Save & Budget

8 Ways On Saving More Bucks In The Daily Life Of Millennials In Malaysia (Part 2)

I’ve talked about 4 of the 8 ways to save more money in your daily life as a millennial in Malaysia here. In this article, I will share with you the remaining 4 areas of your life where you can tuck away some extra bucks while maintaining your sanity.

  1. Petrol money that adds up every time your car asks to be fed

If your main mode of transport is your own car, you know how painful it feels to see the gas pump tally roll past a certain amount of $ every time you fill up your gas tank. Most of us might already have a fixed range of petrol money we pay every month but if you think that’s totally unavoidable, think again!

What you can do instead:

  • Share rides / carpool (whatever you call it) whenever possible. Take turn driving with your family, friends or colleague if your schedule matches or if you are headed to the same destination. Not only can you reduce your petrol spending, but you can also spend some quality time with your loved ones in a space where you don’t have to spend more money (think lunches, movies, drinks, you get me). Did I already mention about reducing carbon footprint?
  • Drive slower when you are on the road. When you slow down, your average fuel savings go up. Driving like a F1 racer doesn’t make you look any cooler.
  • Avoid excessive idle time. If you’re stopping longer than one minute, you better turn off your engine.
  • Use a credit card that gives you more cashbacks or cash rebates when purchasing petrol. I recommend going with card that gives you more than 8% or equivalent rewards.
  • If you’re famous, why not trade your photo for gas money like Will Smith did? (pardon my lousy sense of humour)
  1. Your Friday night’s booze that depleted your bank account

Now don’t get me wrong, I’m not suggesting that you should stop spending money on alcohol because I’m definitely one who enjoy a good cocktail or two on my night out with friends. But killing your money in exchange for bad hangover and regret isn’t the way to go.

What you can do instead:

  • Know your cutoff. If drinking that third glass of Martini will make you feel bad or force you throw up everywhere, then don’t buy it. Save that RM30 for something better.
  • Bring certain amount of cash only whenever you go to bar or night club, you don’t want to max out your credit card when you’re drunk. Decide on how much you actually want to spend before leaving your home.
  • TGIF doesn’t mean you have to have alcohol to reward yourself for wrapping up your tough week. Often times a glass of mocktail or a delicious meal is going to cut it. I used to go to night club a lot for all kinds of celebrations, but now I prefer to just buy a bottle of cheap red wine from the grocer and have a chill night all by myself (is that a sign of getting older?!).

  1. Groceries that take a big chunk of your ringgit out of your wallet

“Wait, Jocelyn, you just asked me to eat out less and make my own meals more often…” Yes, I did. And I will say it again, make your own food! But I am definitely not suggesting you to go to supermarket and blow your money. That bag of cookies and that pack of instant noodles do not have to go into your shopping cart.

What you can do instead:

  • ALWAYS plan your to-buy list before you head out the door. Either with your app or traditional pen and paper method, list out only the necessities you need to buy. And when you are in the grocer, buy according to your list. This is important so I will repeat it. Buy according to your list!
  • Shop sales. You don’t have to buy everything in full price. If your favorite fruit drops 50% in price, buy it. Always check that discount rack.
  • Buy essentials in bulk. You usually end up saving more and you’re gonna need them sooner or later anyway.
  • Purchase frozen fruits instead of fresh ones all the time. They’ll still taste more or less the same in your smoothie, plus – they are cheaper and last much longer.
  • Do not ever go grocery shopping when you are hungry. You’ll end up placing that chips, coke, and Cadbury in your shopping bag.
  1. “I don’t even know where did my money go…”

It happens. You don’t dine in fancy celebrity restaurant, you don’t splurge on designer shoes, you don’t purchase Mercedes-Benz, yet you don’t understand how you are left with nothing in your bank account by the end of every month. My friend, that is most probably caused by the discretionary spending in your day-to-day life. When you buy things that are not a necessity, those are what we called discretionary purchase. For instance, manicure and pedicure, flower bouquet, silk pyjamas, phone case, pet’s food, bubble milk tea… The amount of money might seem small, but when these things add up, it explains why you have difficulty with saving money.

What you can do instead:

  • Again, plan your shopping list before you go out and stock up. Bring sufficient amount of cash only for that A, B, C things on your to-buy list. Budgeting is the key. Make sure you record your spending afterwards so you know how much you have spent on certain things in each month.
  • Bundle your all your errands into one long trip per week, you want to avoid going on many trips and find yourself buying “extra” stuff each time you head out the door, and you gotta save on your petrol expenses too.
  • Whenever you feel tempted to purchase something that’s unnecessary, put that into your wish list, and tell yourself you will buy it next time you’re here. Chances are you will not feel like buying it anymore after you walk away. If you return the next time and still keen on buying it, by all means just get it, you need to maintain your sanity after all.

If you haven’t read Part 1, click here.

Please leave a comment below and let me know, what are some of your favorite tips in this blog post? 🙂