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As healthcare costs continue to rise, choosing the right medical insurance or takaful plan in Malaysia has become increasingly important. In 2023, the variety and flexibility of policies available make it possible for individuals to find coverage that best suits their needs and financial situations. So here are the top 5 medical insurance and takaful options in Malaysia. #1 Prudential PRUValue Med Medical Card Limits Annual Limit: Not Applicable Lifetime Limit: Not Applicable Coverage and Benefits Based on their brochure, Coverage Age 18 gestational weeks - 100 years Number of Panel Hospitals 93 Investment-Linked Plan Yes My Review I think this health insurance is quite an all-rounder. It covers most medical expenses more than adequately and has an investment-linked plan which is good for those who have a hard time saving on their own and a relatively broad network of panel hospitals. The “not applicable” lifetime and annual limit is also quite reassuring because it means that the policy offers unlimited coverage for medical expenses, subject to other terms and conditions of the policy. #2 AIA A-Plus Health Medical Card Limits Annual Limit: From RM500k up to RM2m, depending on chosen plan Lifetime Limit: No Limit Coverage and Benefits Based on their brochure, Coverage Age 14 days - 100 years Number of Panel Hospitals 94 Investment-Linked Plan Yes My Review Similar to the Prudential PRUValue Med Medical Card, this insurance is also quite an all-rounder. However, a really cool addition that AIA offers is their Health Wallet which rewards policyholders with additional benefits if they stay healthy and essentially go without claiming anything in a year. One thing to note is that there are four plans you can consider and if you choose their lowest plan, Plan 150, your annual limit and certain coverages will be lower – which is expected. So, it’s best to understand what kind of plan would be best for you in terms of coverage and budget. #3 FWD Insurance Medi First by BSN Limits Annual Limit: From RM1m up to RM5m, depending on chosen plan Lifetime Limit: No Limit Coverage and Benefits Based on their brochure, Coverage Age 30 days - 100 years old Number of Panel Hospitals 184 Investment-Linked Plan Yes My Review This insurance policy by BSN covers the standard medical expenses, although not by a lot but still a pretty good amount. One thing that I especially like is the Government Hospital Daily Cash Allowance of RM200 which should be able to offset the cost of a regular doctor’s check-up. Among all the medical insurance and takaful on this list, this policy has the most number of panel hospitals (possibly because it’s BSN and has some ties to the government) which is a great thing, especially if you’re living on the outskirts of town. #4 Manulife Health Saver Benefit + MHSB Booster Limits Annual Limit: From RM1m up to RM2.2m, depending on the chosen plan Lifetime Limit: No Limit Coverage and Benefits Based on their brochure, Coverage Age 30 days - 99 years old Number of Panel Hospitals 93 Investment-Linked Plan Yes My Review This insurance policy has a really high annual limit even if you choose the lowest plan which is pretty amazing. However, the coverage is not as comprehensive as the previous ones above. With that being said, I think if you’re considering this policy, it’ll be a good idea to sign up for the MHSB Signature plan as the benefits are notably higher than the other three plans. Of course, this is if it fits your budget. #5 Takaful myClick MediCare Medical Card Limits Annual Limit: From RM50k up to RM100k, depending on chosen plan Lifetime Limit: Not Applicable Coverage and Benefits Based on their brochure, Coverage Age From 30 days Number of Panel Hospitals 98 Investment-Linked Plan No My Review This medical takaful policy covers the very basic medical expenses at a relatively low cost. And since it’s a takaful plan, 38% of the contribution is deducted upfront as the Wakalah fee and it’s not an investment-linked plan. Personally, I think this policy is good enough if you’re young or just started working but as you get older, getting a more comprehensive plan would be best as the risk of falling sick is higher. Which Medical Insurance or Takaful Is The Best For You in Malaysia? Ultimately, choosing the best medical insurance or takaful in Malaysia depends on six factors: Budget and Affordability Determine how much you can comfortably spend on premiums and consider plans within your budget. Healthcare Needs Assess your healthcare needs based on age, health conditions, family history, and lifestyle. Coverage Scope Look for a plan that covers essential medical services you might need, including hospitalization, surgery, outpatient services, and any specific treatments. Network of Hospitals Consider the network of panel hospitals and whether they are accessible and meet your standards. Additional Benefits Evaluate any extra benefits like health screenings, wellness programs, or international coverage. Policy Terms Understand the terms, including limits, exclusions, claim processes, and renewal conditions. Personally, I think the best choice for you is one that will balance cost, coverage, and convenience according to your circumstances and preferences. 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The wait is finally over! Malaysia’s first digital bank, GXBank by Grab, is now available to the public. It’s such a big deal that in less than two weeks, it has managed to rack up over 100,000 users. But is the hype a fab or simply a fad? And should you make the switch over? Well, here’s my first impression and review of GXBank Malaysia. Getting To Know GXBank by Grab GXBank is Malaysia’s first digital bank and among the five successful digital bank licence applicants approved by Bank Negara Malaysia (BNM). It is a subsidiary of Singapore’s GXS Bank – a joint venture between Grab and Singtel, along with a consortium of other Malaysian investors, including the Kuok Group. As a licensed bank by BNM and a member of Perbadanan Insurans Deposit Malayisa (PIDM), deposits up to RM250,000 are protected by PIDM per user. Prior to their launch, a beta test was conducted in September this year, where 20,000 early users provided feedback to improve the platform including creating ‘Pockets’ – the app’s savings goal feature. What Sets GXBank Apart From Traditional Banks (Maybank, CIMB, RHB, etc)? Well, some of its unique features include: #1 Being fully digital Kind of a no-brainer, this digital bank exists fully on their app. Other than their main office, GXBank will not have any physical bank branches nor ATMs. Now, this may raise some concerns. How will users withdraw physical cash? What if you’re facing issues with your account and there are no counter/bank branches you can visit? Let’s address the issue of withdrawing physical cash first. According to GXBank chief executive, they will be introducing a debit card sometime in January 2024 where users will be able to use every ATM connected to the MEPS shared ATM network to withdraw money from. Best part is, GXBank said they will waive the RM1 surcharge you’ll get when you use other bank’s ATMs. Now for the issue of having no physical counters/banks, if users are faced with a problem regarding their account, they can simply reach out to GXBank, 24/7 through online means. The banking platform has set up an in-app live chat, customer service hotline, and support email to ease user-provider communications. So, everything from opening an account to any transactions will all be fully digital. #2 Savings Account with 3% p.a. daily interest This is definitely one of their most attractive features – a savings account that accrues daily interest of 3% p.a. with a pretty low deposit. Think Touch n’ Go GO+ account, it works the same way. GXBank will deposit the daily interest into users’ accounts if it’s at least RM0.01. With that in mind, the minimum you’ll need to start earning its daily interest is RM60.84. In comparison to traditional banks, most will require you to have a relatively high available balance to earn any sort of interest. Even then, the interest rate is quite low at < 2.5% p.a. Its savings account will also have no minimum balance and lock-in periods required. #3 ‘Pockets’ feature to encourage savings As suggested by their beta testers, GXBank has a ‘Pockets’ feature that encourages goal-intended savings. And just like its savings account, users will be able to enjoy the same 3% p.a daily interest. So, whether you want to start an emergency fund or a vacation sinking fund, you can do it with ‘Pockets’. Currently, MAE by Maybank also has a savings feature – ‘Tabung’ but what sets GXBank’s ‘Pockets’ apart is the potential to earn daily interest. #4 GXBank debit card with unlimited 1% cashback As previously mentioned, GXBank is planning to introduce a debit card in January 2024. Just like any other debit card, you can use it to spend and withdraw money. However, what makes GXBank’s soon-to-launch debit card so cool is that users will be able to earn unlimited 1% cashback every time they pay for something. Technically, this means you could potentially untung 4% in interest/savings simply by using GXBank (if you were to get the debit card). #5 Zero fees! Whether it is ATM withdrawals, intrabank funds/DuitNow transfers or even foreign currency exchange transfers, GXBank will not be charging any fees. Say goodbye to hidden chargers and sneaky fees! #6 Seamless GXBank-Grab ecosystem These days, living within the same ecosystem makes everything more convenient and seamless. Think about it: if you’re a die-hard Apple user, the likelihood is that you’ll want (or maybe already have) more than one Apple device. You can just AirDrop files or get Siri to do things for you! With GXBank and Grab, it’s the same thing – you’ll be living within one ecosystem. So, if you’re a heavy Grab user, switching over to GXBank may just make everything so much smoother! Of course, the most obvious perk would be earning more GrabReward points. BTW, if you were to open a GXBank account now, you’ll get to enjoy some awesome deals including: RM20 cashback when you deposit RM100 or more. RM8 instant cashback when you link your DuitNow to GXBank. Up to 6x GrabUnlimited subscriptions worth RM29.40 (RM4.90/month x 6). My Review of GXBank Malaysia GXBank: Account opening I’ve read some articles of people saying it takes them longer than the advertised 4 minutes to open an account but for me, it really only took more or less 4 minutes to do it. It was super fast and the process was already one I was familiar with – the standard finance/investment app account opening including eKYC, personal details, OTP, contact information, employment details, tax residency, as well as declarations and agreement. GXBank: Account funding Since it’s a digital bank, I can’t go to any counters to bank in my initial deposit. Then that leaves me with either transferring funds from my existing (traditional) bank account or making my GXBank account the bank account for my salary to come into. I opted for the first option. Also, I wouldn’t advise any of you to make your GXBank account your “salary account” cause it’s still too premature for that (explained more later). Anyway, I deposited RM100 into my GXBank account to get the RM20 cashback (which I got instantly). This process follows the standard FPX payment. GXBank: Account functionality At the time of this article, there are only three features available – Add Money, Send Money and Saving Pockets. I can also get Insights like Fund Received, Funds Spent and Interest Earned. Honestly, for now, I’m not impressed. I can’t pay for anything cause there’s no DuitNow QR code feature. So, I can’t scan or even show my QR code. I suppose the point is to use my Grab app’s QR code but even then, I have a problem with it and this leads me to my next point. GXBank: Not very “seamless” GXBank-Grab ecosystem One of the reasons I opened a GXBank account this early on is because I thought I’d be able to benefit from the GXBank-Grab ecosystem. Alas, that wasn’t the case. I’ve already linked my GXBank account to my Grab account but for some reason, I can’t figure out how to fund my GrabPay Wallet using GXBank. Not sure if it’s just a glitch on my end but there’s no option to fund my GrabPay Wallet using GXBank. I’m still using my existing and previously linked bank accounts to fund my Wallet. Perhaps, you guys can let me know if it’s the same for you? Reach out to me on Instagram, I would love to hear from you. GXBank: App design Just like the Grab app, the GXBank app design is very clean and straightforward. Everything is just a touch away and the UI/UX is super intuitive. If you’re already familiar with other financial/investment apps like MAE or M+ Global, you’ll have no problem adapting to the GXBank app. Should You Make The Switch To GXBank? Personally, I think it’s still too premature for that. GXBank is still in its infancy so they’re still in their early days. The only incentive to switch over now is the deals you get and the accruement of daily interest – even then, Touch n’ Go GO+ is offering higher interest at 3.56% p.a. Perhaps when more features come out and their debit card is rolled out, then you can consider opening an account. Either way, I’m already on it and I don’t regret it lah. I’m excited to see how GXBank and the overall digital banking industry will evolve in the future. Maybe there will come a time when we’ll be able to apply for car/house/personal loans, credit cards or even insurance through these revolutionary apps. 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 2023 draws to a close, the window to enjoy tax relief for YA2023 is narrowing. For those of us paying our yearly taxes, we have just about a month to take advantage of various exemptions available under this year's assessment before our tax filing in 2024. So what are some of the “last-minute” purchases we can make now? Here’s a list of the 18 income tax reliefs you can still claim for 2023 in Malaysia. Individual Spouse: RM4,000 Disabled Person: RM6,000 Study Fees: RM7,000* Children Unmarried child under 18: RM2,000 Unmarried child over 18 Registered childcare/kindergarten fees: RM3,000 Disable child: RM6,000 Lifestyle: RM2,500* Purchase or subscription of books, journals, magazines, newspaper and other similar publications (in the form of hardcopy or electronic) for the purpose of enhancing knowledge Purchase of personal computer, smartphone or tablet Purchase of sports equipment and gym memberships: RM500* Internet subscription Medical: RM10,000* Self, spouse or child suffering from a serious disease Expenses incurred on fertility treatment Vaccination: RM1,000* Intervention program for learning-disabled child below 18 years old: RM4,000* Breastfeeding equipment: RM1,000* (once in every 2 YAs) Supporting equipment (if a disabled person): RM6,000* Contributions Employee’s contribution to SOCSO and Employment Insurance System: RM350* Life insurance and EPF: RM7,000* Private Retirement Scheme (PRS) and medical and education insurance: RM3,000* Deposit for a child into the Skim Simpanan Pendidikan Nasional (SSPN) account: RM8,000* Others Electric vehicle charging facilities: RM2,500* *Maximum relief Tips for Income Tax Filing and Relief for 2023 in Malaysia Now that you know all the things you can claim for income tax relief, here are some tips you can keep in mind when you’re filing your income tax next year for YA 2023 in Malaysia. #1 Make your purchases before 31 December 2023 Usually, at this time of the year, most of us will be scurrying to make last-minute purchases to be eligible for tax relief in YA2023. So if you’re one of them, please remember to do it before 31 December 2023! For example, if you’re planning to buy a new phone and you delay the purchase until January 2024, you will lose out on the claimable lifestyle relief for 2023 and only claim it inYA2024, which is in 2025. #2 Keep your receipts and invoices To make your tax filing smoother and just for documentation purposes, keep your receipts and invoices. You can print them out (if they’re e-invoices or e-receipts) and store them in a folder or you can just do this digitally. #3 Be honest with your claims It’s best not to overclaim or “max out” your tax relief if you didn’t actually make any purchases or contributions. Just be honest with your claims and make sure they’re backed by receipts/invoices because you’ll definitely not want to face the penalty by LHDN should they find out. 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.

It’s SHOPPING SEASON once more! December is finally here and that means SALES, SALES, SALES! From online 12.12 promotions all the way to year-end annual sales in malls. We certainly can’t get enough of it. Back in the day, it was easier to keep track of sales and promotions – you’d just walk into a mall and see promotional sales in front of shops – but now with the advent of the internet, it may almost feel like too many sales (or are there no such things?) So in this article, I’m going to highlight the 7 best 12.12 Promotion Sale you’ll definitely not want to miss out on this shopping season in Malaysia. #1 Klook In line with their theme of Conquer Your Adventure With Klook, they have four main promotions this year-end. Sitewide Sale (6 Nov - 1 Jan) Get up to RM175 Off sitewide. Weekend Hotel Sale (Every Friday - Sunday in December) Get 12% Off for all hotels in Malaysia weekend in December. Minimum spend of RM300, capped at RM50. 12.12 Sale (11-13 Dec): Deal 1: 12% Off sitewide Deal 2: Buy 1 Free 1 Theme Parks Deal 3: 50% Off tours and experiences 11% Off sitewide (13-10 Dec): Limited to Aeon credit card users with discount capped at RM50. #2 Machines Not exactly a 12.12 sale but Machines are offering some special deals this month. Airpods: Save up to RM110 Apple Watch: Save up to RM700 iPad: Save up to RM300 iPhone: Save up to RM850 MacBook: Save up to RM600 #3 Shopee 12.12 Birthday Sale Of course, how can I forget Shopee’s annual 12.12 Birthday Sale! Promotions include: 12PM Super Seringgit deals 15% Cashback hours (8pm) 12.12 Early Bird vouchers: 95% vouchers + free shipping 12.12 Only vouchers and deals RM12 Knockout deals (12pm & 10pm on 12 Dec) 12.12 Christmas deals Year-end clearance sales #4 Lazada 12.12 All Out Year-End Sale Another contender for the biggest 12.12 sale is Lazada! This year, their theme is Lazada 12.12 All Out Year-End Sale. This year, their promotions include: Savings with up to 90% Off vouchers RM 9 Off every RM90 spent Mesti Beli promos from LazMall brands like Puma, Apple, Dyson and more #5 Zalora 12.12 Sale I don’t know about you guys but I always like to start my new year with at least one brand-new set of clothes. Something about “new year, new me”, y’know? And with end-year sales, it makes shopping that much sweeter! Zalora’s 12.12 Sale is happening from 9-14 December. You can get: Discounts of 50-90% Off Cash vouchers to claim Gift recommendation deals starting from RM30 70% Off for last-chance items 12.12 Mission Quest Mania: Join the quest and win prizes worth up to RM100,000 Zalora VIP: 24-hour early access (8 Dec, 12am) Up to 90% Off + stackable 5% Off during special hours 6-9% cashback deals Guaranteed 3% cashback on every order Unlimited free shipping #6 Watson 12.12 Sale-Bration Time to stock up on all your drugstore needs this month! Get up to 70% Off this 1-15 December with Watson’s 12.12 Sale-Bration. Shop by Brands: Get up to RM18 Off Get up to 50% Off for healthcare, personal care, skincare, cosmetics, lifestyle & home Supreme Savings: Up to 70% Off Limited-time vouchers to be claimed 24-hour flash deals 12.12 Season of Gifting: Up to 50% Off To make the pot sweeter, if you check out with Atome from 5-14 Dec, you can get RM20 off with a minimum spend of RM200. Limited to 130 redemptions daily. #7 Dyson 12.12 Sale Been eyeing that Dyson vacuum cleaner or AirWrap for a while now? Well, you’re in luck! Dyson’s 12.12 sale is giving up to RM1,200 worth of savings and gifts. Dyson AirWrap: Save RM450 (Usual price: RM2,899; 12.12 sale: RM2,449) Dyson Vacuum (V11 Absolute): Save RM1,200 (Usual price: RM3,899; 12.12 sale: RM2,699) Dyson Purifier Cool: Save RM400 (Usual price: RM3,599; 12.12 sale: RM3,199) Dyson Corrale: Save RM600 (Usual price: RM2,599; 12.12 sale: RM1,999) Other exclusive offers + additional RM100 off Stay Financially Smart This 12.12 Promotion Sale Season in Malaysia End-year promotions and 12.12 sales can tap into that side of our brain that impulsively buys things, tempting us with seemingly irresistible deals and discounts. However, it's crucial to stay financially smart during this period. So, here are some tips to help you make the most out of the sales season without compromising your budget: #1 Set a Budget: Before the sales begin, decide on a budget. This will be your spending limit, helping to keep impulsive purchases in check. #2 Make a Shopping List: Identify what you truly need or have been planning to buy for a long time. Stick to this list to avoid unnecessary purchases. #3 Compare Prices: With so many deals available, take the time to compare prices across different platforms. Sometimes, what seems like a great deal might be cheaper elsewhere. #4 Use Cashback and Reward Programs: Take advantage of cashback offers and reward programs that can provide additional savings. #5 Research Big-Ticket Items: For more expensive purchases, do your research. Read reviews and check the product specifications to ensure it's a worthwhile investment. #6 Don’t Get Swayed by Flash Sales: Flash sales can create a sense of urgency, but don’t let this pressure you into buying something you don’t really need. #7 Keep Track of Your Spending: Throughout the sales season, keep track of your expenditures. This helps you stay within your budget and assess your spending habits. Remember, a good deal is only beneficial if it aligns with your needs and financial goals. 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 recent announcement of the pilot test for the Progressive Wage Model (PWM) Policy by Economy Minister Rafizi Ramli is a significant development, particularly for businesses like mine in the micro, small, and medium-sized enterprise (MSME) sector. In this article, I’ll reveal what I think of it, some reservations I have and also compare Malaysia’s proposed Progressive Wage Model Policy to Singapore’s – which our government has taken inspiration from. Rafizi Ramli’s tabling of the Progressive Wage Model Policy Just last week, Economy Minister Rafizi Ramli tabled the Progressive Wage Model (PWM) Policy in parliament which marks a significant step in addressing wage disparities and enhancing the Malaysian workforce's skillset. Scheduled to begin with a dry run from June to September 2024, this voluntary pilot program will involve 1,000 micro, small, and medium-sized enterprises (MSMEs) companies, with a focus on those having workers earning between RM1,500 and RM4,999 to resolve any teething or operational issues before the official roll-out. Participating employers will receive financial incentives from the government for up to 12 months, amounting to RM200 monthly for each entry-level employee and RM300 for non-entry-level workers. The incentives are contingent upon employers submitting documentation for their staff’s participation in government-certified training programs, enhancing skills and productivity.` However, it’s noteworthy that workers from multinational and government-linked companies are exempt from this scheme. Rafizi also announced an allocation of RM30 million for the program, targeting entry-level graduates, semi-skilled Malaysians, and companies disadvantaged in the current labour market​​. He emphasized that it was the government's responsibility to ensure that each ringgit allocated effectively improves the labour market, pay structure, and, crucially, the skilled talent in the economy​​. What is the Progressive Wage Model Policy and how does it work in Malaysia? According to CNA, Malaysia’s PWM takes inspiration from Singapore’s Progressive Wage Model. It is implemented and identified in specified sectors, where a multi-year salary increment schedule is set out for workers in tandem with skills acquisition on their part. Essentially what this means is that as workers develop and acquire new skills, their wages are scheduled to rise accordingly. How exactly it will work in Malaysia is unsure yet as more fine-tuning will be required once the pilot test commences. However, if we were to reference Singapore, here are a few things we can expect. According to the Ministry of Manpower in Singapore: The Purpose of PWM To increase the wages of workers in Singapore by enhancing workers’ skills and improving their productivity. Similarly in Malaysia, the PWM would serve the same purpose. Additionally, Rafizi mentioned that the policy will not only upskill workers and provide them with higher salaries, but it will also increase their purchasing power (something crucial during these times of higher cost of living) which gives a multiplier effect on the broader consumption and private investments landscape in Malaysia. Tripartite Development The model in Singapore is developed collaboratively by unions, employers, and the government to uplift lower-wage workers. I think we can expect the same to be done in Malaysia. According to Human Resources Online, it’s said that the government will work closely with employers' associations to encourage the participation of employers from all sectors by expanding access to digital platforms to obtain information related to the Progressive Wage Policy, including the participation procedure and its advantages. The government will also look to engage in face-to-face and online information sessions to raise awareness among employers and employees about the importance and advantages of the Progressive Wage Policy. Employer Compliance and Beneficiaries In Singapore, the PWM is mandatory for employers, including those hiring foreign workers, to meet PWM requirements for local employees. It targets Singapore citizens and permanent residents employed full-time or part-time under a contract of service. According to the proposed Progressive Wage Policy in Malaysia, the implementation of the Progressive Wage Policy is not mandatory and will not be part of any new Act. Companies interested in adopting the Policy can be voluntarily registered through the online application system. Only 'Progressive Wage Employers' will be considered for incentives and must meet the specified conditions. Multinational companies are not included in the category of eligible companies to receive incentives since the company can afford to pay wages on a competitive level and can attract and retain talent compared to MSMEs. Government-related companies are also not covered since most of the employees are paid a more competitive salary and some companies accept allocations from the government. Sector Expansion PWM in Singapore covers sectors like cleaning, security, retail, in-house cleaning, landscape maintenance, food services, administrators, drivers, and waste management. So far, the plan in Malaysia is to only include entry-level and non-entry-level employee groups of companies who volunteer to be a part of the Policy. What are the benefits of the Progressive Wage Model for Malaysian employees, employers and MSMEs? The potential impact of the Progressive Wage Model on Malaysians is multifaceted. #1 Enhanced Living Standards for Low-Wage Workers By increasing wages in tandem with skill development and productivity, the PWM has the potential to significantly improve the living standards of low-wage workers. This uplift in income can lead to a better quality of life, enhanced financial security, and reduced poverty levels. #2 Skill Development and Career Progression The PWM encourages workers to engage in skill development programs, which could lead to better career opportunities and job security. This emphasis on skills training can make the workforce more adaptable and resilient in the face of changing economic landscapes. #3 Boost in Overall Productivity With a more skilled workforce, companies can expect to see a rise in productivity. This increase in efficiency can contribute to the overall growth of the economy, potentially leading to more job opportunities and higher wages across various sectors. #4 Economic Inclusivity The PWM aims to narrow the income gap, promoting a more inclusive economy where growth benefits a wider segment of the population. By targeting MSMEs, which comprise a significant portion of the Malaysian economy, the policy has the potential to enact broad-based economic improvements. #5 Unlock Business Growth Potential The PWM offers a robust avenue for business growth by fostering a skilled and productive workforce. By attracting and retaining top talent, businesses can benefit from increased loyalty and market performance. This aids in long-term strategic positioning and sustainability for businesses. PWM Policy: My Perspective As A Malaysian MSME Business Owner Personally, as someone who runs an MSME business, the Progressive Wage Model (PWM) strikes a chord with me. I like how this initiative links wages to the skills and productivity of employees, and it’s not just about ensuring higher pay; it's about cultivating a workforce that's more skilled and thus more productive. In my experience, a team with better skills not only works more efficiently but also contributes significantly to the growth of the business – something good for me and other business owners out there. Recently, I found that to ensure an employee stays driven and loyal, there are two great motivators: higher wages and career progression – both of which are being addressed by the PWM. Yet, in the current minimum wage system, finding a balance between fair compensation, maintaining the company's financial health, and investing in the skill development of my team presents a complex puzzle. My company is somewhat still in its infancy, it is a start-up after all, so it’s difficult for me to offer highly competitive wages (like GLCs and MNCs) to attract the top talents. Of course, this is not to say that my team isn’t getting fair wages, in fact, I do try to pay them higher than the market rates but I still find it hard to strike a balance between sustaining the financial stability of my business while also investing in upskilling my team. While I wholeheartedly support the spirit of the PWM, I do have some reservations. For instance, the financial incentives offered (between RM200 and RM300 per employee) are a step in the right direction, but I wonder if they are sufficient to make a meaningful impact. Furthermore, the success of such a program in the ever-evolving landscape of micro, small, and medium enterprises (MSMEs) hinges on its flexibility and adaptability to diverse business needs and environments. So, as we anticipate the outcomes of the pilot phase, I remain cautiously optimistic. If implemented effectively, the PWM has the potential to herald a new era of workforce development and economic sustainability, which is incredibly exciting. However, we must remember that this is a collective endeavour. The feedback from both businesses and workers will be indispensable in sculpting a model that genuinely resonates with and addresses the intricacies of our economic landscape. In the end, the PWM isn’t just a policy change; it’s a potential turning point in how we value and invest in our workforce for the betterment of our economy and society. 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.

Interactive Brokers? Too complicated. Rakuten? Too limited. So, what can you use to trade US stocks? Let me introduce you to the newest kid on the block, M+ Global. A Comprehensive M+ Global Review (Mplus Global) Malaysia What is M+ Global (Mplus Global)? M+ Global is a global trading platform based in Malaysia with access to markets in the United States and Hong Kong. You’ll get to invest in stocks, warrants, ETFs, IPOs, bonds and many more with just a touch of a button. Started by Malacca Securities Sdn. Bhd., they have had 60 years of experience in our local investment landscape. They are also listed as a participating organisation under Bursa Malaysia as well as licensed by the Securities Commission Malaysia since 1963. So, you can say that they go way back (and are very trustworthy). Fees Account Opening Fee: RM11 Trading Fee: US$3/trade or 0.10% of trade value (whichever is higher). For reference, check the table below. Types of Accounts Malaysia Market 1. Cash Account When an investor opens a M+ Global Cash Account, they’ll be automatically opening a direct Central Depository System (CDS) account. This means the investor will own the stocks, and have access to corporate actions (such as dividend payments, rights issues, or bonus share distributions) and when the investor sells stocks, the funds will be directly deposited into their account. 2. Islamic Cash Account The Islamic Cash Account allows investors to engage in compliant investments according to Islamic principles. The account is established based on Islamic financial principles, avoiding interest-based transactions and investments related to non-Islamic businesses. 3. Collateralised Account In other words, M+ Global offers the option of opening a margin account through their Collateralised Account. Through this account, investors will be able to borrow money from the broker (in this case, Malacca Securities) to buy securities. Essentially, you deposit some money and the broker lends you the rest. However, do note that although margin trading has the potential to amplify gains, it also has the potential to amplify losses. So, do be wary of this if you choose to trade on margin. The investor will only need to pay for the purchase of those securities two working days after the transaction date (T+2). US & HK Market 1. Share Financing Margin Account Similar to the Collateralised Account for the MY market, when you open a share financing margin account, you'll be borrowing funds from Malacca Securities to buy US and HK securities. It's worth noting that, a margin account may bear interest and has no settlement deadline until a Margin Call is received. If the account's risk level reaches a certain threshold, the broker has the right to liquidate the securities in the account. Account Opening (Existing User from M+ Online) If you already have an account with M+ Online, you can now link it to your new M+ Global account for free. Here's how you do it in just 6 simple steps: 1. Click on the registration page. 2. Log in to the M+ Global application. 3. Select the account type. 4. Declare your tax residency. 5. Read and agree to the account opening agreement and relevant disclosures. 6. Provide an electronic signature. All that is left is to wait for your account approval before you can trade the world. How To Open A M+ Global Account: A Step-By-Step Guide (New User) I opened an account the other day and it literally only took 5 minutes! It’s so, so quick and easy to open. Follow these next few steps and you’ll be on your way to trading all the US stocks you want. 1. Fill in your Contact Information Click here and start filling out your contact information like your phone number, email address, and username. Make sure to use our invitation code: T30E. 2. Choose your preferred Market and Account Type If you’re new to investing, you can select Cash Account under the MY Market. Check that you also select the US Market and HK Market so that you’re able to trade in those markets. And if you'd like, you can also turn on the Share Margin Financing Account for the US and HK markets. 3. Proceed to Identity Verification Fill in your full name (as per NRIC), and MyKad number and proceed to their eKYC (snap pictures of the front and back of your IC as well as record a 2-4 seconds video selfie). Their verification will take less than 30 seconds to complete so it’s quite instantaneous. 4. Fill in your Personal Details Provide all details requested for this section such as your full name, gender, race, address, and marital status. 5. Provide your Employment and Spouse Details Similar to the previous section, fill in the details of your employment and if you have a spouse, fill in their details as well. 6. Verify your Financial Profile For this section, you’ll want to provide details on your preferred banking account that will be linked to your M+ Global account. Keep in mind that you’ll also have to provide proof of your bank statement which can easily be obtained through your email. Simply screenshot your bank statement and upload it in the requested section. 7. Determine your Investment Risk Profile In this section, you’ll be required to take a basic risk assessment. This is just to better understand what kind of investor you are, the investment goals you have in mind and the investing timeframe. This will not affect the choice of securities and markets that are made available to you. 8. Fill in your Tax Residency Typical to all trading platforms, you’ll need to provide your tax residency as well as your Tax Identification Number (TIN) for this section. 9. Declarations & Agreements and Disclosures Check all the boxes that apply to these two sections. 10. Confirm your registration Simply provide your digital signature and make the RM11 account opening fee to confirm your registration. Finally, wait 1-3 working days for your evaluation to process. And that’s it! 10 steps, 5 minutes, KAOTIM! Pros and Cons of M+ Global Competition may be tough for M+ Global with other more well-known brokerages out there like Interactive Brokers and Rakuten but I can confidently say that this new kid on the block has what it takes to take on all of them. So, here are some of the pros and cons of using M+ Global. Pros 1. Trade using MYR As M+ Global is based in Malaysia (and in some ways, made for Malaysians), you’re able to trade US and Hong Kong stocks with MYR. In under 3 minutes, you can fund your account in our local currency using FPX. So, there's no need to go through the hassle of opening an overseas account, funding it, linking it to the brokerage and undertaking all of those frills. 2. Over 200 licensed dealer representatives Facing trouble while using the platform? Just reach out to their customer support team! They’re available 24 hours a day to assist you in any way. In comparison, all this while as a Malaysian we've only had the option of using overseas brokerage so getting assistance is quite difficult, especially if we take into account the timezone difference. However, with M+ Global, since it's locally based, help is readily available whenever you need it. 3. Real-time access to the market Get real-time access to NASDAQ, NYSE and HKEX prices and data. This way, you’ll get to observe the changing market conditions and decide if you’d like to trade instantly on the security. 4. Offers Shariah-compliant filtered stocks M+ Global has partnered with IdealRating Inc, to offer a comprehensive list of Shariah-compliant investments for our Muslim friends. Simply click on the button that says “Shariah” and you’ll get to see all the US and HK securities which are compliant. For your information, IdealRatings Inc. has a global presence, serving clients like JP Morgan and Bloomberg. 5. User-friendly and comprehensive The entire account opening process can be done digitally in less than 5 minutes. Their app is also very intuitive, clean and simple to use. At the same time, they offer various tools like a watchlist, news and quote marketplace. Cons 1. Unable to buy fractional shares If you’ve used Interactive Brokers (IBKR), you’ll know of their feature to buy fractional shares. Fractional shares allow investors to own a portion of a share, enabling more accessible and affordable investment opportunities. Unfortunately, M+ Global doesn’t have this feature… yet. However, the platform has plans to offer US fractional shares in the near future. Looks like we’ve just gotta stay tuned for it then. 2. Limited market access At the time of writing, M+ Global only offers access to the US and Hong Kong markets. Other markets like Europe, Canada, and the Asia Pacific are still not available; so hopefully it’ll be added on soon. 3. It’s still new M+ Global just launched this year so it’s still too new to tell or have a proper user review. There are also several features that haven’t been made available like fractional shares (as mentioned previously), Hong Kong IPOs and option trading. So at least that’s something to look forward to. Our Verdict I’ve played around with their app for a few days and have deposited a fair amount of funds in the app. Honestly, I have to say, the platform is very intuitive and easy to understand. I can get information like the market overview, sector and top stocks performance, specifically diving into each stock's financial analysis easily without having to Google search for anything. The best part is that I can create a watchlist of all the stocks I want to keep an eye on, label them according to their sector, for example, and then track them to the indices I prefer. I also get to receive the latest market news as well as curated news based on my watchlist. Free Palantir Stock For First RM2,000 Deposit Currently, M+ Global also has an offer to receive 1x Palantir stock if you deposit RM2,000 into their account. Conclusion Overall, if you’re new to investing, I highly recommend M+ Global because their platform is genuinely so easy to use and you don’t have to worry about converting your money or any of that. I hope this M+ Global Review helps especially if you're based in Malaysia. Again, click here to sign up for M+ Global and don’t forget to use our invitation code: T30E. Disclaimer This is not an investment advice. All content produced is solely for education and entertainment purposes only. Please consult your financial advisor before making any investment decision. 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.

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.