Save & Budget

8 Ways On Saving More Bucks In The Daily Life Of Millennials In Malaysia (Part I)

The million-dollar question is: how do I save money?

The answer is quite simple yet most millennials in Malaysia find it struggling to achieve. It is either you 1) spend less than you earn and/or 2) earn more than you spend.

In this article, I will share with you some tips and tricks on saving that extra bucks in your daily life without feeling the pinch.

  1. Cappuccino that you can’t seem to stop buying every single day from Starbucks

You were running a little late to work but you passed by that coffee shop on the corner of your work place building and the aroma of coffee instantly led you to the shop. And boom, you found yourself holding the coffee to-go and dashing off to   work. To think about it, if you spend about RM10 for a cup of coffee every day, you’d be pouring a total of RM3,650 for a year just on takeout coffee alone. That’s about a month’s salary for many of us!

What you can do instead:

  • Invest in a French press / coffee maker / coffee machine. Trust me, it’s not as pricey as you think. There are actually tons of affordable options you can find on sites like Lazada or 11street or (I love these sites for some incredible deals!). Not only can you save some money, but you get to be your own barista at your own “cafe” (like I do in MoneyTalks Cafe… ok that’s kinda lame). I say, why not?
  • If coffee machine is not an option, buy instant coffee instead.
  • Take advantage of the coffee machine provided in your office’s pantry. Bring your own milk and make yourself a latte and I’m sure it is just as good as the one you bought from Coffee Beans.
  1. Gym membership that you signed up for but never utilize

Fun fact: do you know a lot of gym memberships are designed for people who don’t show up for gym? People like you and me who intended to work out, but don’t. That’s a gym’s perfect customer. Some gyms even make membership cancellation a pain in the ass and customers are fine to throw their money every month as long as they go there once in a month or so. If you find yourself guilty, it’s time to consider whether or not you need to keep that under-utilized gym membership.

What you can do instead:

  • Jogging / hiking in your nearest park. Bring a buddy with you so you don’t get bored.
  • Do home workout. There are plenty of free online workouts that make it easy to exercise at home. Type anything like “yoga for weight loss”, “full body HIIT” or “Pilates for beginners” in YouTube and you can find everything you want, for FREE. I personally love Blogilates’ channel on YouTube because the instructor Casey is such a bright and joyful lady!
  • Check out our public swimming pools, multipurpose stadium, sports centre, and “taman-taman”, you’d be surprised how many activities you can actually do for little to no cost at all.
  1. Clothes that you piled up in closet but never seems to have enough

I used to shop a lot of fast fashion but ended up only wearing them a couple of times because they were out of season or were unraveled at the seams after a few washes. This costs me more in the long run because I need to replace them so frequently. The lesson that I learn? Do not spend your money on apparel items that don’t stand the test of time.

What you can do instead:

  • But quality clothes that last longer for the money you spend. This does not mean that you have to break the bank and splurge on that Gucci dress. The fact is there are many affordable clothing brands that will last years, like Levi’s, Uniqlo, GAP etc.
  • Spend more upfront on investment items like basic tee or work dress that you’ll be wearing for 287 times
  • Buy classic apparel items; not trendy pieces that only last you a season. Think denim jeans and versatile black dress.
  1. Eating out more often than you should

Let’s be honest. How many of you eat out more often than you stay home and make your own food? Eating out can easily be one’s largest discretionary expense because yes, there are all kinds of restaurants and eateries that serve all kinds of cuisines out there which comes with a price tag. Whether it’s fast food chain that serves burgers bigger than your fist or Michelin-starred fancy restaurant that is famous for its Wagyu beef, attempting to try out as many restaurants as you desire can easily break your bank.

What you can do instead:

  • This is a no-brainer, but make your own meals! Meal prep is your best friend. Again, search online on all sorts of meal prep ideas and you will surely find something that suits your taste. I personally follow this, this and this meal prep recipes and prep my own healthy food 5 days a week.
  • Invite friends over for potluck cookout so that you don’t have to always meet up at some expensive dinner spots.
  • If you ever have to eat out, food courts / hawker centers serve a variety of good and cheap food.
  • Create a “30-day No Eating Out Challenge” and allow yourself to have one cheat meal (eat out) per week. You will see how much you can save from not eating food outside your home.

Click here for Part 2 on the next 4 ways on saving more!

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