Posted by Due to rising cost of living many say the latest minimum wage hike to RM1,500 isn’t enough. Employees have called for living wage that are fair.
However, experts say that because Malaysian workers are losing their voice, it is unlikely that they will be able to get higher pay and better working conditions to keep up with the rising cost of living.
Here are 3 ways to deal with the rising cost of living:
Professor Yeah Kim Leng, economics professor at Sunway University and director of the Economic Studies Programme at the Jeffrey Cheah Institute on Southeast Asia, discusses Malaysian’s rising cost of living and what they can do to ease their burden.
1. Check budgets and bills again.
Reviewing your budget and looking for ways to save money is a good idea. Things like going out or streaming services are easy to give up because you don’t really need them.
You may choose to refinance your mortgage if you have large expenses. You can refinance your mortgage loan if you know your income and credit score, compare them to your current interest rate, and then choose the type of refinancing loan that will help you save the most money.
2. Identify “miscellaneous fees” and try to keep them to a minimum.
Almost every financial product has fees, including bank accounts, prepaid debit cards, and credit cards. You can’t get out of paying some fees, but you can spend less on others. For example, credit cards could have secret fees like:
- Annual fees
- Fees for cash advances
- Foreign exchange fees
- Late fees
To prevent these, pay close attention to the fine print in your user agreement, the amount you charge to your card, and when your bills are due.
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3. Make as much money as possible.
Even though the average national wage may go up, Professor Yeah pointed out that many workers, especially those in fields that haven’t fully recovered from the recession caused by the pandemic, may not be getting pay raises.
“Given the current rising inflation trend, many Malaysians may not be able to cope with higher living costs because their wages are unable to keep up with the price increases,” he said.
Temporary work could also help people when inflation is high. When money is tight, take on more gig jobs, especially ones on foreign platforms that pay in foreign currencies.
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Anisa is a writer who focuses on career and lifestyle topics in an effort to motivate both job searchers and employers towards greater fulfillment in their professional lives.
Reach me at anisa@jobstore.com.