How You Duit? is a recurring feature on CompareHero.my’s blog, where we ask 10 questions on personal finance habits of our fellow Malaysians. This round, we dive into the wallets of our very own Marketing & Content Team.
Do you buy Christmas gifts and what’s your budget for gifts this year?
Kee Hong: No, I don’t usually do it for Christmas. In money-saving mode so not prepared to spend on Christmas gifts this year either.
Lord: It depends, but if I do, it’s probably more towards spending on a Christmas dinner - RM300?
Vino: Yes of course i do! This year i have set aside RM300. But this includes presents for the entire family. I'm the thrifty Santa!
Zoë: I’ve budgeted a maximum of RM500 for gifts. Mostly are just little gestures wrapped beautifully so there’s excitement when unwrapping their gifts.
What else do you spend on besides gifts for Christmas?
Kee Hong: Good food and drinks, a night of movie marathon with my friends. You don’t need to spend a lot to have a good time with good company.
Lord: A nice hearty Christmas dinner for the family or with friends.
Vino: Food, Drinks, Food, Movie oh and did I mention food?
Zoë: Food and groceries for Christmas day lunch at my home.
What’s the most expensive Christmas gift you’ve ever given?
Kee Hong: Don’t remember….. probably never given any so far.
Lord: I… don’t think I’ve ever given one...
Vino: Hand Phone (Not so expensive one)
Zoë: A new fridge! It was a combined gift for my parents. It didn’t fit under the tree and I had to purchase it with an EPP (easy payment plan).
Best places to buy inexpensive gifts?
Kee Hong: Departmental stores such as Parkson, Isetan, Aeon, occasionally S&J Gift Shop for quirky stuff.
Lord: Daiso and Mr. DIY - hands down! It’s the thought that counts… right?
Vino: Giant! Just kidding. Daiso, Brands Outlet
Zoë: Daiso! And Shopee.
Do you go away for Christmas or New Year? And where do you go?
Kee Hong: I’m heading to Bangkok to celebrate 2019 New Year with my girlfriend. It has sort of become our annual ritual by now and I really look forward to it.
Lord: No, it’s usually just hanging around KL. The crowd is crazy lah!
Vino: Rare. Mostly house parties. Jam Jam Jam! Love BBQ too!
Zoë: It’s too expensive and too crowded to go anywhere for Christmas or New Year. I have however planned a short and cheap getaway after the crowd disperses, first weekend of January.
Best money saving tip you learnt this year?
Kee Hong: Rich people spend money to save time; poor people waste time to save on money. Sometimes it is worth paying a premium to save you a lot of time and trouble.
Lord: I learnt that just simply saving money isn’t enough. Do something with it, like investing.
Vino: Before you buy ask yourself (Do you RREEEEAAAAAALLLY need it?)
Zoë: I learnt to make an an effort to use the coupons, vouchers, discounts and rebates from apps and loyalty programs. I can easily say I’ve saved over RM1000 in 2018.
What’s the biggest financial mistake you’ve made this year?
Kee Hong: I am still struggling to save up enough emergency funds, in preparation for future rainy days.
Lord: Paying for an overpriced watch battery in a brick & mortar store instead of just buying it online at 1/5th of the in-store price. Never going back there.
Vino: Buying a silly gym equipment that I still don't know how to use!
Zoë: Not investing in gold and P2P. I should have but I was just too lazy to do it.
Your most expensive impulse buy this year is?
Kee Hong: I don’t have any impulse buy this year lol. I did buy more clothes, but clothes are a necessity :P
Lord: An action camera that I don’t think I have been using as much as I should.
Vino: Eau de Parfum ( More expensive than the usual ones i buy)
Zoë: Hair treatment serums from US. Also turned out to be the best buy I made this year. Has saved my hair from disintegrating because of the numerous bleaching sessions.
Have you made any charitable donations this year?
Kee Hong: No and I’m not proud of it
Lord: Money-wise, no. But I have been donating my older clothes and toys away :D
Vino: Skip! Next question please
Zoë: No. (*Feeling really embarrassed now)
What is your financial resolution for 2019?
Kee Hong: Build a good stash of rainy day fund and generate passive income streams online.
Lord: Increase my investments and having a less-cluttered life.
Vino:To save 50% of my income (I kinda think i can do it- fingers crossed)
Zoë: Start diversifying investments. It’s never too late to start and I need to continue building my retirement fund.