Disclaimer: This post is written during #MCO (#lockdown) and only published now
1| Negotiate your rent
If you are renting a house/room and been a good paymaster seize your opportunity at this difficult time. Call your tenant and negotiate to reduce your monthly payment. If you have been making your payment on time every month, keeping no due I would say your request is likely to be approved without much thought.
Remember to reduce your monthly payment instead of asking for a full month cut. This will make you look like you are well considered in your request instead of taking advantage of the situation.
I have asked for an RM50 cut per month for the next 6 months which added an extra RM300 into my pocket.
Tips: It’s good to always keep a good payment record. Make sure you keep your tenant updated on your payment proof before they ask you. A good relationship with your tenant will benefit you when you need it.
2| Take the Moratorium, Invest the Money
If you think that you are not in the need to take the Moratorium offer, take it anyway. Still, wondering what is Moratorium and how it works? Read all you need to know about Moratorium here.
Now it’s time for you to take advantage of the situation and make full use of it. A smart person would seize the opportunity or create an opportunity within an opportunity.
If you paying your hire purchase loan RM500 per month. Take Moratorium and invest the money into no risk protected investment fixed deposit (FD). RM500 p/month into FD is not gonna bring you a lot. You can rearrange your other commitment or expenses and add that money into this RM500 to put into FD at the early stage of Moratorium.
Or even better if you can take this RM500 to pay off your high-interest commitment like credit card debt. Remember, paying off the minimum 5% of your plastic card expenses only will drown you in long term.
Or better than all, take that RM500 and invest in the share market. If you are a person that keen to learn how the share market works but have no money and time, this is the best time to do it. You have the opportunity to learn, all the time you needed on lockdown to learn while making money. How cool that sound?
Tips: Be smart in your planning. Don’t put all your treasure into one basket.
3|Take a lifestyle switch
When will be the better time for you to do a lifestyle switch than now? Change to black coffee with locally blended coffee beans. Go for milk-free months or switch to milk powder instead of milk cream. Avoid unhealthy chips and tit-bits and go for nuts. Grind your herbs for fresh and longer consumption. Cook on weekends. Bring your breakfast. Cultivate an herbal garden.
Switch to soap bar instead of shower gel. Practice a bulk buying when there is a promotion on your daily used items. Cultivate aloe vera for a homemade natural mask
Purchase bulk-online with your trusted the same seller. It will save you time, money, and petrol fee.
Tips: This switch indirectly contributing to your healthy lifestyles.
4| Do your laundry once a week
If you use to do your laundry every day or two days once. Switch that for once a week or twice a week. I know it’s hard for some of you. But doing bulk laundry saves a lot of money in terms of electricity, detergent, time, and energy. Think like this. Doing bulk laundry is like exercising. It takes a lot of energy to get it done.
Tips: Its gonna be a sweating exercise that will cost you fats while saving time and money.
5| Grind your herbs.
Let it be your pepper, chilies, ginger, cumin, clove, cinnamon, coriander for longer consumption. Freshly ground herbs smell good and stay longer. It also provokes your passion to cook frequently. I enjoy grinding my herbs. It makes me fall for them. It also helps me to save money.
Tips: Freshly grounded herbs make your food tastier.
6| Support local business
This is the right time to support our local business. Let it be its Shopee, Lazada, or coffee shop purchase, opt-out for local sellers. Our nation needs us the most now. Extend your hand; help the nation. Let’s keep our currency flow within Malaysia. Stop or reduce supporting China, Japan, Taiwan, US, India, and Europe market.
Tips: Make it as social or community concern
You may like my other posts as well. Take a look at it.
1|[#MoneyGoal] How To Save MYR10K?
2|Money & My Choices
3|Money, People, and their Perception
4|Mistakes Are Discoveries. Worship them.
5|Advice Is Free but Not Everyone Need It