Welcome to MONEY MASTER. Money Master is a financial management and money talk blog where our aim is to become the money master rather than the slave to the money. Making money is no easy job if you treat it as a burden but once money becomes your friend and work for you, that is when cash flows in. Becoming the money master rather than slave to it helps us redefine the whole idea of earning more - it's more like the money working for us.
If you are following, the Malaysian Prime Minister, Datuk Seri Najib Tun Razak has announced the increase of petrol price.
Price for RON95 petrol and diesel will be raised by 20 sen per liter from midnight. While 20 sen probably doesn't send an alarming response, an increase of 10% in the petrol should be alarming.
The move is aimed at reducing the fiscal deficit, thus saving RM1.1bil per year for the Government, said Prime Minister Datuk Seri Najib Tun Razak.
Najib said despite the increase, the government would still be subsidising 63 sen for RON 95 petrol.
"The subsidy rationalisation will be carried out in many stages. The first is that the price of RON95 and diesel will be increased by 20 sen per litre from 12.01am Tuesday," Najib told a press conference after chairing a meeting of the Fiscal Policy Committee (FPC) on Monday.
There have been talk of ways the government would do to help the lower income group in Malaysia but all of that remain as talk while the increase in petrol has become a reality. Well, for those of you who are interested to talk about politics, you may but I think it's time for Malaysians to start planning for their expenses....tighten the spending maybe...let's not forget that our Ringgit (RM) is also becoming weaker.
Here are the few actions that should be considered:
1) Taking public transportation
Ever consider taking public transportation to work? Well, if you have not, maybe it's time to consider this option. If you're taking LRT, you probably spend about RM150 max on a month for your transportation. If you're driving, you spend at least RM150 for your parking, and maybe approximately another RM300 on your petrol. Let's not forget those who are paying toll as well.
sometimes you even have parking benefits when you carpool
Well, we all know not every places in the country are convenient enough for public transport. If you are facing this issue, the next option: Carpool.
Here are a few benefits of carpooling. You get to save half of the transportation expenses. You have companion while travelling or when you are stuck in a jam. It is safer. Well, maybe it's time to look for people who stay nearby to go to work together. Some office even prepare special parking for those who carpool...one of these companies is Intel...I've seen it at my brother's office.
3) Eat in
The idea of cooking makes me vomit. I would rather be home and drink Oats, Milo, eat bread etc. Well, that's me....but maybe it is indeed time to consider eating in. The food prices in Malaysia is going up during each Festive seasons, each time the government declare an increase in petrol...each time that they have the opportunity.
Here are the few reasons why eat in is much better...
a) Healthier - the food outside nowadays are food of MSG and the amount of sugar in a drink is unbelievable. The number diabetic patients in the country has also increase tremendously. This should be a worrying trend.
b) Safety - whether in Mamak or restaurants, robbery cases, snatch thefts etc have increased. By eating in, you just reduce your risk of being a victim to these bastards.
c) Quality time spent with family. If you are staying with your family (unfortunately I'm not), eating in gives you family time....quality time with your family. Whether you believe me or not, there is nothing more enjoyable than eating with people who love you and would do anything to take care of you....
4) Spend on affordable luxury/activities
I know it doesn't seem to fit in as the topic is suppose to be on cutting down expenses but here am I, talking about spending on affordable luxury.
I think this is important because ultimately, we did not want to be working everyday just for the sake of saving money. Here are some affordable luxury that I will recommend:
a) Internet usage (data plan included)
There are many people who don't usage data plan even until today but find themselves spending more on SMS, phone calls etc. Internet is an affordable luxury...in fact, it is a need for most people. Get yourself an affordable smartphone and internet...then you'll realize you'll be spending a lot lesser at times. Don't believe me? Try it!
b) Gym or sports
Some people do not want to spend on sports but at the end, they end up spending their weekends in mall, paying for parking, movies, expensive meals and yup, they basically spend more than those who pay for gym or go for sports. Sports is one of the most affordable and important luxury and activities that one should join.
Most people don't read these days....so if you don't read, you're losing on some cheap activity. How many of you know that there are so many important source of free reading materials on the internet (see, that's why I said internet is important). You go to Reader's Digest online and you'll find plenty for yourself to read...magazines like Men's Health, engadget and many more...all of these offer interesting and exciting updates for you. For those of you who love manga/comic books, you could easily find it on the internet as well.
5) Choose to stay nearby your workplace
I remember chatting with a friend of mine who talk about buying property in areas like Puchong and all. Well, if you are not aware, one will have to spend about one hour to one and a half hours to reach his or her working place if they are working in the city center. The jam is frustrating and you'll have to pay expensively for your travelling. So, if you have a choice, choose to stay nearby your workplace. That's what I'm planning to do by considering a property in Jalan Ampang, nearby my working place. It's definitely more expensive to buy in city center than areas like Puchong, but the benefits are plentiful. So, the next time you want to complain about the jam, remember...sometimes, it was your own decision to stay far away from work.