Saving and making the most of your money has never been easier, especially if you’re a student in Malaysia today!
“Need to save money. Eat mixed rice again today lah.”
If you’re a student in Malaysia, you’re probably familiar with this statement. After all, one of the best ways for students to save money would be to eat cheaply, and mixed rice - or economy rice, as it is sometimes known - is an ideal way to do just that.
However, you should also remember that there are other ways for students to save money today; ways which do not necessarily require you to sacrifice your appetite. Many of these methods are incredibly easy to implement, so you can quickly make them a part of your daily life too.
In the list below, we take a close look at four such financial hacks. Give them each a read, and you might just find yourself making better financial decisions in no time!
1. Sharing is caring
This may sound like a fairly common tip, but only because its effectiveness continues to withstand the test of time.
Buying ingredients for meals (or other purchases) are usually cheaper in bulk. By splitting the cost of purchases with your friends or classmates you will be able to make savings, as well as be more social! This is particularly useful if the size of a dish is too big, or there are just too many items of clothing in that attractive combo deal that you have in mind.
Sharing and splitting costs for online purchases and transactions can also be done in no time today via payment apps, such as BigPay (part of AirAsia), which allow you to divide bills with your friends. Calculations are done with just a few taps, and your friends are instantly notified about their shares of payments.
2. Keep track of your expenses
There was a time when Malaysian students would use tiny, pocket-sized notebooks like the legendary ‘Buku 555’ to keep track of their expenses and earnings. This was good way to monitor expenses, but it was also fairly time-consuming.
Today, numerous apps allow you to keep track of your expenses online, thus giving you the ability to quickly keep an eye on your expenses. Some e-wallets come equipped with this function as well, which makes it easy for you to directly observe how your money is being spent and prepare budgets accordingly.
Just remember that those who are unfamiliar with history tend to repeat it, which is why keeping your expenses in check helps you avoid repeating any past financial mistakes!
3. Use a prepaid card
If you’re a student who does not enjoy carrying wads of cash around, but do not want to waste money by opting for credit or debit cards, a prepaid card may be a very good idea.
These cards allow you to load money into them and spend only up to the preloaded amount, thus preventing you from getting carried away with your expenses or spending money that you do not actually have.
Some prepaid cards are also developed through partnerships with globally-recognised entities like Mastercard, which in turn makes them usable in a great number of stores all across the world.
4. Work together
Despite spending a large amount of their time on their mobile devices and various apps, many students are still unaware of the benefits of using some apps together with their friends.
The next time you download an app, check if there are any rewards or perks to be gained by inviting your friends to use that app with you. This is often called a ‘Referral’ system, and with each friend who accepts your invite, the perks and benefits that you enjoy usually grow substantially.
These perks often take the form of discounts, vouchers, or even cash rewards - and what better way to enjoy them than with your friends?
Small moves, big differences
On the surface, each of these four financial hacks may sound very different in form and are hence likely to be separate from each other. You may be getting ready to download separate apps for each this very instant, in fact.
Don’t tap that install button just yet, though! It may seem difficult to believe, but did you know that there is an app called BigPay which allows you to quickly make each of these four financial hacks a part of your life?