Rising Cost of Lifestyle in Malaysia
By Tai Zee Kin
In Malaysia, it's essential to distinguish between the rising cost of living—expenses for basic needs like food, shelter, and employment—and the escalating cost of lifestyle, which involves spending on items or commitment of lifestyle preferences.
Following global trends, Malaysia's cost of lifestyles have become more and more expensive, suggesting the real pressure comes from our choices in spending.
To combat the increasing cost of lifestyle, consider these ideas for more sustainable living without sacrificing quality of life:
1. Maximize Phone Usage: Resist upgrading your smartphone unnecessarily. Many successful individuals still use older models effectively, potentially saving RM 100-200 monthly. Resist all forms of installment plans, and if you must, get a second hand smartphone that works just as effectively.
2. Maintain Current Computers: An older, slightly slower computer can still meet most needs, especially for basic office software, without the need for expensive upgrades. Second hand computers can be easily purchased online too. They are as good as new, albeit it less aesthetical appearance.
3. Simplify Home Decor: Opt for functional, affordable furnishings over designer items. The essence of a home doesn't rely on its aesthetic appeal.
4. Reduce Dining Out: Preparing meals at home with bulk-purchased ingredients can significantly cut down expenses while maintaining nutritional needs. Tiktok and Reels are your default archieve of recipes for 5 minutes meals.
5. Streamline Entertainment: Utilize free streaming services and select a single subscription service if necessary, avoiding the cost of traditional TV and satellite services.
6. Embrace Digital Reading: Switch to e-books and online magazines to save on the cost of paper publications.
7. Prioritize Domestic Travel: Overseas trips aren't essential for fulfillment. Exploring domestically and engaging in local culture can be equally rewarding.
8. Use Appliances Wisely: Avoid replacing home appliances until absolutely necessary, honouring a more traditional, sustainable approach to household management.
9. Optimise Air Conditioning: Setting air conditioners to a moderate temperature and timing them to turn off can save energy without compromising comfort.
10. Selective Hobbies: Focus on hobbies that offer growth and learning over expensive, fleeting interests. Free online courses and physical activities can enrich life without high costs.
11. Home Workouts: Skip the gym membership in favour of bodyweight exercises and online workout guides, which can be effective and free.
12. Rethink Internet Plans: A substantial mobile data plan might fulfill all your internet needs without the commitment to fiber optic services.
13. Utilize Public Healthcare: For basic medical needs, public hospitals offer competent care at minimal cost, supplemented by health insurance.
14. Choose Pre-owned Cars or Bikes: Opting for a reliable second-hand vehicle can offer significant savings over buying new, challenging the stigma of high maintenance costs.
15. Internal Happiness: Seek fulfillment in simple pleasures and internal contentment rather than material consumption.
16. Invest Wisely: Use the money saved from these lifestyle adjustments to invest in your future, securing financial stability.
Adopting these practices can help mitigate the impact of lifestyle inflation. Its always better to count on ourselves than Politicians.
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Hopefully these are useful tips from the facebooker to help the disgruntled public differentiate between actual rising cost of living vis-a-vis rising cost of lifestyle and rectify their prrdonal financial affair.
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