How to survive a weak ringgit?
Our Malaysian Ringgit has weakened this year, in part thanks to corona virus fears and lower crude oil prices. This means a higher cost of living for consumers.
On the bright side, it's possible to bring down your costs or even profit from a weaker Ringgit. Here's how:
💸 Cut unnecessary spending
Track your spending so you know where your money is going. You don't have to cut out all leisure spending, but you can try reducing these expenses a bit more every month.
📅 Review recurring expenses
List down all your fixed payments such as loan, subscriptions and bills. Then, decide which of these you can downgrade, extend or cancel.
🍕 Limit dining out
Of course, you don't have to go cold turkey on dining out. But if you currently eat out for all your meals, you could still save money by meal prepping for weekdays and having a nice meal or two out on the weekends.
🛒 Buy local products
The cost of imported goods will rise when the Ringgit weakens, so swap those kiwis for a local papaya instead. A few Ringgit saved here and there could add up.
💪 Earn in a stronger currency
Freelance on Upwork, sell your items on Amazon, write for Medium...there are lot of ways to earn US Dollars online. Converting your Dollars to Ringgit to spend locally effectively multiples your earnings.
📈 Invest or review your portfolio
Investing in assets denominated (i.e. measured) in a stronger currency like the US Dollar can help protect your portfolio from a weakening Ringgit. But this works the other way round too - if the Ringgit appreciates against the US Dollar, the value of your investment will decrease in terms of Ringgit.
💳 Review your credit cards
If you have trouble paying off your credit card balances, it could be time to consider if you need to let your credit go. On the other hand, if you're a disciplined spender, the right credit card can be a great tool to save on essential spending.
I hope these tips help!
Source: www.imoney.my
7 Comments
betul, now musim covid ni, better kena always in details with the spending kan.. sbb tkot anytime ja boleh hilang kerja
ReplyDeleteHEMAH BERBELANJA SEKAGAR MAMPU
ReplyDeleteberbelanja yang perlu sahaja
ReplyDeleteboleh kata semua dah buat kecuali earn in stronger currency dan invest or renew portfolio
ReplyDeleteNice tips Abam Kie
ReplyDeletegood sharing abam.. boleh dipraktikkan
ReplyDeletekawal perbelanjaan kita. ikut keperluan, bukan kehendak
ReplyDeleteThanks for leaving your comment. Please come again. I will visit your blog soon.