Implementation of 6% GST, depreciation of Ringgit and removal of
petroleum subsidy is just something we didn’t wish for but yes it’s already
happened! What to do? We still need to survive don’t we?
That’s right, we could moan and moan but money won’t fall from the sky nor
could anyone give us extra money to overcome the tough economic situation but
to switch on survival mode. I would like to share some steps for survival to squeeze the best out of every Ringgit during this insignificant of time;
Payment Method
Credit Card is your best buddy. Although Credit Payment is not
universal in Malaysia (can’t use it at regular hawker stall or kedai
mamak and worst you maybe charge some extra percentage at some store/retail for
using it) but I would say it presents a better mode of payment and here are some
benefits I found out;
Cash Back(CB) Credit
Card. Ranging from 0.3% till 7% cash back over the card swipe is being returned is a good opportunity to offset some of our expenditure. The percentage
of cash back is based on the bank offering the type of credit card and there
are aplenty to choose from in the market and I personally find that Citibank
& CIMB offers the best deal (at the point of this article is composed and
do refer to their website for any updates).
Citibank Malaysia Cash Back offers 5% CB
on Petrol, 2% CB on Pharmaceutical (selected stores), Grocery (selected stores)
& Phone Bills (auto payment). This is good enough to generate some CB to relief on monthly expenditure. Not only it provides CB but other privileges that comes with the Credit Card.
CIMB Bank
Cash Rebate Platinum offers the best deal for
avid on-line shopper with 5% CB, % CB on Pharmaceutical (selected stores),
Grocery (selected stores) & Phone Bills (auto payment). However it offers
only 2% CB for Petrol but fret not as there are aplenty of other online saving
deals on the card.
One should be discipline & be responsible when swiping the plastic money as at times it could tempt us to spend over our means. Hence keep track of our spending record regularly!
Shopping & Buying Guide as simple as ABCDEF
Apple I Phone is what I wanted as my friend owns it too or peer pressure while making a purchase is a bad purchase. Buy what you need. Getting a second hand unit in good condition is as good as a new buy.
Buy when the time is right. Planing ahead of buying is a good way to look for the best bargain for my Ringgit. Example ; Friends wedding is 3 months time and there is time to look for SALES for evening dresses/dinner clothing or even wedding present. OR wait for pre or post festive sales.
Couldn't afford it but still wants it? Not a fashion follower, wait till the new season where the old stuff will be offered at the lower price. Meanwhile, save the Ringgit and allow it to grow while waiting for the right time.
Digital era is where we are now and apps such as SmartShopperMalaysia is a must have on the SmartPhone to get the best deal in town. It has info about the best deals for most hypermarket/supermarket in Malaysia and its updated regularly. Alternative Groupon is a good outlet to spot for great online deals.
Every deal is great but which is meant for you? Shopper frenzied when BIG SALES sign is spotted but is that a great deal? Doing a little research goes a long way to ensure what you wanted is the best and right buy. Be smart but don't conned!
Fairs are everywhere nowadays and yea that's right, I notice at almost every weekend there is Baby Fair, Property Fair, Warehouse Sales, Clearance Sales and all other kind of fairs/sales.
Holidaying oversea at such time??
Yes! Must be crazy to suggest holidaying at such time (economic uncertainty & depreciation of Ringgit) but its not impossible.
Buying cheap air ticket/travel deal some 6 months till 1 year ahead would enable to spread the necessary complimentary expenditure cost prior the prior the trip whilst keeping cash flow unaffected. Pay full for the ticket price at the moment of purchase and there is plenty of time to seek for;
a. Better Exchange Rate - spread the Forex over the period for a better/worst leverage.
b. Need seasonal clothing - shop when there is SALES (at Malls or Online)
c. Bigger Luggage Bag - shop when there is SALES & get a better quality unit!
d. Hotel Deals - keep tab on online hotel sales deal.
Overworked could leads to unbalance in work life and so take some time out may it be local or oversea.
Should we look for Local Product or Produce
Seeing the condition of the exchange rate is depressing as sooner or later imported goods or local product with high import content will cost more. So maybe it's high time to think out of the box to improvise with local product or produce.
An apple a day keeps the doctor away, true enough but it will burn your pocket away! Turn the apple away and welcome mango, papaya, banana, pineapple, watermelon and the list goes on.
Honda, Toyota or Nissan for my next car? How come I can't just stick with proton? Well I've been driving a Personal since it was launch (some 8 years ago) and personally not much problem with the car after all these years (195K mileage). I'd consider the Preve but one question keeps me away, why local car price is much more expensive locally as compared in other country?
For me local or imported stuff, it doesn't really matters as long as which gives a better value to my RM.
Public or Private Health Care
I must say this is rather a personal choice, especially when it is about a person's health concerned. Cost of health care could range from hundreds or if not thousands a month and so why not give it a try! Our Public Health Care is as good as Private Health Care in certain areas and moreover its almost FOC but one must withstand the long queue (waitng time).
Good opportunities are available...
When times like this, there is always good opportunity to make purchases if it prevails as long as balance is checked.
Summary
Survival is about the fittest and certainly I would need to work harder as prices of most items (from food to medical) has increased from 10% - 30% at least during the period except salary has not been increasing that much. OUCH!
So let's squeeze the best value out of every Ringgit if not sen!
p/s : This exclude the High Housing Price woes in Malaysia...
