Search Results.

If there’s one aspect of financial savviness that cannot be ignored, it has got to be the ability to secure yourself and your future. A safety net, one could say. But it’s also arguably one of the most “annoying” facets of financial planning and that is health insurance or takaful. Not only are these policies an important part of your own financial planning but it’s also paramount in looking out for the well-being of yourself and your loved ones, especially during unforeseen circumstances. As we progress through various life stages, our healthcare needs evolve, making it important to have the right health insurance coverage in place. In this article, we will explore the five types of health insurance that Malaysians need at different life stages. Young Adults (Late Teens - Early 30s) Young adults ranging from late teens to early 30s are advised to get medical insurance. This group of people, often in the early stages of their careers, may have limited savings. This is why medical insurance is crucial as it offers financial protection against unexpected healthcare expenses like coverage for hospitalization, surgeries, and outpatient treatments. A medical insurance/takaful or medical card, ensures young Malaysians are able to access quality healthcare without the worry of hefty bills. After all, we will never know when we might fall sick, right? Typically, the average cost of medical insurance in Malaysia can range from RM100 to over RM300 per month, depending on your individual age, health risks and your chosen product's coverage and terms. Generally, the younger you are, the cheaper your policy will be. Here are some medical insurance/takaful plans you can explore: FWD Insurance Medi First by BSN AIA A-Plus Health Medical Card Manulife ManuEZ-Med Medical Card Middle-Aged Adults (Mid-30s - Early 50s) Individuals in their mid-30s to early 50s are encouraged to sign up for critical illness insurance. This is because middle-aged individuals face an increased risk of critical illnesses like cancer and heart disease. The way critical illness insurance works is that it provides a lump-sum payout upon diagnosis, helping cover medical treatments, debts, and other financial obligations during a challenging time. On average, critical illness insurance premiums in Malaysia can range from RM500 to RM1,500 per year for a basic coverage plan. However, more comprehensive plans with higher coverage limits and additional benefits may cost more. Here are some critical illness insurance/takaful plans you can explore: Allianz Prime Care (Plus) Prudential Total Multi Crisis Care FWD Insurance CI Intense Shield by BSN Pre-retirees and Retirees (Late 50s onwards) Although relevant for individuals across all age groups, those who are especially nearing retirement or are already retired are encouraged to have a life insurance policy. A policy like this provides you with a safety net for loved ones, covers debts and final expenses, aids in estate planning and business continuity, and can support legacy and charitable giving even when you have passed on. It can also address health and long-term care needs and offers potential tax benefits. It’s hard to say what the average cost of life insurance is because it depends on a variety of things like your gender, medical exam, lifestyle preferences and affordability. According to RinggitPlus, it all boils down to: How much are you willing and can you afford to pay and; what your long-term financial needs are. Here are some life insurance/takaful plans you can explore: FWD Insurance i-FlexCover by BSN Etiqa Ezy-Life Secure Zurich TermLife All Ages Finally, regardless of your age, there are two health insurance/takaful you can consider applying for and that is disability insurance and accident insurance. Disability insurance is crucial because it safeguards your income if you're unable to work due to a disability or injury. It helps maintain financial stability, covers essential expenses, and prevents the depletion of savings in case of an unexpected disability. Here’s a list of disability insurance/takaful you can check out: AIA A-LifeLink 2 FWD Insurance WealthLink Pro by BSN Prudential PRUWealth Enrich Meanwhile, accident insurance provides financial protection in case of unexpected accidents, as the name would suggest. Think about it, accidents can happen to anyone, and they usually result in big medical bills, hospitalization, and even long-term disability. So, accident insurance offers a financial safety net, covering these costs and providing peace of mind, ensuring that you have the means to recover without facing a significant financial burden. Here’s a list of accident insurance/takaful you can check out: RHB Max Personal Accident Insurance AmGeneral AmPro PA Plus Kurnia Star Personal Accident Insurance Why I Think Health Insurance Is Important Throughout Different Life Stages In Malaysia I totally understand why some people find the topic of insurance a bit bothersome. More often than not, it’s linked to annoying agents who relentlessly push policies, use complicated jargon that feels like a foreign language, and the seemingly never-ending paperwork. It's as if the insurance industry has its own secret code that only a select few can decipher. But here's the thing – behind all that complexity lies a straightforward truth: insurance is about protection. It's about having a safety net when life takes an unexpected turn, a financial shield to safeguard your loved ones, and a means to ensure that your hard-earned dreams are not derailed by unforeseen events. Personally, from my own experience as a young adult, grappling with the uncertainties of early career life and recognizing the need for medical insurance, to witnessing friends and family in their middle years facing the harsh realities of critical illnesses. And as we approach retirement or embrace it fully, we realize the significance of a life insurance policy that not only protects our loved ones but also reflects our values and commitments. So, while the process may seem cumbersome, the peace of mind health insurance offers, especially at different life stages in Malaysia is undeniably worth it. It's like having a reliable umbrella in a sudden downpour – you may not appreciate it until you really need it, but when you do, you'll be grateful it's there. Subscribe to our financial newsletter for the latest news, insights, and advice on personal finance, investing, and more. With every email, you’ll gather the confidence and knowledge to make informed decisions to achieve your financial goals.

Malaysia government announces RON95 petrol targeted subsidy for 2024 Earlier this week (27 November 2023), Economy Minister Rafizi Ramli finally announced the long-awaited RON95 petrol subsidy programme that will be introduced in the second half of 2024. This is part of its targeted subsidy programme to replace the current blanket policy which in Rafizi’s words, “has allowed the top 20 per cent (T20) households to become 53 per cent of the recipients, and is deemed unsustainable.” The transition to targeted subsidies is seen as a crucial step in strengthening the country's fiscal position, especially in light of soaring global crude oil prices. The government, having shouldered a substantial subsidy burden in the past, views this shift as a necessary measure to maintain economic stability. In 2022, the subsidy expenditure for fuel and energy was notably high at over RM80 billion, with the T20 group benefiting from a significant portion of this expenditure. Currently, RON95 costs RM2.05 per litre – a subsidised price and is available to everyone regardless of household income. How will the government implement the RON95 petrol and diesel targeted subsidy? According to NST, the RON95 petrol as well as the earlier-announced diesel targeted subsidy is set to roll out following the completion of the Central Database Hub, Padu. Padu, which is currently 60% complete, is designed to offer a comprehensive view of a household's economic situation by considering factors beyond income, such as household size, education levels of dependents, location, and vehicle ownership. This system aims to minimize errors in subsidy allocation and ensure that assistance reaches the most deserving groups. As The Edge and NST put it, the government plans to implement the (subsidy) programme using three mechanisms: #1 Subsidy Based on Individual Net Income The first method involves providing subsidies based on an individual's net income. This will be determined through a social protection scheme, ensuring that those in need at the individual level receive the necessary support. #2 Subsidy Based on Household Net Income The second approach looks at the net income of households. This method will combine aspects of social protection and social assistance, offering a more holistic view of a household's financial status to determine subsidy eligibility. #3 Combined Individual and Household Net Income Eligibility The third method integrates both individual and household net income criteria. Here, a card subsidy system will be implemented, likely simplifying the process of subsidy allocation and ensuring that it reaches the right beneficiaries. The decision to implement these methods follows extensive preparation, including a nationwide survey conducted in June to ascertain the most suitable methods for subsidy rollout. In addition to public input, the government has been in discussions with various ministries and financial bodies since May including the Finance Ministry, the Domestic and Consumer Affairs Ministry, the Prime Minister's Economic Planning Unit, and Bank Negara Malaysia (BNM). However, the final plan for subsidy implementation will be announced following cabinet approval set to occur in November. What do experts think of this move? Most economists commend the government for this move – although it took longer than expected, however, most of their concerns lie with the implementation of the targeted subsidy. As reported by NST, Putra Business School economic analyst Associate Professor Dr Ahmed Razman Abdul Latiff and Professor of Economics, Geoffrey Williams from the Malaysian University of Science and Technology said Padu needed to be comprehensive and well-tested before the (subsidy) programme roll-out. Williams also suggested three alternate ways the Madani government can roll out the programme: Suggestion #1: Gradually eliminate all RON95 petrol subsidies, increasing prices for everyone, but compensate low-income earners through cash transfers. Suggestion #2: Differentiating petrol prices based on income levels. This could involve either charging higher-income earners more for RON95 petrol or providing low-income earners with reduced prices through the use of discount cards or vouchers. This will be the likely way that the subsidy will be implemented, as previously mentioned in this article. Suggestion #3: Implement a tiered pricing system where the cost of RON95 petrol increases with higher consumption, effectively targeting subsidies and encouraging the use of electric vehicles for environmental benefits. Williams favoured this approach for its efficiency and eco-friendliness. RON95 petrol targeted subsidy: A good thing or bad for M40 and B40? In my view, while the RON95 petrol targeted subsidy reflects a commendable effort by DS Anwar Ibrahim’s unity government to adopt a more sustainable and equitable approach to fuel pricing for the rakyat, its effectiveness will largely depend on the government’s ability to accurately identify and assist those in need. According to The Edge, experts have said that targeted fuel subsidies could hit the middle-income group (M40s) the hardest, as the top 20% of income earners (T20) will be better able to absorb the higher fuel costs while the bottom 40% of households (B40) will be eligible for handouts to buffer the resulting higher inflation. And I agree with this. While the targeted subsidy aims to provide relief to the lower-income group, its impact on the M40 group raises concerns. There is a risk that the middle-income group might face a squeeze in their spending power due to the removal of blanket subsidies and the rising cost of living. I think then, the government’s challenge will be to balance the need for fiscal prudence with ensuring equitable support for all segments of the population, particularly the M40 group, which forms a substantial part of Malaysian society. What do you think of the RON95 petrol targeted subsidy programme? We would love to hear from you. Subscribe to our financial newsletter for the latest news, insights, and advice on personal finance, investing, and more. With every email, you’ll gather the confidence and knowledge to make informed decisions to achieve your financial goals.

Dating in Malaysia, especially around the buzzing streets of Kuala Lumpur, can be a bit of a pocket-drainer. But hey, don't sweat it! With a little bit of smart planning, you can have those awesome dates without burning through your cash. In this article, we’ll walk you through how much dating really costs here and how you can make the most of it without your wallet taking a hit. We're talking fun times, great memories, and keeping that budget in check. The Cost of Dating in Malaysia On average, a regular date in Malaysia might cost around RM120, covering expenses like meals, movies, sweet treats, and transportation costs such as fuel, tolls, and parking​​. However, the rising cost of living and a decline in starting salaries for graduates in Malaysia adds to the challenge of dating on a budget​​. Although we’re trying to push the needle on both of those issues, here are some budget-friendly dates in Kuala Lumpur you can take your partner on in the meantime! Outdoor Activities (Free to Affordable) Titiwangsa Lake: Enjoy paddle boating or a leisurely walk for scenic views​​. Bukit Gasing: A great spot for hiking and picnics, offering lush greenery and views of Kuala Lumpur​​. Kanching Waterfall: Ideal for a refreshing hike and swim, just bring a picnic​​. Perdana Botanical Gardens: Perfect for a romantic stroll or bicycle ride through themed gardens​​. Batu Caves: A blend of nature, culture, and spirituality, with an option for a meal afterwards​​. Putrajaya: Explore architectural wonders and gardens, ideal for leisurely strolls or biking​​. Cultural Experiences (Low Cost) Petaling Street Art Walk: Explore vibrant street art in Kuala Lumpur’s Chinatown​​. Central Market (Pasar Seni): Browse traditional handicrafts and enjoy Malaysian street food​​. Art Galleries and Museums: Delve into the rich art and culture of Kuala Lumpur from contemporary art exhibitions to historical artifacts. Indoor Activities (Varied Costs) Breakout Escape Room: Solve puzzles together for a memorable experience​​. Art & Bonding Art Jamming: Get creative and relax with art activities​​. Sunway Pyramid Ice Skating: Enjoy ice skating followed by a cozy cafe visit​​. SuperPark Malaysia: A fun-filled indoor theme park with various activities​​. KLCC Kinokuniya Bookstore: A haven for book lovers with a great view​​. Rollerwa Roller Skating: Engage in a nostalgic roller skating session​​. Planning Out Your Monthly Dating Budget Based on the average cost of RM120 per date​​, here’s a suggested monthly dating budget plan you can stick to: Weekly Budget Dates (4 in a Month): RM480 Alternate between free outdoor activities and affordable cultural experiences. Limit expensive activities to special occasions. Additional Expenses (Transportation, Gifts, etc.): RM120 Budget for fuel, parking, and occasional small gifts. Total Monthly Budget: RM600 Adjust based on personal income and financial goals. Tips for Budget-Friendly Dating in Kuala Lumpur 1. Plan Ahead Research and plan dates to avoid impulsive spending. 2. Picnics and Home-Cooked Meals These are intimate and cost-effective alternatives to dining out. 3. Free Events Look out for free cultural shows, festivals, and events in Kuala Lumpur. 4. Discounts and Deals Utilize coupons, discounts, and promotional deals for activities and dining. My Thoughts On Dating In Kuala Lumpur On A Budget In my personal opinion, navigating the dating scene in Kuala Lumpur doesn't have to mean emptying your wallet. The city’s charm lies not just in fancy restaurants or expensive activities, but in its quaint cafes, lush green parks, and rich cultural spots that offer plenty of affordable yet romantic experiences. I believe that with a little creativity and resourcefulness, couples can enjoy meaningful and enjoyable dates that go beyond the conventional and expensive norms, thereby creating lasting memories without stressing about the financial aspect. By balancing those wallet-friendly activities and keeping an eye on your spending, you and your partner can experience the best of Kuala Lumpur's romantic side, all while keeping your financial health in check. Happy dating! Subscribe to our financial newsletter for the latest news, insights, and advice on personal finance, investing, and more. With every email, you’ll gather the confidence and knowledge to make informed decisions to achieve your financial goals.

With over 20 million registered users, Grab has dominated almost every aspect of Malaysians’ lives. As they would say, “From essential services to earning opportunities. We're an all-in-one platform.” Since late 2021, Grab has introduced a new subscription feature – GrabUnlimited. It's a subscription plan that offers a slew of benefits for a flat monthly fee of RM4.90. And for the first two months, the subscription is free! So, is it worth it to subscribe to GrabUnlimited? Benefits of GrabUnlimited (Monthly) Food Benefits 20x Hot Deals Exclusive Monthly Promotion 10% Off Self-Pick-Up Unlimited GrabFood Direct Delivery Discount capped at 99 orders per month Free delivery (up to RM3) with a minimum spend of RM20 Car Benefits 1x RM5 off GrabRide from Malaysian Airports Unlimited Always-on access to Top-Rated Drivers 1x Airports Rides in Southeast Asia Mart Benefits 10x Free delivery (up to RM3) with a minimum spend of RM40 8x Payday Deals Exclusive Monthly Promotion GrabRewards Benefits Earn more GrabRewards when you spend Redeem exclusive discounted GrabRewards vouchers GrabUnlimited: Doing The Maths To demonstrate how much you can potentially save, we ordered food from Nando’s for lunch to show you the difference between using a normal Grab account and a GrabUnlimited account: Normal Grab User Total: RM29.90 (Total savings of RM8) RM32.90 (Original price) + RM5 (delivery fee) - RM8 (Grab Signature 20% Off + Hungry Deals 15% Off) = RM29.90 GrabUnlimited Member Total: RM22.90 (Total savings of RM15) RM32.90 (Original price) + RM2 (Free Delivery: RM3) - RM12 (GrabUnlimited + Grab Signatures 20% Off) = RM22.90 It’s pretty clear that with GrabUnlimited, you’ll be able to save almost 2x more than normal users. And with just one order, you would've already “made back” the monthly subscription of RM4.90! The Verdict: Is GrabUnlimited Worth Subscribing To? I've been a user of GrabUnlimited since March 2022, and I must say, it's quite worth it. One of the biggest perks is the increased number of vouchers available, and even better, the option to combine two vouchers for added savings. This feature has been particularly beneficial in my use of GrabFood, where I've saved around RM445. From my perspective, GrabUnlimited is particularly advantageous for those who frequently use Grab's services. However, for those who only occasionally use Grab, the benefits might not be as noticeable. Overall, it's been a positive experience, offering substantial value for regular users like myself. Subscribe to our financial newsletter for the latest news, insights, and advice on personal finance, investing, and more. With every email, you’ll gather the confidence and knowledge to make informed decisions to achieve your financial goals.

In an era of digital convenience, subscriptions have become an integral part of our lives, offering access to a wide range of services and content at the click of a button. From streaming platforms like Netflix and Spotify to gym memberships with services like ClassPass, subscriptions promise convenience and value. However, many Malaysians are left wondering, "Are subscriptions really worth it?" In this article, we will delve into the various subscription services available in Malaysia, weigh their pros and cons, and help you make an informed decision. The Subscription Landscape in Malaysia Malaysia has witnessed a surge in subscription-based services over the past few years, as reported by the NST. Let's take a closer look at some of the most popular ones: Netflix: Netflix has gained immense popularity in Malaysia for its vast library of movies and TV series. We can enjoy a wide selection of local and international content. With different subscription tiers, users can choose the one that suits their budget and preferences. Spotify: Music lovers have embraced Spotify as their go-to music streaming platform. Offering a vast music library and personalized playlists, Spotify has become an essential subscription for many. Gym Memberships (e.g., ClassPass): Staying fit is a priority for many Malaysians, especially for those in Klang Valley. Gym subscriptions like ClassPass offer flexible access to various fitness centres and classes, making it convenient for those looking to maintain an active lifestyle. Entertainment Packages: Telecom providers and streaming platforms often bundle their services, providing subscribers with a combination of internet, television, and content streaming. This appeals to consumers looking for a one-stop solution for their entertainment needs. The Pros of Subscriptions Convenience Subscriptions offer unparalleled convenience. With a single monthly payment, you gain access to a wide array of services and content, eliminating the need for multiple transactions. Cost Savings In many cases, subscribing to services can be more cost-effective than purchasing them individually. For example, a family subscription to Netflix allows multiple users to share the cost. Variety The diverse range of content is accessible through subscriptions. From movies and music to fitness classes and news, this variety ensures that there is something for everyone. Personalization Many subscription services, as noted by technology experts, like Spotify and Netflix, use algorithms to recommend content tailored to your preferences, enhancing your overall user experience. The Cons of Subscriptions Subscription Fatigue With so many subscription options available, it's easy to fall victim to subscription fatigue, where you end up paying for services you rarely use. Cost Over Time While subscriptions may seem affordable on a monthly basis, the cumulative cost over time can be substantial. It's crucial to monitor your spending and cancel subscriptions you no longer need. Limited Content Some subscription platforms may not have the full range of content or features available in other countries, which can be frustrating for consumers in Malaysia. Cancellation Hassles Cancelling a subscription can sometimes be a cumbersome process, leading to consumers being locked into services they no longer want. What Should You Do With Your Subscriptions? To determine if subscriptions are worth it, it's essential to assess your personal preferences and budget. Here are some tips to help you make informed decisions: Evaluate Your Needs Identify which services genuinely enhance your life and align with your interests. Cancel subscriptions that no longer serve you. Budget Wisely Set a budget for your subscriptions and stick to it. Avoid overextending yourself financially. Utilize Free Trials Many subscription services offer free trials. Take advantage of these trials to test a service before committing. Bundle Services Explore bundle packages offered by telecom providers. These packages often provide a cost-effective solution for multiple services. Regularly Review Subscriptions Periodically review your subscriptions to ensure they still meet your needs. Cancel any that are no longer relevant. My Thoughts on Subscriptions Subscriptions have certainly transformed the way we access services and content in Malaysia, and I've personally witnessed their impact. As someone who loves both binge-watching series on Netflix when I have the time and grooving to my favourite tunes on Spotify in the car, I understand the allure of subscription services. They offer not just convenience but also a sense of freedom to explore a wide array of content. However, I've also learned the importance of striking a balance. Over time, I found myself subscribing to various services, some of which I rarely used. It was a wake-up call to reevaluate my spending habits and prioritize the subscriptions that truly enhanced my life. So, before you dive into the world of subscriptions, take a moment to reflect on your needs, budget wisely, and periodically review your subscriptions. Trust me; it's worth it to ensure that you're getting the most value out of the services that truly matter to you. Subscribe to our financial newsletter for the latest news, insights, and advice on personal finance, investing, and more. With every email, you’ll gather the confidence and knowledge to make informed decisions to achieve your financial goals.

Living as a single individual in Malaysia, particularly in bustling cities like Kuala Lumpur or Penang, involves managing a unique set of financial challenges. In this article, we will dissect and analyze the expenses that shape the daily lives of single individuals, offering a comprehensive view of what you can expect to live comfortably, while also providing insights into smart financial management, savings strategies, and investment approaches. Accommodation Housing is a major cost component. The price varies significantly depending on location and type of accommodation. According to Numbeo, a one-bedroom apartment in city centres can cost around RM1,500 per month, while outside city centres, the cost drops to approximately RM800. This difference underlines how crucial it is to choose where you live wisely, considering how close it is to your workplace and what kind of lifestyle you prefer. Food and Daily Expenses Groceries in Malaysia are reasonably priced, with a monthly estimate of about RM400-600 for basic items. Dining out, however, can raise this budget, with meals at inexpensive restaurants costing around RM10-20. Utilities (electricity, water, and others) average around RM100 per month. Internet subscriptions add another RM100-150 to the monthly expenses. Transportation For most Malaysians, it’s not uncommon to have some sort of personal vehicle to get you to places. If you’re a single person with a car, this means the cost of living involves handling various automotive expenses. The purchase price of cars, like the popular Perodua Myvi, ranges from RM40,000 to RM50,000. Fuel costs also play a role, with prices such as RM 2.05 per litre for RON95 petrol as of 2023. Annually, maintenance and insurance can set you back roughly RM1,000 - RM2,000 and about RM1,500, respectively, depending on your vehicle and coverage. Additionally, road tax, which is quite reasonable at RM20-100 yearly, along with parking fees in urban areas and toll charges which are miscellaneous expenses. However, using public transportation in Malaysia, such as buses and trains, can be significantly cheaper than owning a car. For example, a monthly pass for unlimited travel on RapidKL ranges from RM50-100, which is much less than the monthly costs associated with car ownership. While public transit offers financial savings and reduces the hassle of traffic and parking, it may not provide the same flexibility and convenience as having a personal vehicle, especially for those with specific travel needs or living outside well-serviced urban areas. Leisure and Entertainment For leisure, a single person might spend around RM300-500 monthly on activities like cinema, short trips, or social gatherings. Malaysia offers a variety of affordable leisure options, but of course, lifestyle choices can significantly impact this budget segment. Saving and Investments It's also crucial to consider savings and investments, which can vary based on individual financial goals and income stability. Assuming an average income of RM 4,500/month, here’s a feasible plan that might work for you: Savings 1. Emergency Fund Ideally, this should be 3-6 months of expenses. Aim to save RM1,000/month until you reach RM15,000. 2. Short-term Savings For vacations, car upgrades, etc., allocate RM200/month. Investments 1. Retirement (EPF) Mandatory contribution already deducted from salary (11% from employee, 13% from employer). 2. Private Retirement Scheme (PRS) To diversify your retirement savings, invest RM 200/month. 3. Stock Market Start with RM200/month in blue-chip or dividend stocks. Perhaps, going on Bursa Malaysia would be a good starting point for research. 4. Exchange-Traded Funds (ETFs) As we always say, diversification is key so diversify your investments with RM100/month for broader market exposure. 5. Unit Trust Funds Allocate RM200/month for this and choose funds with a solid track record. 6. Online Savings Account For any remaining savings, consider high-interest online savings accounts like money market funds. I understand that this savings and investment section might seem like a lot so it’s important to review your financial plan and adjust contributions based on salary changes, financial goals, and life circumstances. Additional Considerations & Long-Term Financial Goals Health and Life Insurance: Besides basic health insurance, consider a life insurance plan. Debt Management: If you have any debts (personal loans, credit card debts), prioritize paying them off. Career Advancement: Invest in skills and education that can increase your earning potential. Home Ownership: Start a separate fund for a down payment if you plan to buy a house. Wealth Building: As your salary increases, proportionally increase your investments. The Bottom Line: The Average Cost of Living in Malaysia For a single person living in Malaysia, the average monthly cost can range between RM3,000 to RM5,000, depending on lifestyle choices and location. The key is to balance living costs with savings and investments which requires discipline and strategic planning. It’s also always wise to keep updated on economic changes and seek professional financial advice when necessary. Subscribe to our financial newsletter for the latest news, insights, and advice on personal finance, investing, and more. With every email, you’ll gather the confidence and knowledge to make informed decisions to achieve your financial goals.

The buzz around Electric Vehicles (EVs) is growing louder each day in Malaysia. With the government pushing green initiatives and offering attractive incentives, many of us are pondering whether it's time to switch to EVs. In this article, let's explore the various aspects you must consider before jumping on the electric car bandwagon. Understanding the EV Landscape in Malaysia Urban Charging Stations In cities like Kuala Lumpur, Penang, and Johor Bahru, there's an exciting trend on the rise: we're seeing more and more public charging stations popping up. This is great news for anyone thinking of driving an electric vehicle (EV) around these cities. As of September 2023, Malaysia's got itself a cool 1,246 operational public charging stations – a fact proudly highlighted by Prime Minister Datuk Seri Anwar Ibrahim. And guess what? The plan is to amp this up even more. The aim is to hit a whopping 10,000 EV charging stations by 2025, which is a pretty ambitious goal set in line with the Low Carbon Mobility Blueprint (LCMB) 2021-2030. Sure, we're not quite at the 'every corner has a station' stage like with petrol stations, but hey, it's definitely a solid start towards a greener, more electric future in Malaysia. Highways & Inter-city Travel One of the big talk points for folks thinking about switching to an electric vehicle (EV) is this thing called 'range anxiety'. It's pretty much the worry about how far your EV can go before needing a recharge and the nail-biting question of whether you'll find a charging station in time. This is a real head-scratcher, especially if you're planning to hit the road for some long-distance adventures outside of EV-friendly spots. But hey, there's some good news on the horizon. The Malaysia Highway Authority is stepping up its game. They're talking about setting up charging stations all along the major highways. We're all waiting to see how quickly these plans turn into reality. Once that happens, it might just be the green light for more of us to seriously think about going electric with our rides. Home Charging Here's another thing for those of you mulling over an electric vehicle (EV): home charging setups. Yep, companies are rolling out these cool gadgets that let you juice up your ride right at home. Picture this – you plug in your EV at night and by morning, you're all set to go with a fully charged battery. How convenient is that? Now, I know what you're thinking: "Sounds great, but what's it gonna cost me?" Well, getting one of these home chargers might set you back around RM7,000. But hold on, there's some sweet relief from the government. They're offering income tax exemptions up to RM2,500 for folks who invest in these EV charging facilities at home. Not a bad deal, right? Government Initiatives: Boosting EV Adoption in Malaysia The government is really sweetening the deal to get more of us on the electric vehicle bandwagon. There would be a scheme providing rebates of up to RM2,500 to encourage the usage of electric motorcycles for individuals earning RM120,000 and below a year. Tax rebates for EV vehicle rentals extended for two more years. Extension of the Net Energy Metering (NEM) programme till Dec 31 next year to encourage more Malaysians to install solar panels in their residences – which could bring down your electricity bill if you’re charging your EV at home! Additionally, there's a significant investment in R&D to make Malaysia an EV hub, with companies like Geely and Tesla introducing new ideas and ways of doing business to the local automotive sector, such as high-tech Research and Development (R&D) in new products that might not be currently available in the country. The Financials: Evaluating the Cost of Owning an EV in Malaysia Initial Purchase Historically, electric vehicles (EVs) have been known to carry a heftier price tag compared to their gasoline-powered counterparts. However, with the strides in technology and growing demand, the cost landscape is changing, bringing EVs closer to a more competitive pricing range. A notable example of this shift is the Nissan Leaf, which now comes with a starting price of RM168,888. Definitely still out of reach especially for those in the B40 community, but it's a sign that we're moving in the right direction. As more models enter the market and production scales up, we can expect prices to become even more accessible. This trend could eventually make EVs a viable option for a wider range of income groups, not just the well-off. Maintenance and Repairs When it comes to maintenance and repairs, owning an EV comes with its own set of considerations. First off, let's talk tires. EV tires aren't your run-of-the-mill types; they're usually larger, spanning between 19 to 21 inches, and they're made of special materials to handle the unique demands of electric vehicles. This means they don't come cheap – for instance, replacing the tires on a Kia EV6 might cost you around RM10,000. That's quite a bit more than what you'd pay for regular car tires. On the flip side, the beauty of EVs lies in their simplicity of components. Unlike Internal Combustion Engine (ICE) vehicles, they don't need oil changes, spark plug replacements, or timing belt adjustments – all those maintenance rituals that can add up over time. So, while you might save a chunk of change and time on these routine upkeep tasks, you'll still need to be mindful of wear and tear on things like brake pads, tires, and the big one: the battery. Battery replacements can be costly, with some like the Nissan Leaf's replacement hovering around RM30,000. However, many manufacturers cushion this with extended warranties – the Leaf offers an 8-year warranty on its battery, offering some peace of mind and potential long-term savings. EV in Malaysia: To Buy or Not to Buy? Taking a step back and looking at the big picture, the future of electric vehicles (EVs) in Malaysia is shaping up to be pretty exciting. We're seeing more infrastructure pop up, government initiatives rolling out, and businesses getting on board. It's quite something to be part of this green shift happening right in front of our eyes. But let's get real for a second. Jumping onto the EV bandwagon isn't without its hurdles. The price tags, though they're getting friendlier, are still pretty steep for most of us. And let's not forget about maintenance – those battery replacements are no small expense, despite saving on the usual car upkeep. Sure, there are government perks, but when it comes down to it, not every Malaysian might find the switch economically viable just yet. I'm genuinely excited about EVs and the speed at which things are moving here. I've even toyed with the idea of getting one myself! But, if I'm being totally honest, I think it might be a bit early for the average Malaysian to go all-in with EVs. Until the prices drop a bit more and our charging infrastructure gets beefier, it could be smart to play the waiting game. Everyone's financial situation and priorities are different, right? If you're someone who's big on being an early adopter or you're super passionate about cutting down your carbon footprint and you've got the budget for it, diving into the EV world now could be just your thing. But for the rest of us, waiting a little longer might just be the more wallet-friendly and practical move. So, when it comes to making the switch to electric vehicles, it's a decision that needs some serious thought. Here are a few key questions to mull over: Are you passionate about reducing your carbon footprint? Can you handle the initial investment of buying EVs? Do you need to travel long distances frequently? Is there easy access to charging stations where you travel for work? Can you afford the time it takes to charge your EVs? If you're nodding along to most or all of these, then maybe you're ready to make that exciting leap to electric. But if you're not there yet, remember, that this field is always evolving. Charging networks are expanding, and charging times are getting shorter. Keep an eye on this space and stay open-minded, because the right time for you to go electric might just be around the corner. Subscribe to our financial newsletter for the latest news, insights, and advice on personal finance, investing, and more. With every email, you’ll gather the confidence and knowledge to make informed decisions to achieve your financial goals.

In the recent tabling of Budget 2024, Prime Minister Datuk Seri Anwar Ibrahim announced several initiatives not just for individuals but also for business owners, specifically micro, small, and medium enterprises (MSMEs). Some of those initiatives include grants, loans, business financing as well as capital. So, here are the key highlights and initiatives you can keep an eye on for your business! MyStartup Platform The government is to allocate RM28 million to develop the MYStartup platform for start-up companies. According to their website, the MYStartup platform, initiated by MOSTI and developed by Cradle Fund Sdn Bhd, is a national project designed to foster interaction among Malaysia's startup ecosystem. It acts as a comprehensive directory for Malaysian startups, investors, and other key stakeholders, offering information on ecosystem programs, talent acquisition, and community-curated content. During his speech, DSAI said that the funds will encourage startups, including Bumiputera Small and Medium Enterprise (SME) entrepreneurs to venture into high-growth, high-value sectors such as the digital economy, space technology and Electronics and Electrical (E&E). GLC & GLIC Funding Next year, business owners can also expect funding of up to RM1.5 billion from government-linked companies and government-linked investment companies (GLCs and GLICs) to encourage startups, including small and medium enterprises (SMEs) entrepreneurs, to venture into high-growth, high-value (HGHV) fields. Business Loan Facilities Financial facilities amounting to RM2.4 billion are to be made available to micro, small and medium enterprises (MSMEs) via Bank Negara Malaysia (BNM), Bank Simpanan Nasional (BSN) and National Entrepreneurial Group Economic Fund (Tekun). According to RinggitPlus, the breakdown of these business loan facilities is as follows: RM1.4 billion under BSN micro-loan: For business capital, equipment purchases, premises, and marketing initiatives for hawkers and small entrepreneurs RM330 million via TEKUN: For financing facilities to small traders, such as batik and craft operators, orang asli entrepreneurs, and Bumiputera of Sabah and Sarawak. RM30 million will be earmarked specifically for businesses run by the Indian community. RM720 million was allocated specifically for women and youth entrepreneurs. AIM Small Business Capital The government will provide microlender Amanah Ikhtiar Malaysia (AIM) with a funding allocation of RM10 million to help run programmes for its ‘Sahabat Usahawan’, or micro-entrepreneurs registered with the national micro-credit organisations. Previously, AIM has assisted almost one million small businesses by providing them with capital, helping especially single mothers and low-income individuals. Digitalisation Grants The government also announced RM100 million in digitalisation grants — RM5,000 to 20,000 MSMEs — to fund upgrades of sales, inventory and digital accounting systems. DSAI continued by saying that, under BNM, RM900 million in loan funds will be made available to SMEs for automation and digitalisation to encourage SME companies to increase business productivity through automation and digitisation. My Thoughts on DSAI’s Budget 2024 Initiatives for Businesses Budget 2024 showcases Prime Minister Datuk Seri Anwar Ibrahim's dedication to bolstering businesses, particularly MSMEs and micro-entrepreneurs, in Malaysia. With significant funds allocated to diverse programs like the MYStartup platform and digitalisation efforts, the government is paving the way for businesses to explore high-growth sectors and digital advancements. Specific allocations for marginalized groups ensure inclusive growth. For business owners, capitalizing on these government-backed opportunities is crucial. Doing so promises growth, modernization, and the chance to be at the forefront of Malaysia's economic transformation. Subscribe to our financial newsletter for the latest news, insights, and advice on personal finance, investing, and more. With every email, you’ll gather the confidence and knowledge to make informed decisions to achieve your financial goals.

SST is increasing to 8%, new taxes are being introduced, and subsidies are getting cut. What is our prime minister trying to do? Before we answer this question, we first need to understand the state of our nation, specifically, our debts and revenue sources. How much is Malaysia’s debt? According to FMT, for years now, our country has been spending more than it makes, and the rate of increase in the deficit has been described as “alarming”. Currently, our fiscal deficit (shortfall in revenues as compared to expenditures) stands at 5.6% of GDP. This means that the difference between what the government spends and what it earns is equivalent to 5.6% of the entire country's economic output for that year. In other words, for every RM100 our country produces in goods and services (GDP), we are spending RM5.60 more than we are taking in as income or revenue. At the same time, as of August 2023, our total federal government debt stood at RM1.147 trillion or 62% of GDP. Put simply, our government's debt is equivalent to 62% of our country's annual economic output. If we don’t try to bring our debt-to-GDP ratio as well as fiscal deficit down, we could be facing an economic crisis which will be difficult to come back from. At the moment, Malaysia’s statutory debt limit is 65% and the threshold set by the IMF and the World Bank under the DSA Framework is 70%. We’re almost hitting that ceiling and something needs to be done about that. How does Malaysia pay its debts? You know how when we take out a loan and we have to do our monthly repayments to service our debt? Well, for a country, it works the same but it’s called debt service charges. According to Datuk Seri Anwar Ibrahim, “(our country’s) debt service charges for 2023 amount to RM45 billion, representing 15% of the national revenue, and this is also the maximum that the country can handle.” In the Revised Budget 2023, Malaysia is expected to have a revenue collection of RM291.5 billion. Now you might be asking, what money does our government use to service our country’s debt? Through our revenue, of course! This is why time and time again, we hear people talking about the importance and urgency of increasing our country’s revenue. Where does Malaysia’s revenue come from? There are three types of revenue that our country relies on – Direct Tax, Indirect Tax and Non-Tax revenue. Direct Tax revenue comes from the tax you pay directly to the government based on your income or company profits. Examples of this include Individual Income Tax, Corporate and Business Income Tax, Real Property Gain Tax, Petroleum Income Tax and Stamp Duty. Meanwhile, Indirect Tax revenue is money the government collects from taxes added to the prices of goods and services. So, instead of being paid directly by individuals based on income, these taxes are usually paid by businesses, but the cost is passed on to consumers in the form of higher prices. For instance, Sales and Service Tax (SST), Export Duty and Import Duty. Finally, Non-Tax revenue refers to the money the government collects that isn't from taxes. Instead, it comes from sources like fees for services, licenses, fines, or profits from state-owned enterprises. So, what does all this have to do with DSAI introducing more taxes and cutting subsidies in Budget 2024? When Datuk Seri Anwar Ibrahim tabled his Budget 2024, his main focus was to bolster our country’s revenue and tax management as part of economic reforms and to tighten its finances. This was to reduce our fiscal deficit in hopes of boosting investor confidence and spurring economic growth. Having that goal in mind, the current government worked tirelessly to introduce fiscal policies, cut spending, increase the tax base and overall tighten our country’s economic belt. Ultimately, it all boiled down to the tabling of Budget 2024. And as we are all already aware, there were some announcements that took the rakyat by surprise. Some of those “surprises” include: Service tax (from SSR) increased from 6% to 8%. Introduction of Capital Gains Tax for the disposal of unlisted shares by local companies at a rate of 10% from 1 March 2024. Introduction of Luxury Goods Tax at a rate of 5% to 10%. The total allocation for subsidies was reduced from RM81 billion (in 2023) to RM52.8 billion (for 2024). The price ceiling for chicken and eggs is to be lifted. In the case of introducing and increasing taxes, the whole goal of it is to increase our country’s tax base. By doing this, the government would be able to raise more revenue which can go towards reducing our debt and fiscal deficit as well as be channelled towards growing our economy. Currently, the tax collected by our government is one of the lowest in ASEAN at 11.8% of GDP compared to Singapore (12.6%) and Thailand (16.4%). Meanwhile, in the case of subsidy cuts, it is to ensure that aid reaches the intended communities and to limit leakages, particularly at this time of rising prices. How should Malaysians feel about this? I get it, new taxes suck – especially the increase in SST because there could be far-reaching implications like an overall price increase. Just like how Syed Saddiq put it, while the SST increase excludes the food and beverage sector, restaurant owners will be affected by purchases of equipment needed to run their businesses. (And) when the restaurant owners’ costs increase, they will transfer these costs to the consumers — that’s all of us here. The Muar MP said this will contribute to a spike in the rakyat’s cost-of-living expenses. However, that can’t be said for certain as the increase has yet to be implemented so we’ll only know the consequences of it next year. Now, with the cutting of subsidies, we’ve all been reliant on them for a long time. So, now with DSAI planning to cut back on them, I get that it’s a bit more difficult for us Malaysians to accept it. After all, who would be fine if they’re expected to pay more? But at the same time, if we take a look at how our prime minister is planning to implement targeted subsidies and in a way, “cut off the rich”, then I guess it would be “fair game”. What do you think of the new taxes and subsidy cuts in Budget 2024? Reach out to us and let us know your thoughts! Subscribe to our financial newsletter for the latest news, insights, and advice on personal finance, investing, and more. With every email, you’ll gather the confidence and knowledge to make informed decisions to achieve your financial goals.

In today’s digital era where social media platforms are integral to everyday life, a new breed of celebrities has emerged: Social Media Influencers. We’ve seen their Instagram feed – from globe-trotting travelling vlogs to owning an impressive collection of luxurious goods. The question in all our minds is: How do they earn this money? And how much are they actually making? Well, that’s what we’re going to talk about in this article. The 10 Ways Influencers Make Money Let’s start with how influencers monetize their Instagram posts, reels and generally, their content. Sponsored Content One of the primary sources of income for influencers is sponsored content. Brands pay influencers to create and share content featuring their products or services. Typically, you’ll see an influencer holding up whatever new product that’s up for grabs and the caption is raving about it with a call to action to buy the product. Influencers will usually get paid ranging from a few hundred to several thousand, depending on their reach, engagement rate, and niche, or in other words, the number of followers, likes, comments and shares they get. It’s a very numbers game. Affiliate Marketing Besides that, influencers can earn a commission for every sale made through a link they share. This is called affiliate marketing. Usually, you’ll see this as a link on their Instagram story with maybe a promo code for the product or service. So, if you click on that link, use their promo code and actually buy the product, that influencer will earn a percentage of the sales generated through that link. Brand Ambassadorships Some influencers land long-term deals with brands, becoming brand ambassadors. Think of Maggy Wang who’s an ambassador for Adidas. Brands like Samsung also tend to have influencers as their ambassadors. This partnership involves a commitment to promote the brand regularly over a specified period, and in return, influencers receive a steady income, free products, or other perks. Ad Revenue You know those annoying ads that we always skip on YouTube? That’s ad revenue that platforms like YouTube and Facebook share with their content creators. So, influencers (like us) who create engaging content can earn a substantial amount from the advertisements displayed on their videos, depending on the number of views and the CPM (Cost Per Mille) rate. Like in the case of MrBeast, according to analysts, he makes $3 million a month in YouTube ad revenue alone. Selling Products or Services Many influencers leverage their online presence to sell their products or services. From merchandise and e-books to online courses and consulting services, influencers are capitalizing on their expertise and personal brand to generate additional income, most of the time, starting their own business. Just look at Khairul Amin who started selling his sambal and now it has become a whole business of its own! He started by teaching cooking recipes online and garnered a following from that, then he came up with a product and used his online presence to promote and sell it. Crowdfunding and Donations Platforms like Patreon allow fans to support their favourite influencers through monthly subscriptions or one-time donations. In return, supporters often receive exclusive content, early access to new material, or personalized interactions with the influencer. Besides Patreon, a more commonly known (and controversial) platform some influencers get income from is OnlyFans. Hosting Events and Workshops Leveraging their authority in a specific niche, influencers often host events, workshops, or webinars. Attendees are usually charged a fee, contributing to the influencer’s earnings. Influencers can also take up hosting jobs where they become the emcee for a particular event. Usually, an agency will engage in these influencers and these influencers can then charge them based on their set rates. A plus point to these events is that they also offer networking opportunities and increase the influencer’s visibility and credibility. Licensing and Syndication Some influencers license their content for reuse or syndication. Media outlets, other content creators, or brands may pay to use an influencer’s content, whether it be images, videos, or written material. Generally, the amount charged is minimal, but again it depends on how long the brand wants to use it for. Speaking Engagements Recognized influencers are often invited to speak at conferences, workshops, or educational institutions. For us personally, we get invited to a few events to speak and this usually comes with some Instagram story postings to promote the event. These speaking engagements not only bolster an influencer’s reputation but also provide additional income. Consulting With their extensive knowledge of social media trends, audience behaviour, and content creation, some influencers offer consulting services to brands and other content creators, helping them optimize their online presence for a fee. Think of it as a MasterClass on how to become an influencer! Now, onto the most juiciest part. How Much Do Malaysian Influencers Earn? Based on a survey conducted by Malaysian marketing firm Envisage Media Solutions, influencers with up to 50 thousand followers earned an average income of RM10-15 thousand per month. On the other hand, influencers with more than 500 thousand followers could make upwards of RM50-100K a month. Of course, take this with a grain of salt because the average earnings of Malaysian influencers can vary widely depending on several factors including the influencer's niche, the platform used, the number of followers, engagement rates, and the number of collaborations they secure. Micro-influencers, with fewer followers, might earn a few hundred to a few thousand per post, while top influencers with larger followings and high engagement can earn significantly more, possibly tens of thousands per post or even more for larger campaigns. In addition, influencers in specific niches like beauty, fashion, or fitness might have higher earning potential due to greater demand from brands in those industries. It’s also worth noting that earnings can fluctuate, as they are often project-based, and can be influenced by trends, market demand, and changes in the social media landscape. Should You Be An Influencer? Social media influencers have turned their online popularity into a lucrative career by diversifying their income streams. Their earnings can also span a broad spectrum, ranging from modest sums to astronomical figures. The lucrative prospects and glamorous lifestyle depicted by top influencers paint a compelling picture, but it's important to look beyond the surface. The path to becoming an influencer is paved with hard work, consistency, creativity, and a dash of luck. Given the potential rewards, should everyday people like you and me consider diving into the influencer realm? The answer isn't black and white. Becoming an influencer can be a rewarding journey, offering not just financial gains but also a platform for self-expression, connection, and impact. However, it also entails challenges and uncertainties, requiring dedication, resilience, and adaptability. If you’re an aspiring influencer, you should weigh your motivations, assess your unique value proposition, and consider whether you are prepared for the highs and lows of the influencer lifestyle. In a digital age where the influence economy continues to flourish, the prospect of joining its ranks is certainly enticing, but it is also essential to venture forth with a balanced perspective and realistic expectations. Subscribe to our financial newsletter for the latest news, insights, and advice on personal finance, investing, and more. With every email, you’ll gather the confidence and knowledge to make informed decisions to achieve your financial goals.

In the vibrant property market of Malaysia, potential property buyers and investors are often faced with the choice between purchasing leasehold or freehold properties. These ownership titles possess differences that can greatly impact the value and potential appreciation of the property. In this article, we delve into the intricacies of both leasehold and freehold properties in Malaysia and offer examples to clarify these concepts further. Understanding Leasehold Properties In Malaysia In Malaysia, a leasehold title grants the owner the right to occupy a property for a pre-determined period, typically ranging from 30 to 99 years, after which the title reverts back to the state. This type of title often comes with certain restrictions, including needing state consent for transactions such as selling or transferring the property. Below are some examples of leasehold areas and properties in Malaysia: Bandar Sunway, Selangor: A well-known township where properties are mostly leasehold, offering a bustling urban environment. Bukit Katil, Melaka: A residential area with a mixture of leasehold properties, known for its green surroundings and tranquillity. Pros and Cons of Leasehold Properties In Malaysia Pros Generally more affordable compared to freehold properties. Potential for development and growth in leasehold areas. Cons The finite lease period. Potential depreciation as the lease matures. More bureaucratic processes for property transactions. Understanding Freehold Properties In Malaysia Contrary to leasehold properties, freehold titles confer ownership of the property for an indefinite period. On top of that, owners have more flexibility in terms of property transactions and modifications. Here are examples of freehold areas in Malaysia: Mont Kiara, Kuala Lumpur: A sought-after residential and commercial area with a plethora of freehold properties, catering to expats and upper-middle-class Malaysians. Georgetown, Penang: A UNESCO World Heritage site, home to many freehold properties with historical and cultural value. Pros and Cons of Freehold Properties In Malaysia Pros Permanent ownership. Generally appreciates in value over time. Easier transactions without state consent. Cons Usually more expensive. Higher competition and demand. Potential for higher property taxes. Which Is Better For You: Leasehold vs. Freehold Properties in Malaysia? When choosing between leasehold and freehold properties, you need to consider factors such as your investment horizon, budget constraints, and the potential for property appreciation. For Long-term Investors Freehold properties might be more appealing due to the indefinite ownership and potential for capital appreciation. For Budget-Conscious Buyers Leasehold properties, initially more affordable, can be a suitable option, especially if the lease period is still long. Conclusion The decision between opting for leasehold vs freehold property in Malaysia hinges on various factors including individual preferences, investment strategies, and budget. While leasehold properties can offer affordability and opportunities for development, freehold properties stand as a beacon of permanence and stability in the dynamic Malaysian property market. Through careful consideration and analysis, you can make informed decisions that align with your property ownership goals in Malaysia. If you want to know more about property investment, check out this article! Subscribe to our financial newsletter for the latest news, insights, and advice on personal finance, investing, and more. With every email, you’ll gather the confidence and knowledge to make informed decisions to achieve your financial goals.

As if we couldn’t already feel the impact of rising food costs, at the start of the month, Bernas announced a price hike for imported white rice where per metric tonne of imported white rice will cost RM3,200 from the previous RM2,350. This comes after several external factors like climate change, weakening foreign exchange rates, high operational costs, and regional conflicts for the company. This has impacted the global rice trading market and was further compounded by the effect of India’s recent announcement banning the exportation of white rice. At the same time, we’ve already seen the cost of other food items like chicken, fish and vegetables going up. According to The Malaysian Reserve, ikan kembung (Indian mackerel) is now between RM18 and RM22 per kg, while ikan selar (horse mackerel) went up to RM20 per kg compared to RM16 last year. The prices of prawns and squid also increased compared to last year. As of June 2023, chicken costs RM15.11/kg while just earlier this year in January, it was RM14.33. According to CNA, vegetables like tomatoes, cucumbers and long beans have seen a 50-100% increase in price. What Does This Mean To Malaysians? Currently, The Ministry of Agriculture and Food Security is set to meet Bernas and paddy farmers later this week to discuss the issue of rice supply and its prices. And like in the case of our chicken and egg supply problems earlier this year, hopefully, government intervention will take place to ensure the rice cost doesn’t rise too much. However, if the price of white rice does increase, the most obvious consequence will reflect upon our growingly expensive grocery bills. Not only that, the cost of eating out will also surge as F&B stores would have no choice but to pass on the cost of raw ingredients to customers to sustain their businesses' long-term viability. Unfortunately, should a price hike occur, the group that will be hit the hardest would be the hardcore poor and B40 community. On average, this community earns a meagre RM1,849 which is a far cry from the estimated cost of living of RM3,262. So, how will they continue to put food on the table with such a huge discrepancy? What Can Malaysians Do About It? 1. Embrace the Gig Economy Platforms like Grab, FoodPanda, or even local initiatives like Troopers can provide you with opportunities to earn supplementary income. While not a long-term solution, they can offer relief amid these times of rising food costs. 2. Budget, Budget, Budget Regrettably, there’s nothing much we can do to significantly move the needle when it comes to increasing minimum wages in our country. However, the one thing we do have control over is our spending and more importantly, our budget. Use budget-tracking apps to keep track of your spending habits and see how you can save up! Find out how else you can cut your food budget here! 3. Advocate For Wage Increase Ultimately, the problem we’re facing is the lack of spending power that stems from the low wages and a high cost of living. One of the most effective ways to change this is to advocate for wage increases whether through signing a petition, rallying on the streets or carrying out your duty to vote during elections. Subscribe to our financial newsletter for the latest news, insights, and advice on personal finance, investing, and more. With every email, you’ll gather the confidence and knowledge to make informed decisions to achieve your financial goals.