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Have you been noticing the prices of essential items such as food and fuel increasing? Rising inflation, an increase in the prices of goods and services, is affecting Malaysia today. The threat is expected to lower purchasing power for most Malaysians. During uncertain economic times not only in Malaysia but also the world, it’s important to know how to protect ourselves against inflation. Here are 3 effective ways to do so.
Revise your budget
Here are three things you need to look out for in your budget during high inflation:
a) Try prioritising paying off debt. It
Almost all of us have taken on debt. Taking debt can help build wealth or increase income over time. Examples of good debt include mortgages, student loans, and small business loans. But debt that becomes challenging to pay off poses a long-term challenge to your finances. According to economists, as of the first half of 2021, Malaysia’s household debts are still at a worrying trend. Here are ways to pay off debt fast without forfeiting your other important financial benchmarks such as a healthy emergency fund or retirement savings.
Pay off the smallest debts first
We’ve all heard the conventional wisdom, “If you fail to plan, you are planning to fail”. In finance, your effort in planning will outweigh the problems that arise when failing to plan. Let’s take a look at 5 things you can do (even right now!) for a “greener” future.
Invest now because compound interest is the financial snowball that will make your life easier in the future. It is the interest on a deposit calculated based on both the initial principal and the accumulated interest from previous periods. Relatively safe and trusted investments include
Starting and raising a family can be one of the most rewarding life experiences you’ll go through. But it also means big changes to your lifestyle, as well as your budget. So it’s not a decision to be taken lightly and requires careful consideration.
In Malaysia, the costs for raising a child are becoming increasingly expensive. So getting your finances in order should be your priority before anything else. Here’s what you will need to account for:
Car and housing loans
Purchasing a new car and home may very well be one of the most
Financial security is important at all times, and this is especially true during your golden years. Without proper planning, your choices become limited. You could end up having to downsize your home, your lifestyle, and maybe even continue working.
When mapping out your retirement budget, you will no doubt take into account your basic needs such as food and utilities, as well as any wants such as home improvements, travel and hobbies.
But what are you missing?
Here are four other common retirement expenses that most people, surprisingly, often forget about but should