day, go for it. If you’re looking to take up a personal loan to fund for your wedding, ensure that you and your partner are fully prepared for the monthly commitments. 

Check out all the personal loans you can apply from us! Click HERE.