Copyright 2016
Legal Disclaimer This ebook is a publication of CompareHero.my and all information presented is believed to be factual and up-to-date as of its completion on 1 February 2016, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of completion and are subject to change. The content provided is for information purposes only. The information is not intended to be and does not constitute personalised financial advice or any other advice. It is general in nature and not specific to you. Before using this ebook to make financial or investment decisions, you should seek the advice of a qualified and registered professional and undertake your own due diligence. The information in this ebook is not an offer to purchase, or a solicitation of any offer to purchase the credit cards, personal loans, and other financial products mentioned herein. CompareHero.my is not responsible for any financial decisions made by you and you are solely responsible for your own research and decisions.
Contents Foreword Chinese Zodiac Profiles Dining Tips Shopping Tips Travel Tips Home & Living Tips
Foreword Welcome to CompareHero.my’s ultimate money-saving guide for the Year of the Monkey in 2016! As part of the world’s largest personal finance comparison platform, we have two goals that will help you save time and money: • •
Increase financial literacy in Malaysia through our blog articles Increase market transparency to prevent you from overpaying through our dynamic comparisons
We do this because every Ringgit saved is a Ringgit earned towards your retirement, paying of your debt, or a major purchase such as a car, a house or a well-deserved vacation. I don’t need to bring up the numerous price hikes that Malaysians had to endure in 2015 and that will likely continue in 2016, but it suffices to say that with the higher cost of living, everyone can use a few money saving tips. Now, I won’t claim that you can save a million Ringgit overnight and I also don’t have a watertight method to predict how the stock market will turn out. What we are offering is a practical guide that involves discipline and the formation of good money habits.
After reading this Ebook, we hope that you walk away wiser and more confident about making healthy financial decisions. If you want to learn more about 0% balance transfer, compound interest, cashback versus reward cards, the best credit cards of a particular bank, loan consolidation, how to build an emergency fund, Islamic finance or what happens when you make a late payment, please do visit our blog and read up! In this Year of the Monkey, we at CompareHero.my wish you a healthy and prosperous year in which you are able to meet and exceed your financial goals!
Mark Reijman Managing Director CompareHero.my
Chinese Zodiac Profiles
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108 Money Saving Tips For The Year Of The Monkey
Rat 1948 • 1960 • 1972 • 1984 • 1996 • 2008
Smart, charming and quick-witted, the Rat is a shrewd and ambitious individual. As the first sign in the Chinese Zodiac, 2016 will be a busy year in your career and provide opportunities to grow your wealth. Be sure to connect with those around you and in turn they will support you in all of your ventures!
Ox 1949 • 1961 • 1973 • 1985 • 1997 • 2009
Hardworking, loyal and steadfast, as the second sign of the Chinese Zodiac, those born in the Year of the Ox are known for being patient and sincere with their friends and family. This year, you will have to take on new challenges in your career and share knowledge with trusted partners in order to build business opportunities.
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108 Money Saving Tips For The Year Of The Monkey
Tiger 1950 • 1962 • 1974 • 1986 • 1998 • 2010
The third sign in the Chinese Zodiac is renowned for being courageous, determined and adventurous. In the Year of the Monkey, the Tiger will have to be more reserved when it comes to investments and tread cautiously in their careers. It is a year for you to lay low and take the opportunity to learn new skills in order to enhance your career growth.
Rabbit 1951 • 1963 • 1975 • 1987 • 1999 • 2011
Witty, friendly and caring, those born under the fourth sign of the Chinese Zodiac will have much to do this year. The Rabbit will be blessed with many career and business opportunities, but may find yourself playing the peacemaker in 2016. Keep an eye out for money making opportunities this year, but be prudent and do your homework before signing any contracts.
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108 Money Saving Tips For The Year Of The Monkey
Dragon 1952 • 1964 • 1976 • 1988 • 2000 • 2012
The Dragon is the fifth sign of the Chinese Zodiac and is commonly perceived as the luckiest sign and a proud, ambitious and highly intelligent individual. 2016 is a year for the Dragon to buckle down and showcase their skills at their workplace. Prosperity awaits and it may even turn out to be a surprise windfall! Be sure to get advice on how to invest your wealth and be patient, it takes time but the returns will be worth it.
Snake 1953 • 1965 • 1977 • 1989 • 2001 • 2013
The Year of The Monkey may be filled with challenges for those born in the Year of the Snake. Those born under the sixth sign in the Chinese Zodiac are usually deep thinkers who are also calm and solitary by nature. However 2016 is also a year of hidden opportunities as this is the chance to shed any deadweight that might have been holding them back in the past. This year, you will have to work harder than most but you will reap the rewards in the future.
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108 Money Saving Tips For The Year Of The Monkey
Horse 1954 • 1966 • 1978 • 1990 • 2002 • 2014
The lively, brave and independent Horse is the seventh sign of the Chinese Zodiac and will enjoy several opportunities to develop their career by taking on additional responsibilities for the chance to gain a salary increase or promotion. However, it might be high time to rethink their financial strategy for the year and learn how to invest the additional income in order to grow their wealth.
Goat 1955 • 1967 • 1979 • 1991 • 2003 • 2015
The Goat is the eighth sign of the Chinese Zodiac and is well liked for their highly imaginative, creative and easy-going nature. And this year, the Goat will need to make full use of their experience and persuasive nature to work well with others to achieve greater success. Stay open minded but be extremely prudent when it comes to lending or borrowing money – don’t bite off more than you can chew.
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108 Money Saving Tips For The Year Of The Monkey
Monkey 1956 • 1968 • 1980 • 1992 • 2004 • 2016
Those born in the Year of the Monkey are smart, charming and playful individuals who make exceptional leaders. However, it’s the Year of the Monkey and Chinese astrology believes that your Chinese Zodiac’s year can be filled with tough challenges! In 2016, the Monkey will have to play their cards right and put in more effort towards growing their career and wealth. Avoid investments that seem too good to be true, because they probably are!
Rooster 1957 • 1969 • 1981 • 1993 • 2005 • 2017
The dignified and meticulous Rooster also has a flamboyant side and is admired by many for their active lifestyle. The tenth sign in the Chinese Zodiac will face a mixed year in terms of wealth and career opportunities and will have to tread warily at all times. While the Rooster should try to make some extra side income, they must not jeopardise their main source of income, just because they want to make a quick buck.
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108 Money Saving Tips For The Year Of The Monkey
Dog 1958 • 1970 • 1982 • 1994 • 2006 • 2018
Loyal, intuitive and friendly, the Dog is the eleventh sign of the Chinese Zodiac that tends to worry about many things, but 2016 will be a year that offers positive growth and stability in their personal lives and finances. The Dog however will need to plan wisely and be careful when loaning money to friends or family and as the saying goes, “Should you need to loan money to a friend or relative, you must be prepared to maybe lose both.”
Pig 1959 • 1971 • 1983 • 1995 • 2007 • 2019
The twelfth sign of the Chinese Zodiac, the Pig is known for being honest, generous and goal-driven in their careers and personal lives. The Year of the Monkey is a good year for the Pig to invest more time at work to improve their career path. There are also opportunities to expand their investment portfolio but the Pig must practice diligence at all times to ensure that they are not taken advantage of by unscrupulous parties.
Dining We Malaysians love to eat and lots of us are foodies who claim to ‘live to eat’! Here are some amazing tips to help you save money and keep on ‘jalanjalan, cari makan’.
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108 Money Saving Tips For The Year Of The Monkey
1
Bring the crowd home.
Have a potluck instead of going to a café or restaurants to catch up with your friends. Plus, everyone can stay longer and eat more food at a lower cost!
2 Lunch it. Lunch time menus are generally cheaper than the dinner menus, so if you’d like to try out a fancy restaurant, do it over lunch.
3 Bag it up. If you have leftovers from your meals, make sure to take it home – you paid for it, so don’t let the food and your money go to waste.
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108 Money Saving Tips For The Year Of The Monkey
4
Skip the fancy liquids.
Order water the next time you dine out instead of the fancy drinks so you can save money and spend more on the food.
5
Go for the house specialty.
Have the specials - get your money’s worth by having something you can’t make or won’t usually make at home. Why pay extra for food which you can cook yourself at home for a fraction of the price?
6
Get your money back.
Make the most of a credit card by using one that has good cashback deals for dining out. If you don’t have one yet, time to get an optimized credit card for your lifestyle!
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108 Money Saving Tips For The Year Of The Monkey
7 Share it. You should spend more for the main meal but if you do want to try something from the appetizers or desserts, share it with someone instead of ordering one for each.
8
Go at off-peak hours.
Restaurants and cafĂŠs usually have special deals during the quieter hours between lunch and dinner, so if you can have your meals during this period you get to save more!
9
Always ask about promotions.
Most food establishments have on-going promotions, and if you don’t spot any ask their staff anyways if there are any deals.
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108 Money Saving Tips For The Year Of The Monkey
10
Pick the right day.
Some restaurants offer discounts on low traffic and quieter days e.g. midweek, so look out for those promotions and dine out during those days!
11
Get your money’s worth.
If you’re a fan of Japanese food, get your money’s worth by dining on the days the restaurants receive their fresh fish. They usually get their air-flown produce directly from the markets in Japan on Tuesdays and Wednesdays, but do check with the restaurant.
12
Family affair meals.
Dining out with your family and kids? Look out for places that offer free food for kids when you purchase an adult’s meal. On another note, many places also offer special prices and deals for senior citizens, so do ask!
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108 Money Saving Tips For The Year Of The Monkey
13
Get on social media!
Follow your favourite places to eat on their social media accounts. Many food establishments offer exclusive deals and discounts on social media as well as announce their latest promotions.
14 Portion control. Find out what the serving size is like so you can practice portion control. This is so you know how much food you’re actually getting. You can always order more if you’re still hungry, but you’ll be wasting food and money if you over order.
15
Use dining apps for deals.
If you always dine out you should make use of the many free foodie apps to read reviews and score discounts and deals. Some of the apps you can check out are Burpple and Eat Drink KL.
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108 Money Saving Tips For The Year Of The Monkey
16 Check your bills. Always double check your bills and examine it closely to make sure you have been charged correctly. Restaurants can get busy and as such unintentional mistakes can happen.
17 Read up. Look up the menu of the restaurant you’re headed to so you can plan ahead. This helps you to curb any impulsive orders just because you’re hungry. You can also roughly know how much your meal will cost and manage your spending better to avoid overspending while dining there.
18
The dine out budget.
Allocate a budget for eating out every month and stick to it so that you don’t go overboard. Once you’ve used up the allocated budget, don’t dine out again until the next month.
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108 Money Saving Tips For The Year Of The Monkey
19 Hunt for deals. Your food will taste even better when you know you’re getting a good deal out of it! You can do so by checking out online deal sites like makandeal.com and ilovedeals.my.
20
Skip alcohol or BYO.
When dining out try to skip on having the drinks to keep your cost low. But if you must, bring your own booze (BYOB). There may be a corkage fee, but it will still be cheaper to bring your own than ordering from their options with marked up prices.
21 Birthday treats. Take advantage of restaurants that offer birthday deals. Some offer free cake while there are eateries that also offer a free meal for the birthday person, so if you or a loved one’s birthday is coming soon check out the options you have in advance!
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22 Be realistic. Dining out can be pricey but with plenty of eatery options, you can find something within a reasonable price range. Always dine out by selecting restaurant within your means. And if your friends want to dine at pricey places learn to say no.
23 Make it a meal. Appetizers are usually cheaper than main courses, and some restaurants serve up generous servings! So instead of ordering a main course, order a few options from the appetizers and make a meal out of it!
24
Try the new place.
New restaurants sometimes have special offers to attract customers to come through their doors, so don’t be afraid to try out the newest places and check out what opening promotions they have.
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25
Buffets aren’t always worth it.
Few people can actually eat the amount of food to make up for the exorbitant price of some buffets. So think twice about going for a buffet, usually the ‘ala carte’ option is cheaper and better!
26
Get the bill immediately.
If you’re worried about over-ordering later on, ask for the bill once your food has arrived. This will minimize the temptation for you to order another (unnecessary) plate of food or drinks.
27 Go for no-frills Sometimes eating out isn’t for any particular occasion but because you just can’t be bothered to cook at home. Just keep it simple and affordable by dining at no-frills eateries.
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108 Money Saving Tips For The Year Of The Monkey
Shopping Malaysia can be a paradise for shoppers, but you’ll definitely want to know about these great shopping tips to ensure you get the best deals at all times.
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108 Money Saving Tips For The Year Of The Monkey
1
Quality over quantity.
When making purchases, make sure you buy quality products that will last you longer so you won’t have to keep buying replacements after it breaks, this will cost you more in the long run.
2
Check your closets.
Run some inventory and have a quick look at your closets to see what you own before you go shopping. You might even find a few surprises that will save you from the hassle of a shopping trip!
3 Use your points. Utilise your credit card or membership rewards and points where you can to make purchases. This will help to offset your spending and you can save more money.
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108 Money Saving Tips For The Year Of The Monkey
4 Get cash back. Earn back some cash when you shop with websites like Milkadeal.com or Shopback.my. You can get a percentage of your money back just by using the site whenever you shop, so check them out!
5
Sign up for newsletters.
Most retailers offer you cash discounts and promo codes just by signing up for their newsletter. On top of that you will also be among the first to know about their latest sales and promotions, so it’s a win-win situation!
6
The 3-day and 30-day rule.
To stop yourself from shopping impulsively, practice the 3-day rule for smaller purchases or 30-day rule for large purchases. Wait it out and take 3 or 30 days to think it through before you actually buy the item.
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7
Do a price comparison.
Always compare prices, especially of any products which you often use. You will likely be familiar with the price so shop around before buying it and if you see it on offer, grab it!
8
Ask for waivers and discounts.
Before you agree to any charges, ask if it can be waived. For example, registration fees for a gym subscription. If you don’t try you won’t know!
9 Don’t overstock. Even if there’s a sale or items are on offer, don’t overstock on necessities such as household items and toiletries. You don’t want them to expire or go bad before you get a chance to even use it.
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10 Stick to a list. Write down what you need to get before you go shopping to help you stay focused and avoid unnecessary purchases.
11 Be a deal hunter. When making purchases, do a quick search to see if you can get any coupons or voucher codes and seek out deals even before going into the store.
12 Shop online. You can score plenty of deals when shopping online, and some retailers also have exclusive online offers. You also save the money you would have spent for petrol and parking!
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108 Money Saving Tips For The Year Of The Monkey
13 Go on a treat. Treat yourself once in a while because if you suppress yourself too much you may end up going on a binge spending spree, which will cause a lot more damage to your bank account!
14
Go thrift shopping.
You can score some really cool stuff at lower prices at bundle and garage shops. Aside from that, you should also check out car boot sales that sell everything from used clothes, books, furniture and more.
15 Shop smart. Practice caution when shopping, especially online and with your credit card. Educate yourself on how to shop smart and safe online to avoid falling for scams and cyber-crimes.
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108 Money Saving Tips For The Year Of The Monkey
16
Know your rights.
Make sure you are not paying more than you should be when making purchases, especially for price controlled items like salt, sugar or cooking oil. Check the KPDNKK website for the latest list of controlled items and learn your rights as a consumer.
17
Check product reviews.
Avoid buying low quality or inferior products that will break apart after only a few uses. Do your homework and read up on the latest product reviews beforehand.
18
Read more for less.
If you’re a book lover, shop at bookstores like Book Excess or book fairs (Big Bad Wolf Books Sale) which offer massive discounts on books. Or you can join a book exchange program to swap your books with other people.
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108 Money Saving Tips For The Year Of The Monkey
19 Practice control. Always remind yourself the difference between necessity and desire. Saving money is a conscious decision and requires discipline, but in the end it’s better to have more savings instead of things you ‘thought’ you needed.
20 ‘No spend’ day. If you don’t have to buy anything, avoid the shopping malls and shops in general for ‘no spend’ day! Go for a hike or stay home to read – there are plenty of free and affordable activities for you to do instead of going to the malls.
21
Sign up for membership cards.
Sign up for retail membership cards, especially at major department stores. You can collect points every time you shop which can then be redeemed into cash vouchers or used to buy items with your points.
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108 Money Saving Tips For The Year Of The Monkey
22
Sample & warehouse sales.
Look out for sample, warehouse and outlet store sales. Most of the time items at these places are only one season back and yet is still in good condition sold for a fraction of its original price.
RM 80
23
Beware of ‘offers’.
Promotions and offers are great and all – but beware of unscrupulous retailers who have marked up their prices then put it on ‘discount’ to get your attention.
24 Get organised. Organise your emails and sign up for exclusive offers and deals that will be sent to you. If your email’s inbox is too cluttered, you might miss out on important newsletters or emails!
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108 Money Saving Tips For The Year Of The Monkey
25 Save vs splurge. When shopping, always have your priorities set straight. Some things are worth saving money on and some you can afford to spend a little bit more. But never skimp on the basic necessities!
26
FREE online delivery.
Most online retailers offer free shipping for a certain amount of purchases e.g. free delivery for purchase of RM100 and above. So round up your friends to take advantage of the free delivery offer!
27 Go classic. Build your wardrobe by investing in classic pieces of clothing – think black pants, quality watch, good pair of jeans and shoes. You can then mix it up with cheaper options and by accessorizing.
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108 Money Saving Tips For The Year Of The Monkey
Travel Whether you’re jetsetting across the world or catching the local sights in Malaysia, you’ll need to equip yourself with these travel tips to help your money go the distance.
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1
Plan your holiday in advance.
Start booking at least 6 months ahead for cheaper flight tickets and accommodations. Use flight and accommodation comparison sites like Skyscanner and Expedia to get the best deals.
2
Travel during the off-peak season.
Flights and accommodation will be much cheaper and there will be less of a crowd to compete with, so you can enjoy your vacation without too much hassle.
3
Bring your own food when you fly.
On-board meals are pricey, so buy your own food from the airport or prepare a home cooked meal for the flight. Make sure the food you pack is not liquid based — such as soup or gravy.
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4
Get travel insurance.
Don’t skimp on travel insurance, while you may be paying slightly more upfront, you’ll still save more money should any accident or unforeseen circumstances occur!
5
Go for budget stays.
Try staying at budget hotels, hostels or even local homestays so you’ll have more money for sight-seeing and souvenirs! You can look for cheap accommodation on HostelWorld or AirBnB.
6
Save on checked baggage.
Most airlines will give you free 7kg – 10kg carry-on luggage allowance, so make full use of that. Wear several layers of clothes and your heaviest shoes to save luggage space. You can bring another handbag or a laptop bag to cram your electronic devices and toiletries.
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7
Get holiday deals online.
Check out deals websites like Groupon or even your favourite airline’s website to get the latest deals. These can offer you massive savings on accommodations and tour activities.
8
Get a travel credit card.
Look out for a credit card that offers more air miles and rewards as well as perks for overseas spending. This way, you can collect points for free flight tickets from your spending all year-round.
9
Redeem your air miles.
Use your air miles accumulated from your credit card usage to redeem free or cheaper flight tickets.
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108 Money Saving Tips For The Year Of The Monkey
10
Turn off your data.
Remember to turn off your 3G/4G and data roaming when you travel! Use ‘airplane mode’ to avoid additional charges from your provider. Alternatively, get a local SIM card at your travel destination as they cost less than roaming.
11
Shop smart for souvenirs.
Visit the local supermarket or markets for souvenirs when you travel. They may also sell the same souvenirs found in the fancy gift stores, for a much lower price.
12
Exchange currency wisely.
Avoid exchanging your foreign currency at airports or banks. They tend to have higher rates than most money changers. Change your currency at the local money changer instead of doing it abroad, as the rates will be much higher overseas.
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108 Money Saving Tips For The Year Of The Monkey
13 Invest in luggage. Get a good set of luggage with added security features that will last for you a long time. Luggage malfunctions and theft happens more often than you can imagine, so better safe than sorry.
14
Learn the local language.
Before you jet off to your destination, pick up a few local phrases. Learning the language is always useful, and you can’t always rely on English. You don’t have to be fluent, just learn basic words or phrases to communicate with the locals when you need help or to haggle on purchases.
15
Haggle for a discount.
It doesn’t hurt to ask for a discount when shopping for souvenirs or goods when you travel. Obviously you can’t do it when at the mall, but many shops overseas quote a higher price to tourists, so don’t be shy and haggle away!
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108 Money Saving Tips For The Year Of The Monkey
16 Eat like the locals. Be sure to eat at the local food stalls and hawkers when you travel. Not only are they way cheaper than restaurants, you can get a taste of the best local cuisine this way.
17
Get a free breakfast.
Hotels offer a breakfast packaged with the room which is usually served between 7am to 10am. So don’t miss out and eat well so you’ll eat less for lunch and save money that way.
18
Don’t get taken for a ride.
If necessary, try to rent a vehicle or take public transport. Since you’re planning to see the sights all over town, it will cost less than the cab fare and you’ll have more freedom and flexibility to explore.
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108 Money Saving Tips For The Year Of The Monkey
19
Check out travel advice sites.
Make sure to visit sites like TripAdvisor for tons of tips and reviews from other travelers on places to go, cheap places to shop or other local insights that could save you money.
20
Bring your own toiletries.
Toiletries can be expensive even at the local stores and are not worth the money. Invest in travel sized bottles at pharmacies or reuse small empty bottles (like complimentary mini toiletries from hotels).
21
Turn off the power at home.
Remember to switch off all electronic appliances at home to save on electricity before leaving for your vacation. Check the taps and stoves to ensure no accidents happen while you’re away.
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22
Prevention is better than cure.
Before you travel, visit your local clinic to get any vaccinations that you may need. Don’t forget to compare the price at several clinics before you commit to one for maximum savings!
23
Bring a first-aid kit.
Be sure to keep it fully stocked and bring it with you at all times. Small cuts and common colds are easy to treat, and it’s cheaper than having to go see a doctor during your holiday.
24
Research your holidays first.
Do your homework on places you want to visit and the activities that you want to do during your travels to save on tour guide fees and charges.
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108 Money Saving Tips For The Year Of The Monkey
25
Book your ride in advance.
Be sure to plan ahead on how to get to the airport. Do your research on alternative ways to get to the airport, like minivans or buses and book in advance for cheaper rates.
26 Use travel apps. Download useful and free travel apps like Google Map, TripAdvisor, Skyscanner,TripTracker, Google Translate and AroundMe to help you on your travels.
27
Get long-term travel insurance.
If you are a frequent flier, get an annual travel insurance policy instead of paying for it for every single trip. You’ll save more money in the long run.
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108 Money Saving Tips For The Year Of The Monkey
Home & Living The art of saving is an important part of your lifestyle, so find out how you can save money at home and in your daily life with these handy tips.
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108 Money Saving Tips For The Year Of The Monkey
1
Don’t overspend on perishable goods.
Only buy the groceries that you need, overbuying food especially the perishables will only be a waste of money as they have a short shelf life. Write a list of the things that you need before you go shopping and stick to it.
2
Save money on electricity.
Be sure to switch off your appliances and unplug them from the power source when not in use. Upgrade to energy-saving LED lights and home appliances (Washing machine, fridge, etc.) for long-term savings.
3
Invest in good quality kitchenware and appliances.
Buy quality household items and appliances to ensure they last longer, and keep the warranty cards. You may pay more money at first, but you will save on having to constantly replace cheaper and lower quality items.
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108 Money Saving Tips For The Year Of The Monkey
4 Don’t be a hoarder! Sell unused items at home on pages like Mudah.my, Duriana and Carousell. This is also a good way to create more space in your home.
5
Take care of your car.
Carry out regular maintenance on your car. Service your car and the air conditioning, as the car will run more efficiently and reduce the chances of any car breakdowns.
6
Have a healthy lifestyle.
Exercise regularly, eat healthy and take recommended supplements by your doctor. Fewer doctor visits = more money for your savings.
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108 Money Saving Tips For The Year Of The Monkey
7
Stop spending on unnecessary subscriptions.
Go through your subscriptions and ditch what you don’t need or rarely use such as land lines, Astro, gym memberships or other services.
8 Don’t speed! Don’t accelerate unnecessarily. You use up more petrol when you do and might even end up with a speeding ticket!
9
Have an insurance plan.
Take up a medical insurance policy that comes with a savings plan. Medical and hospital bills can be costly, and you can withdraw from your insurance policy’s savings plan for emergencies.
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108 Money Saving Tips For The Year Of The Monkey
10
Keep affordable hobbies.
Take up a hobby that won’t cost you much money, or swap an expensive hobby for a free or less costly hobby. If you must, trade with other hobbyists or shop around for pre-loved items.
11
Start a money jar at home.
Keep a money jar, we can’t stress this enough. Save your loose coins and Ringgit notes and when it’s full, add it your emergency fund account. Grow money, grow!
12
Check your car tires regularly.
Tires that are not properly taken care of will decrease your car’s fuel efficiency. Well maintained tires mean less money spent on petrol and better safety, so check your tires regularly!
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13
Check your finances weekly.
Commit to reviewing and tracking your daily spending habits every week. It’s the best method to identify unnecessary expenses and get rid of them as soon as possible.
14
Improve your financial literacy.
Educate yourself on financial matters to increase your financial literacy. Familiarise yourself with debt management, loan and credit card interests and other general financial matters. The more you know, the easier it gets for you to save.
15
Motivate yourself to save.
Set a goal or a target to motivate you to save. Be it a vacation, new gadget or a new couch, it will inspire you to get into the habit of saving. Write down your goal and place it somewhere visible as a constant reminder.
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108 Money Saving Tips For The Year Of The Monkey
Passbook
16
Create a separate savings account.
This way, you can never accidentally spend your savings and can always see how much you have saved to date.
17
Start automated deductions to your savings account.
Think of it as an EPF deduction and over time you’ll forget about the deduction and start to manage your budget and lifestyle around the available balance.
Passbook
18
Look for a savings account with the best interest rate.
There are plenty of banks that offer savings account with a high interest rate that’s comparable to term deposit’s interest rate. Do your research and grow your money with compound interest.
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19
Recycle your trash.
The government has already made trash separation compulsory in most of the states in Malaysia. Take this opportunity to go green and save the planet. Send your separated trash to recycling centres to raise cash.
20
Do-it-yourself to save money.
Learn how to make your own gifts and household items. There are plenty of D.I.Y. websites that can teach you to make things out of recycled or cheap materials to give your dĂŠcor or gifts a personal touch.
21
Reuse your old clothes.
Stop tossing out old clothes, patch them up or alter them into something new. You can even transform your old clothes into items like a floor mat, blanket or cushion covers.
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22
Spend more time with your children.
Don’t spoil your children with expensive gadgets. Spend more time with them and allow them to expand their creativity by doing things like origami, coloring, playing outdoors and such.
23
Don’t waste money frivolously.
Cut down on the clubbing and partying and go for outdoor activities in the daytime like hiking and running. You can even try more productive activities like reading a book or working part-time.
24 Quit smoking. Be it cigarettes or vaping, they are both a waste of money. Also, it can cause a lot of harm to your health, so save on both the cost of smoking and trips to the hospital.
50
108 Money Saving Tips For The Year Of The Monkey
25
Buy no-frills groceries.
Buy groceries and household items at local hypermarkets like Mydin and NSK. You can buy dry ingredients in bulk at these places and save more.
26
Plan and cook your meals.
Cook larger portions of food and divide into smaller portions to freeze for later. This way you can save money and time on cooking.
27
Pack your lunches.
Since you’ve already prepared meals, pack lunches for you and your children to eat at work or school. It’s more cost effective, and you can ensure that you and your family eat healthy food.