10 Tips to Save RM800 a Month

Is it possible to even save RM10 these days, let alone RM800 in 30 days? Well, with the rising cost of living in Malaysia – especially in cities like Kuala Lumpur, Petaling Jaya, Penang and Johor Bahru – life can get pretty pricey. That’s why we’ve discovered 10 different ways to change your lifestyle and spending habits that can help you save hundreds of ringgit a month. After all, as the saying goes, sikit-sikit lama-lama menjadi bukit!

#1 Cash only

Instead of going cashless, try going with cash only. Estimate and withdraw a limited amount that will be enough to last you a week, then set aside your ATM and credit cards. This is one of the most effective tips we’ve tried, mainly because you’ll see (and feel!) the pinch of handing over your hard-earned money to buy things.

Amount saved: RM50 – RM200

#2 Postpone that purchase!

We’ve all been there: tempted by a shiny new gadget, pretty designer bag or clothes and accessories. Chances are, if you wait a month or three, prices for these items will drop as they are replaced by newer ones, or you’ll simply lose interest and realise you don’t need it.

Amount saved: RM100 – RM500

#3 Change your mobile plan

Everyone has at least one mobile device these days which they carry around most (if not all) of the time. More often than not, people usually stick with whatever mobile plan they have when they buy or change a new device, even when the contract period is over. Once your contract with the service provider ends, it might be a good idea to take a look around for better and cheaper mobile plans that fit your needs without paying for extras that you don’t use.

Amount saved: RM20 – RM60

#4 Buy generic brands for everyday items

Our spending habits are prompted by familiarity and brand consciousness. Many supermarkets and hypermarkets have their own house brands for items like toiletries and groceries, which are often cheaper than established brand names and just as effective. Buy generic for items you use a lot of but don’t really care about, such as tissue, dishwashing liquid, tuna, and biscuits. The only difference you’ll see is the extra money you have at the end of each shopping trip.

Amount saved: RM50 – RM100

#5 Potluck instead of eating out

Having a meal with friends every weekend can be a very enjoyable but expensive activity, so instead of dining out, why not organize a potluck every alternate week? You’ll get to hone your cooking skills (even if it’s just simple fare), enjoy delicious home-made food, and save on petrol and parking fees. After all, it’s the company that counts.

Amount saved: RM50 – RM100

#6 Make use of free gifts, vouchers and coupons

Vouchers and coupons can help you save quite a bit, especially if you like to enjoy the occasional good food or pampering session. In this case, coupon apps (e.g. Samsung, Maxis) and websites (e.g. Groupon) are your best friend. Also, if you have membership or credit cards that offer discounts and promotions, take advantage of those to help you get more bang for your buck.

Amount saved: RM10 – RM100

#7 Bring Your Own Lunch (BYOL)

BYOL should totally be a thing in offices, especially if there are not much food choices around, or you’re simply tired of eating at the same places every week. It has been reported that Malaysians spend at least RM3,900 a year on lunch alone, which is about RM300 per month for just one meal a day. You can prepare a week’s food in advance over the weekend, or if you’re cooking dinner, keep aside some for the next day’s lunch will help you save money in the long run.

Amount saved: RM50 – RM100

#8 D.I.Y. repairs and fixes

Hiring somebody to fix a minor issue like a leaking tap, clogged shower head or chipped walls can be expensive. With so many do-it-yourself guides online, and plenty of D.I.Y. shops around, these things can be easily and cheaply fixed by yourself. Ladies, you can also save money by doing your own manicures and adopting a good skincare routine instead of going for pricey facial sessions.

Amount saved: RM50 – RM200

#9 Keep a jar of spare change

Small change can come in more handy than you think. Keep jar or piggy bank where you would normally empty your pockets, and put in any coins or spare change you may have. Not only will the amount add up over time; it can also be used to buy small items like newspaper or bread when you head to the nearby mini-market.

Amount saved: RM5 – RM20

#10 Sell stuff online

The last step is to actively make money, instead of just saving it. Chances are you have some items that you no longer need or use, but which can still be sold to people who are looking for it. There are now plenty of sites and apps that allow you to post items for sale, so many it’s time to get rid of that impulse  purchase YSL lipstick bought at duty free, or the limited edition pair of Adidas shoes that’s been in its box for ages.

Amount saved (made): RM2 – RM150

Depending on your current saving and spending habits, the amount may be more or less than what estimated here. Nevertheless, regardless of how much you end up saving, it’s important to remember that every little bit counts, and at the end of the day, you’ll feel much more satisfied knowing that you are able to accomplish your goal of saving money.