5 Money Saving Tips To Reduce High Living Cost In Malaysia
money saving tips

5 Money Saving Tips To Reduce High Living Cost In Malaysia

The increasing consumers price in our country is not something new or unfamiliar, on the contrary, almost every year this issue arises. The drastic increase in price of essential goods especially food like chicken, fish, vegetable and more gives extra pressure on the cost of living and surely affected the monthly commitments of the people. This issue also resulted to every little penny spent with much care eventhough it is to buy necessities while money saving tips and frugality becoming a hot topic in the society.

Money saving tips for students

money saving tips
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Knowing the difference between needs and wants

Needs is something that you need in order to survive the day and life as a student like food, clothes and shelter while wants are desire like wanting to eat luxurious food or shop for branded items. Following too much of your desire and wants can lead to being short on fund and force you to starve yourself at the end of the month, it is better that you start saving and learn about money saving tips and management.

Make use of the student card

 There are some book shops and stationary shops that offers discount and special offer for university students. In fact, there are various other services that offer interesting deals and discount for you. Do not let the golden chances slip off! Make sure to utilise your student status and get all the discount that you can get.

Use the public transport

When you are in campus, the university will surely set up a public accomodation like bus, shuttle and other free accomodation to make it easier for you to go to class. Utilize those free services because it can help you save more money. Avoid from using services like e-hailing if you are not in  hurry or the situation does not require for one.

Sell unused stuff, offer service

If you happen to have items that is still in a good condition or branded and it is is unused, you can sell them to your friend or sell them online to support your expenses. Other than selling clothes, you can also sell food, do a printing service and any kind of services that is not againts the university regulations.

Money saving tips for housewife

money saving tips
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Food garden and home cooking

Food garden whether it is at your backyard or in the balcony or in the vase or any suitable places more or less will help you save money on the groceries. Some of the plants that you can plant at your little garden are kaffir leaves, curry leaves, lemongrass and chilli plant. Other than that, you are also encourage to cook at home. Other than the assured cleanliness and money saving, it also get to push your creativity as well as work as a family bonding session if the gardening is done with your family. This food garden is also a very popular money saving tips and tricks that never get old because of the practicality.

Practicing the 3R rules

As a housewife, other money saving tips that you can try that will surely be beneficial is by practicing the 3R rules, which are Reduce, Reuse and Recycle. You can apply reduce when you are purchasing that is not in the priority list like clothes or buying food in a large amount. As for reuse, you can reuse used items or items that is still in a good condition to create something new without having to buy anew while recycle is recycling items like metal, aluminium, drink cans, bottle and glass that you can sell at the recycling center to earn extra pocket money!

Purchasing stuff in bulk and during promotion

When you are buying in bulk, its actually more beneficial in the long run. Usually items that are sell in bulks are way cheaper than buying in retail or unit. Besides, you also get the items farr cheaper when its promotional season or festivities like during Eid or any other special dates or the opening of the new shop. Now, online platform also offer a lot of promotion when you buy through the online platform. If you need an item but not urgently, you can wait until the item is on sale or try to get it for cheaper by getting a coupon and use them if you are thinking of purchasing it.

Practice electricity savings 

You can educate your family to always practice saving electricity like switching off when you do not use it, buying electrical appliances with the energy saving label and taking off the socket if it is not in use. This way, you can save up a lot on the electricity bills from going off the peak.

Money saving tips for low salary

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Do salary budgeting

Doing salary budgeting every month if you have never done it before. The budgeting aspect that should be included are food, rent and commitment. Make sure that you are disciplined in following the budgeting plan that you have set other than setting aside the items that you want or items that is not in urgent need. There are more way on money saving tips and budgeting for personal financial management like the 50/30/20 rules that helps you allocate your salary according to your needs, wants and others.

Find side income

Now, there are many ways that you can do a side income to create income from home even though you are working full time. What important is you work hard in doing any job and make sure that it will not interfere your full time job. For example, Portal like Fiverr, Upwork, Freelancer, Servishero and Kaodim able to easily introduce your skills and service online. Fill in the profile and details needed and you can apply for any position advertised. Other than that, on the weekend, if you are bored staying at home, you can become an e-hailing service driver like Grab.

You can also try doing services like food delivery service with foodpanda, Shopee food, Lalamove and more. With the extra money that you will earn, paired with all the money saving tips that you learn, you will surely step up your financial game.  Futhermore, ‘e-dagang’ is gaining more recognition within the community as a place to shop. You can sell various kind of items or services on the platform like Lazada, Carousell, Mudah and 11street. As long as you have a good internet connection.

Do not add more loan

This is the time to study and recheck your debt commitment and monthly payment, managing your monthly budgeting, daily expenses as well as house expenses can guaranteed that your savings will last longer. For credit card, the arrears balance can be change to term loan with lower interest rate.

However, if your financial situation is affected, it is better to avoid high usage of credit card or adding more to your piling debt. This situation will only make your financial problem worst and as a guide, for those who need to accept salary deduction, do not shop like you normally does, try to explore more options that can increase funding and always be frugal. With applying money saving tips and being more calculative with your debt commitment, you might get to save up more than you think.

Save your salary to beneficial account

The salary that you get can be put into a separate account that is not easily accessed or beneficial account. For this purpose, the best kind of account is an account  that is hard to access like Tabung Haji or Amanah Saham. If your salary is transferred to Maybank account, try save a bit into your CIMB account. Most recommended is to save on account that is hard to access like Tabung Haji, ASN and ASB.

Utilise My50 travel pass

You can utilise the unlimited My50 travel pass that only cost RM50 monthly that you can use for rail and bus services under Prasarana Malaysia Berhad (prasarana) that is introduced by the government under theh Pelan Jana Semula Ekonomi Negara (PENJANA) scheme on June 2020. Usually, for monthly pass, it will cost you RM200. With My50, it indirectly help you save up your travelling expenses if you use public transport. This pass is exclusively for the citizen of Malaysia and can be use with MyKad, MyTentera and MyKid, and also you can get them at any LRT, MRT, Monorel and BRT stations.

Use e-wallet

Get more benefits and save up more when you make your payment using e-wallet. There are various kind of online wallet or e-wallet that is secure and trusted in Malaysia, some of it are GrabPay, Boost and FavePay. The e-wallet usage is gaining popularity in our Malaysian community because of its user friendly nature, wild rage of shop and special discount. Not only that, cashback offer also awaits. Collaboration with various merchant and services always offer many cashback and discount that surely tempting! This is what we call a smart shopper!    

Money saving tips for freelancer

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Seperate your business account and personal account

Seperating your business account and personal account is very vital. Firstly, it can ease your money management and tax including identifying between business money and personal money. Business account can be use as capital to expand your business, pay for marketing cost, damage and loss and more for the growth of the company  or service, and also avoid you from getting legislative problem.

Set a business budget 

This is important because you get to clearly see the cash flow to better plan your business. You can use financial apps  to record every spending and expenses. You also get to see whether your overspend or underspend every month.

Seperate a small amount of your money for emergency 

As a freelancer, you maybe used to clients not paying your services on time. Due to that, it is important to set aside some of your earnings to be used on emergency situation like late payment. This also will help you last on the long term before receiving a payment.

Learn basic accounting

Accounting is a recording process, classifying and transcribing transaction using money value using a simple way and systematic. Bookkeeping is one way to record business precisely and systematically. The benefit of that is that you get to arrange financial record, knowing your financial position, manage debt and ease your long term financial planning process.

Money saving tips for business

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Start a good monetary habit

You can set a good monetary habit by setting up a financial rule to protect you and expand your business. For example, you can set up rule and boundaries before spending and investing your business money for something or somewhere. 

Other thing that you need to consider is getting your business partner’s or worker’s consent and agreement before making a big decision. This is to ensure you does not get scammed and lower expenses on your business. 


Monitor expenses

When you monitor your expenses, it  helps you to access business information and analyse transaction record, which will make your business management smoother and efficient.

Other than that, you will also able to establish your business financial position, controlling the cost and expenses of your business, observing the cash flow of your business, daily, weekly, monthly expenses and profit.


Utilise government initiative


  • SemarakNiaga

SemarakNiaga Keluarga Malaysia (SemarakNiaga) initiative valuing up to RM40 billion that was launched by YAB Prime Minister, Datuk Seri Ismail Sabri Yaakob on 21st of February 2022 is a part of the 2022 budget highlight to help the business sector to revive, especially Micro business, Small and Middle business (PMKS).


Behind all the money saving tips and guides given, what is more important is to always spend wisely and in moderation because you can never predict what will happen in the future. We hope all the suggestions, money saving tips and financial advice given could help you save without having to be too frugal like starving yourself.

This article is written by Direct Lending –  An online personal lending platform that provides bank and koperasi personal loan as well as licensed moneylenders personal loan. For car owner, check out our car repair instalment plan- Repair car now, Pay later. We can help you find, compare and apply personal loan that best suits your financial needs. Check your eligibility for free, no upfront payment or processing fees and get a loan rates from 2.31% p.a. or 2 working days.


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