In Case Of A Road Emergency, Here’s How To Manage It Effectively

There’s no foretelling when an emergency can occur, there’s only hindsight that usually leaves us saying, “I should have been more prepared for an emergency.”

Which is why, when it comes to emergencies, preparation is key. Thus, start by getting familiarised with emergency hotlines for times of need, or better yet, save the hotline number in your mobile phone. Furthermore, empowering yourself by knowing the steps to handle the situation can help you tamp down the panic and instead manage the situation effectively.

Step 1: Assess yourself and your surroundings

If you were in an accident, check yourself for injuries. An adrenaline rush may mask the severity of pain of any injuries, so do check yourself carefully and mindfully before taking any action.

Assess the situation from your car. If you can, move your car to the side as quickly and safely as possible and turn on your hazard lights. If you are unable to move your car, sit tight and wait for help. But, if your car is stuck in the middle of a busy highway, stand away from the car and find a safe place to wait.  Be cautious when accepting help from strangers because unfortunately,
accident victims are prime targets for road scams
. So, if a tow truck just happens to pass by after your accident and offers its services, be polite in your refusal, stay in the car, and instead wait for a friend or the designated tow truck arranged by your roadside assistance to arrive. Remember to take down your designated tow truck’s vehicle registration number and driver’s name and contact number when you ring for roadside assistance.

Step 2: Calm down, don’t panic, and make the call

During high-stress situations such as a road accident, it’s normal to experience a whirlwind of emotions. However, try not to let your emotions get the best of you. Focus your energies instead on these simple steps:

Take a few deep breaths to calm yourself and then, in case of major accidents, call for roadside assistance as soon as you’re able. Inform them of the situation and wait for help to arrive. If you need more comfort, reach out to your loved ones after that.

Roadside assistance is also helpful for non-accident situations such as car breakdowns and replacing punctured tyres as they will send a mechanic to help with the necessary repairs.

Step 3: Gather your evidence

Take note of the time and location of the accident. If you feel safe stepping out of your car, take photos of the accident scene and damage to the vehicles involved (both yours and the other party). Also, exchange contact information with the other party. This includes phone numbers, driving license numbers, vehicle model and registration numbers, as well as your respective insurance companies.

Remember, while exchanging information, you should not admit to any liability, agree to any settlement, or sign any paperwork.

Step 4: Lodge a police report

Head over to the police station nearest to the scene of the accident as soon as possible.  If the accident occurred at night or if you’re unfamiliar with the area, do not worry —  you have 24 hours to report the accident. Just be sure to report it, or else you may incur a fine.

Step 5: Call your insurance provider

In the event of a major road accident, you should call your insurance provider first, especially if your coverage also includes roadside assistance, like the one offered by RHB Private Car Insurance (1300 880 881). Roadside assistance will help provide towing services in the case of major accidents, but is also useful for minor road emergencies such as car breakdowns or flat tyres, as they will send a mechanic to assist you.

However, if it is only a minor road accident (such as slight dents or scratches to the bumper) and you do not require any roadside assistance, you may call your insurance provider once you have the police report in hand. Be sure to notify your insurance provider within 7 days of the accident and submit your claim as soon as possible.  You’ll need the following documents to submit your claim:

Original copies of the police report
A police letter informing which insurance party is compounded for the road traffic offence
Photos of the accident scene and damage
Completed claim form
Copies of the vehicle ownership certificate
Your National Registration Identity Card (NRIC)

After you’ve completed your paperwork with the insurance provider, you can drop off your car at a panel workshop for repairs.

Gain automatic access to roadside assistance with RHB Private Car Insurance

In addition to having a motor protection plan, RHB Private Car Insurance (Comprehensive Coverage) policyholders are automatically enrolled in the RHB Insurance Auto Assist Programme. WIth the RHB Insurance Auto Assist Programme, you will receive the following:

24/7 emergency assistance via their hotline (1300 880 881), this programme offers a variety of benefits including accident and non-accident breakdown assistance such as change of battery or tyre, fuel delivery, battery jump-start services, and more.
Towing services (up to RM300 per breakdown every fourteen days)
3-month service warranty
Access to up to 700 panel workshops nationwide so even if you run into problems while travelling within Malaysia, you’ll get the assistance you need

What’s more, to receive all the benefits of the RHB Insurance Auto Assist Programme, you can now
renew your motor insurance online
 from the safety and comfort of your own home and receive 10% off your motor insurance with RHB Private Car Insurance. On top of that, from 6 November 2020 till 5 February 2021, if you’re one the first 300 approved applicants, you will also get free Personal Accident coverage when you purchase RHB Private Car Insurance online*.

So, if ever you experience a road accident or non-accident emergency, remember the five steps above to managing the situation effectively. In order to ease the situation further, consider renewing your motor insurance with RHB Private Car Insurance, and when you’re in need, just call the RHB Insurance Auto Assist Programme hotline for assistance at 1300 880 881.

Renew your motor insurance online with RHB Private Car Insurance.

*
Terms & conditions apply.

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Licensed Moneylenders vs Banks: Who Should You Borrow From?

We can all use some extra cash every now and then, and getting a low-interest personal loan from a bank is a good way to get that done. However, there are other ways for you borrow money too.

No, we’re not talking about loan sharks. We’re referring to licensed moneylenders. There are companies out there that make money by
legally
 lending cash to other people at an interest, just like banks. To find out if a moneylender is licensed, just

They are not banks, however. It can sound confusing, but that’s what this article is for. Let’s explore the differences between banks and licensed moneylenders.

Before we get to their differences, let’s talk about how banks and moneylenders are similar:

Both charge interest for your money

Both will charge penalties for late payments or defaulting on the loan

The similarities end there, pretty much. There are plenty of important differences between the two that can really affect which one you choose to go to for your next loan application.

How Much You Can Borrow

Banks can afford to lend you way more than a regular moneylender could. You can borrow up to x amount and for a much longer tenure as well. Banks can do this because they have cash from other services like savings accounts, fixed deposits, and other monetary services.

Money lenders can still lend you quite a sum of cash, but not as much as banks can. This owes to the fact that they don’t offer any other services, so their capital isn’t as large.

How Long It Takes to Get Your Cash

Banks can take a while to send you your cash since they have to process quite a lot of other services as they tend to yours. While some loans do advertise fast loan disbursement, most personal loans from banks take about 5 working days to release the funds into your account, which is a long time if you need the money for emergencies.

Money lenders on the other hand often take a much shorter time to get you your money. They can afford to do so since they often don’t offer any other services so they can focus on delivering the funds.

How They Check Your Credit History

Banks will go through your credit history, past payslips, and other financial details before they decide whether or you’re somebody worth lending money to. This practice of assessing risk and making absolutely sure you’re a good paymaster before agreeing to offer you a loan is pretty standard for a bank.

License moneylenders usually don’t do a deep dive into your personal data in order to let you take out a loan with them. While they do ask for payslips, bills, and other financing-related information, their rate of approval can be much more forgiving. Since their main business is to give out loans, it’s in their best interest that you get one.

Choosing Between the Two

With their different attributes and limitations, banks and moneylenders offer unique advantages. So if you’re thinking of taking out a loan…

Go with banks when:

You need to pay for a big ticket item like a car or house, since banks can loan you up to six figures

You want to borrow over a longer period, since banks offer a much longer tenure of up to 10 years

You don’t need the cash urgently, since it takes some time for banks to approve your loan and disburse the amount

Go with moneylenders when:

You don’t need to borrow too much, which is good for small emergencies that require less than RM10,000 since moneylenders don’t often give out loans for higher amounts than that

You need the cash urgently, since moneylenders can get approval and disbursements done much faster than banks

A Note on Licensed Moneylenders

While there are currently thousands of fully registered and licensed moneylenders operating in Malaysia, it’s important to distinguish them from loan sharks. Be sure to check that the business is properly licensed and that they conduct their business professionally. If a moneylender is ever threatening, standoffish, or dismissive of your questions, it’s a good chance that it might be a loan shark instead. Crosscheck their SSM number on Malaysia’s Ministry of Urban Wellbeing, Housing, and Local Government’s
official directory of licensed moneylenders
 to be absolutely sure.

With this information we hope you can now make a more informed decision the next time you need some extra cash in your bank account. For Malaysia’s top personal loans (from both banks and licensed moneylenders) head on over to
our comparison page
 to find the one that fits your needs best.

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Ahmad Mudhakkir

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A Getaway within the City at the Corus Hotel, KL with your OCBC Credit Card

Picture of the Paradise Cabana at the Corus from their
Official Website
.

Take a short getaway without going far and breaking the bank thanks to your OCBC Credit Card. Use your OCBC card to pay for a deluxe room or Paradise Cabana at the Corus Hotel, Kuala Lumpur and score a 50% discount off the rack rate.

The offer is valid until 31 December 2013 and one week prior reservation is required. The offer does not apply to Christmas Eve and New Year’s Eve. Click here for
terms and conditions
.

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Diana Chai

Diana Chai

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Lazada Wallet Can Be Used In Physical Stores For The First Time This 12.12

Come 12-15 December 2019, Lazada Malaysia will be running an innovative campaign that brings online and offline shopping together for the first time. The Lazada 12.12 Grand Year End Sale will see Lazada shoppers enjoying offers up to 90% off from 12 of Lazada’s brand partners by using their Lazada Wallet offline.

For the first time, Lazada is making it possible to transact using the Lazada Wallet outside the online shopping platform – well, sort of. As part of the platform’s online to offline (O2O) initiative, Lazada shoppers will be able to purchase brand vouchers on the platform, before completing the transaction at offline retail stores.

From 12 to 13 December, Lazada shoppers will be able to purchase brand cash vouchers at a discount of at least 50% on their Lazada app. Customers can then proceed to any of the brands’ selected offline stores on 14 and 15 December 2019 to shop for exclusive 12.12 products. At the store, the customers will be provided with a QR code to be scanned with the Lazada app. A payment screen will appear and shoppers will need to enter the total amount due. The cash vouchers purchased earlier will be automatically applied, and the remaining payment will be displayed as the subtotal.

To further sweeten the deal, customers will be entitled to an additional 12% discount by paying the remaining subtotal with their Lazada Wallet.

Note that the offline retail locations are currently limited to popular malls within the Klang Valley, such as Sunway Pyramid, Pavilion, Plaza Low Yat, Sunway Velocity Mall, and Lot 10.

“At Lazada, we are committed to delighting our customers through New Retail and new experiences, while also bringing more value to our brands and sellers as the trusted eCommerce partner. By expanding the parameters of the Lazada Wallet to offline stores, we are able to showcase our tech and payment capabilities,” said Chief Executive Officer of Lazada Malaysia, Leo Chow.

Chow also underlined this campaign as a showcase of Lazada’s New Retail innovations, and is a glimpse into the possibilities of what the future of retail can hold for sellers and consumers. Lazada had promoted the idea of “new retail” at its WeCommerce 2019 summit, which is essentially the bringing of online experiences to offline stores.

Lazada’s 12.12 Grand Year End Sale also sees a refreshed version of the app being rolled out, with new features and activities. This includes the Image Search function; a limited-time-only password search activity that lets customers unlock more vouchers by listening in on Media Prima radio stations; and 12.12 LazLive, where livestreams with sellers from 1 to 14 December 2019 also let customers redeem exclusive vouchers, wallet rebates, and deals.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Alliance Bank Revamps Visa Infinite and Visa Platinum Cards With New Cardfaces & Substantially Better Benefits

Alliance Bank has relaunched two of its existing credit cards, the Alliance Bank Visa Platinum and Alliance Bank Visa Infinite. The modifications to each card include a new card face design and also a lowering of the minimum income requirements and annual fees. Most significantly, however, are the changes made to the cards’ benefits: both the Visa Platinum and Visa Infinite now offer 8x Timeless Bonus Points (TBP) on online and e-wallet transactions.

Alliance Visa Platinum

Previously, the Alliance Visa Platinum offered 3x TBP on overseas transactions and 1x TBP on local retail transactions. These benefits remain the same post-relaunch, with the new addition of the 8x TBP for online and e-wallet transactions – a useful benefit to have with less people travelling and more people spending online these days. Alliance Bank has also transformed the Visa Platinum’s card face from its previous grey-black colour to a more attractive, pearl-hued shade of white.

Previous TBP

Current TBP

·       3x TBP on overseas transactions

·       1x TBP on local retail transactions

·       8x TBP for online and e-wallet transactions

·       3x TBP on overseas transactions

·       1x TBP on local retail transactions

The other major difference to the card is that it is now accessible to a wider pool of applicants than before. Fresh graduates with a minimum income of RM24,000 annually or RM2,000 a month can apply, compared to the minimum income requirement of RM60,000 per year (RM5,000/month) previously. Meanwhile, the annual fee for the Alliance Visa Platinum has been lowered from RM438 to RM120. After the first-year waiver, you can continue to enjoy a waiver if you carry out a minimum of 12 swipes a year with no minimum spend.

Alliance Visa Infinite

As for the Alliance Visa Infinite, cardholders now also enjoy 8x TBP on online shopping and e-wallet top-ups, 5x TBP on groceries and overseas transactions, and 1x TBP on local retail transactions. Previously, the card only offered 5x TBP on overseas spend and 1x on local retail transactions, so the categories for online transactions and groceries are new. The Alliance Visa Infinite also offers miscellaneous perks like a 3-month 0% flexi payment plan on flight tickets, hotel bookings, and overseas spend.

Previous TBP

Current TBP

·       5x TBP on overseas transactions

·       1x TBP on local retail transactions

·       8x TBP for online and e-wallet transactions

·       5x TBP on overseas and grocery transactions

·       1x TBP on local retail transactions

The annual income requirement for the Alliance Visa Infinite has been drastically reduced, from RM150,000 per year (RM12,500/month) to just RM60,000 per year (RM5,000/month) – making this probably the most easily attainable Visa Infinite card in the country. This does make the Alliance Visa Infinite slightly less exclusive in nature – which is slightly ironic when you consider that the card’s new, sleek black design looks a lot more high-end than the blue patterns of before.

On the question of annual fees, the Alliance Visa Infinite is also now more accessible with the fee being lowered from RM800 per year to RM438 (waived for the first year). Similarly, the minimum spend requirement for subsequent annual fee waivers has been lowered, too. Cardholders only need to spend RM12,000 in a year to qualify for the waiver instead of the RM30,000 previously.

The Alliance Visa Infinite has had a permanent spot on our
best air miles credit card list
, due to its attractive air miles conversion rate for overseas spend at 5x TBP. Given the addition of the 8x multiplier for the versatile category of online shopping and e-wallets (and to some extent, the new 5x TBP for groceries too), we’re excited to see how the revamped Alliance Visa Infinite will blow the competition out of the water with its new air miles conversion rate. (It’s also worth mentioning that Alliance’s Timeless Bonus Points never expire.) Stay tuned to our blog for our in-depth review on these two credit cards coming up soon.

You can find out more about the new
Alliance Visa Platinum
 and
Alliance Visa Infinite
 here.

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Jacie Tan

Jacie Tan

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Ministry Denies Having Discussions To Impose 20 Sen Online Shopping Charge

(Image: Free Malaysia Today)

The Communications and Multimedia Ministry (KKMM) has denied the existence of any plans to impose an additional service charge for purchases made on online platforms.

Earlier on 8 September, Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin told reporters in Kelantan that there were
ongoing discussions
 to introduce an online shopping service charge. According to the deputy minister, the charge would be set at a rate of 0.02%, or 20 sen for purchases costing between RM200 and RM1,000 on online platforms.

(Image: The Star)

According to Datuk Zahidi, the service charge was still in the planning stage and had not yet been officially presented. He had said that the revenue from the charge would be used to improve cybersecurity and prevent the occurrence of online scams.

“With reference to the statement made yesterday, September 8, 2020, in Kelantan, KKMM would like to clarify that there have not been any discussions on imposing a service charge of 20 sen for purchases below RM1,000 and 20 sen for every subsequent RM1,000 on e-commerce platforms,” said the
ministry in a statement
. It did not offer any further explanations on the matter.

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Win Latest Apple iPad, iPhone 14, Or Apple Watch SE

Looking to apply for a credit card? The Unbox This Week credit card campaign is back as usual with amazing gifts when you sign up!

For those who are new to this campaign, Unbox This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

From 25 April to 2 May 2023, our featured bank partners are

none other than
Citibank, HSBC Bank, Alliance Bank, Standard Chartered Bank, Public Bank, and RHB
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – Apple iPad A14 Bionic (Latest 10th Gen)

Win the Apple iPad A14 Bionic when you apply for a Citibank Credit Card this week! Juggle your work and leisure activities like a pro with the iPad that is powered by the A14 Bionic chip. Aside from that, enjoy a 12MP ultra wide front camera with centre stage that will enhance your video calls.

If you’re not selected, you will still walk away with a guaranteed RM600 TNG eWallet Credit.

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

HSBC Bank – iPhone 14

Here’s another opportunity to win an Apple product – the iPhone14 – when you apply for an HSBC Bank Credit Card! Featuring a larger screen for more viewing, users will also enjoy sharper colour accuracy for your photos, action mode for more stable handheld videos, and more.

For those who are not selected, you will still walk away with guaranteed RM500 Cash Via DuitNow.

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

Public Bank – Xiaomi Poco M5 Smartphone

Fortune a-calling! Win the Xiaomi Poco M5 Smartphone when you apply for a Public Bank Credit Card this week.

Great for everyday use, the Xiaomi Poco M5 Smartphone comes with a durable Corning® Gorilla® Glass display, 5000mAh (typ) high-capacity battery, and a 50MP AI triple camera.

For those who are not selected, you will still walk away with a guaranteed Midea MVC-SC861 Handheld Stick Vacuum.

All you need to do is complete your application via the RinggitPlus website, get approved by Public Bank, and make an accumulative spend of RM250 within sixty (60) days of approval to be guaranteed this gift. Apply for your Public Bank credit card
here
.

Alliance Bank – HP f560x Car Dash Cam or Russell Taylors VC-20 Vacuum

Take home a guaranteed HP f560x Car Dash Cam or Russell Taylors VC-20 Vacuum when you apply for a new Alliance Bank Credit Card.

The HP f560x Car Dash Cam offers clear recordings even at night as it is equipped with the Sony IMX307 Starvis sensor and is best of all, guaranteed to you when you apply for an Alliance Credit Card with Balance Transfer.

Meanwhile, you will receive the Russell Taylors VC-20 Vacuum that comes with a powerful 600W motor and more when you apply for an Alliance Credit Card.

Upon approval, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here
.

RHB – Apple Watch SE

Bag yourself the Apple Watch SE when you apply for a RHB Credit Card this week! Multi-task like a pro with the Apple Watch SE that is equipped with a faster dual-core processor, helps monitor your heart, sleep stages, and more.

For those who are not selected, you will still walk away with a guaranteed RM200 Cash via DuitNow.

Once approved, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any RHB Bank credit card and individuals who have held or cancelled an RHB Bank credit card in the past six months are not eligible for this campaign. Apply for an RHB Bank Credit Card
here
.

Standard Chartered Bank – RM800 TNG eWallet Credit

Everyone’s a winner – get up to RM800 TNG eWallet Credit guaranteed to you when you apply for a Standard Chartered Credit Card!

Share it with family and friends, spend it on essentials, or save it up for future purchases – it’s all up to you.

Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

***

Finally, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and we can always be at hand to help you when you need us.

While this week’s flash deal ends on 2 May 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Chee Jo-Ey

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Guide for Handling Sudden Wealth

Money
 – the world’s strongest and most influential piece of paper ever made by mankind. Everyone agrees that money has a strong impact on our lives. Many people struggle to earn money, while some others are lucky enough to have a whole lot to waste. But sometimes, you just never know when you may get struck with sudden wealth, or just lose it all in a jiffy.

There are many ways people may get struck with sudden wealth; through an unexpected inheritance via someone’s will; by winning the lottery or just through a sudden, substantial raise in income.

When struck with sudden wealth, many people may go off the rails with spending and fail to manage it all properly. Whilst, there’s nothing much wrong with having a bit of fun with your new found wealth, wouldn’t it be grand to manage it better so you can enjoy longer?

Today, we show you how.

The B-Word: Budgets

If you’ve suddenly got a huge block of cash or received a raise that will give you more cash every month; making a budget for the addition will go a long way. Without a written guide, you’re sure to not see where all that money is flowing and you’ll end up with a big fat empty checking account and the strange sense of wondering what had happened to it all.

Prioritise

Got a budget? Great, now it’s time to put the right things it and you can only do that if you have your priorities right. The expenditure of the most important and necessary things should be given priority.

Do you have outstanding bills to pay; credit card debt or perhaps a medical check you’ve been putting off? These are just some of the items that should take priority on your list but it could be anything that you need to function well and provide for your everyday needs. These include but are not limited to:

1) Medical needs;

2) Clearing down of debt;

3) Buying an asset – such as a home;

4) Buying convenience – such as a new vehicle or buying a home security system;

5) Saving for a future necessity – such as a child’s education fee or an elderly parent’s medical procedure;

6) Putting your current assets in good order – such as car maintenance, home renovation or optional medical procedures.

Invest

Once you have covered the basics of what you need and still have left over; it’s time to make that money earn for you. Allocate an amount in your budget to invest in anything you wish really.

Fixed Deposits
 are easy and low risk investments for first timers. The yield may not be as lucrative as more risky options but there is no real investment know-how required. The only thing is in comparing the options offered; but hey,
we took the guesswork out of that for you too
.

If you are planning to
invest in a house, do take into consideration the varied pros and cons
 for doing so. If you’re sure it’s the route to take; you can then think about the other
factors linked to choosing a home
.

By and large, many people do swear that property is a good investment vehicle but as with anything in life – there will be strengths and weaknesses to this plan.

You may also consider in investing in your family member’s
medical
 and
education insurance
.

If you have come upon a really large sum; there are many other investments you can consider such as building your own business or hiring a broker to play the stock market.

Be Wary the Opportunists

Whatever you decide though, make sure you go in with eyes wide open (that is, do your homework!). When you come into a sudden large sum; you can be sure more than one scam artist may come out of the woodwork to relieve you of your money – don’t get caught!

Before signing on to any venture, make sure you read all the fine print and get as many opinions and reviews as possible. If you’re unsure of anything, it’s probably best to hold off on the signing.

Handling Lifestyle Inflation

Lifestyle inflation
 is when an individual progresses well and starts to

earn more money than his/her previously routine earnings. But instead of finding him/herself better off, he/she ends up inflating lifestyle expectations and needs running up much larger bills than before, negating any real benefit brought about by the increase.

Where possible, make financially sound decisions. If you’ve received a promotion requiring more networking, then it may be necessary to change your wardrobe to suit this; if you have a baby, it may be reasonable to get a bigger home than your single room love-nest. What a promotion doesn’t mean is that you suddenly decide to eat only filet mignons or wear Prada loafers as a rule.

Factor the Fun

All that drab stuff said and done, let’s face it – you probably worked pretty hard for the extra money. Whether it was by buying lottery tickets every day or by putting in the extra hours. The money is in and there’s no reason why fun shouldn’t be part of your plan.

Have you got all the necessary stuff done pat? Great! Now allocate your ‘fun money’ and go do whatever you want! Buy something sinfully decadent; go on a trip or just whatever you fancy.

Factoring fun is important because you don’t want to feel more burdened by your extra money than happy (what, paying bills, bills, bills, only? Who am I, Destiny’s Child?).

Budget for the wants alongside the needs for a truly rounded picture. Enjoy your newfound wealth!

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Heeral Bhatt

Heeral Bhatt

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CIMB E-Wallet Reload Campaign Offers Monthly Grab Ride Vouchers Worth RM50

CIMB Bank is currently running its CIMB E-Wallet Usage campaign, which allows eligible credit cardholders the chance to win RM50 Grab Ride vouchers every month by reloading their e-wallets with a specified minimum amount. Already ongoing, it is set to continue until 31 January 2024.

This campaign is open to all of CIMB’s principal credit cardholders with registered mobile numbers (with CIMB, as well as telcos Maxis, Celcom, Digi, or U Mobile), and requires you to earn entries by making e-wallet top-ups of a minimum amount. These entries will then put you in the running to win a Grab Ride voucher worth RM50 each campaign month.

Here are the full details of the prizes that you can win through this campaign:

Campaign month
Monthly prize
Number of monthly prize winners
Total prize capping
1 – 31 Aug 2023
RM50 Grab Ride voucher
1,500
RM75,000
1 – 30 Sept 2023
RM50 Grab Ride voucher
1,500
RM75,000
1 – 31 Oct 2023
RM50 Grab Ride voucher
1,500
RM75,000
1 – 30 Nov 2023
RM50 Grab Ride voucher
1,500
RM75,000
1 – 31 Dec 2023
RM50 Grab Ride voucher
1,500
RM75,000
1 – 31 Jan 2024
RM50 Grab Ride voucher
1,500
RM75,000

9,000
RM450,000

Meanwhile, here’s how you can earn the entries required to participate in this campaign, and the number of entries that you can get via each transaction:

Eligible transactions
Number of entries
Top up e-wallet with a minimum of RM50
1 entry
Top up e-wallet with a minimum of RM100
5 entries

CIMB also clarified that you do not necessarily have to top up only your GrabPay e-wallet in order to qualify for the Grab Ride vouchers. You are free to also reload other e-wallets – including Touch ‘n Go (TNG) eWallet, Boost, ShopeePay, and BigPay – as long as you are using an eligible CIMB card.

After earning the entries, CIMB will then select the 1,500 winners for each campaign month using an automated randomiser system. If you do win, the bank will notify you and send the RM50 Grab Ride voucher to your registered email address within eight weeks from the end of each campaign month.

(Image: The Malaysian Reserve)

Note that each credit cardholder is allowed to win only one Grab Ride voucher per month, and up to six vouchers throughout the whole campaign period.

Finally, no registration is required to participate in this campaign. Just go ahead and carry out the necessary transactions to start earning the entries that you need.

(Source:
CIMB
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Airbnb Allows Full Refunds For Travellers Affected By The Covid-19 Pandemic

(Image: BBC News)

Airbnb users who wish to cancel their bookings due to Covid-19 are now entitled to full refunds upon cancellation of their reservations. This comes as the vacation rental company revises its extenuating circumstances policy after the World Health Organisation (WHO) declared Covid-19 a global pandemic.

The new policy is only eligible for reservations made on or before 14 March 2020, with check-in dates between 14 March to 14 April 2020. Airbnb further clarified that reservations made before 14 March 2020 for check-ins after 14 April 2020 will not be entitled to benefit from the new policy, except for when the guest or host has contracted Covid-19.

To find out if your reservations are covered by this new policy, head on over to your reservation details page (located under “Trips”). Bookings that are covered will be marked as an indication. If you do cancel the reservation, you will automatically receive a full refund from the host, as well as the service fee from Airbnb. There is no need to contact Airbnb to start the refund process. You can expect your refunds to arrive within 10 days, although some payment methods and regions may take longer.

Aside from Airbnb guests, the revised extenuating circumstances policy will also cover hosts if they decide to cancel a covered reservation. They will not be charged, nor will their status as hosts be affected. Airbnb will also refund all service fees to them.

According to Airbnb, the new policy is extended to all the countries that it is operating in, except for
Mainland China
. The republic is covered under a separate extenuating circumstance policy released earlier this year.
Refunds for Luxe and Luxury Retreats reservations
 will also be treated differently.

Airbnb’s extenuating circumstances policy is essentially a policy that overrides all the cancellation policies set by hosts, ensuring that they fully refund their guests. Typically, Airbnb allows hosts to decide on their own cancellation policies, choosing from one of the six policies that Airbnb has pre-vetted. These range from flexible to super strict, and will determine the amount or type of refunds that guests can get when they cancel their reservations.

Prior to the
revised version drawn up specifically for Covid-19
, the original
extenuating circumstance policy
 clarified that Airbnb may be able to offer a refund or waive the cancellation penalties under 12 circumstances. These include epidemic diseases or illnesses, travel restrictions, and safety and security threat advisories.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Survey: 54% Of Malaysian Employees Feel That They Are Unfairly Compensated

A survey by talent recruitment agency Randstad Malaysia has indicated that 54% of Malaysians feel that they are not receiving salaries that fairly match their work contributions, skills, and experience. This was revealed in the agency’s 2023 Salary and Bonus Expectations Survey.

In a statement, Randstad highlighted that 49% of the employees surveyed only received up to 5% of salary increment from their current employers in the past three months. Meanwhile, of the 30% respondents who changed jobs in the past year, 49% were able to negotiate a 20% wage increase. 91% of the total respondents also said that they would be willing to change employers if they are offered a higher salary.

Aside from that, 39% of the respondents surveyed said that they were informed by their employers that their salaries will not be adjusted in 2023. Another 31% were also told that they will not be receiving bonuses for this year.

“As global and domestic demands ramp up, companies need to grow and maintain their workforce to continue delivering products and services. One of the tried-and-tested ways to be successful in growing your workforce is to offer an attractive and competitive salary package,” said the country director of Randstad, Fahad Naeem.

Naeem further stressed that salary continues to be a strong motivator for many Malaysian employees, which spurs them to change employers quite regularly as that is seen as one way for them to grow their salaries rapidly.

“Receiving a higher salary increment every time they change an employer means that talent are able to match their earning power with their international peers. It can also help them meet their financial goals, like buying a car or home, earlier in their lives,” he said, adding that talent in Malaysia tend to aim for better salaries as subsequent year-on-year pay increments and year-end bonuses often do not meet their expectations.

Naeem also noted the impact that inflation and the increasing cost of living have on employees’ expectations regarding their remuneration package. “It is only natural and reasonable that employees seek a higher salary and fair bonus to feel recognised for their work and valued as an employee. To attract top talent and meet their employees’ salary expectations, companies must make a conscientious effort to review and adjust their internal salary and bonus structures to reflect new skill demands and talent expectations,” he said.

(Image: Malay Mail/Choo Choy May)

That said, Naeem acknowledged that employees’ evaluation of their salaries or true worth should not be based purely on how much work they do. It should also take into consideration other factors, such as the company’s budget, industry averages, as well as the supply and demand in the labour market. Malaysians are also encouraged to tap into resources like specialised recruiters and salary calculators that use real-time data to gain a clearer idea of how much they should be compensated.

A total of 302 respondents who were living and working in Malaysia had participated in Randstad’s 2023 Salary and Bonus Expectations Survey, offering insights on employees’ expectations of their remuneration packages in light of the current living conditions.

(Sources:
Randstad Malaysia
,
The Edge Markets
)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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NGO: Tens Of Thousands Malaysians May Go Bankrupt Once Govt Financial Aids Expire

(Image: Utusan Malaysia)

The Malaysian Association of Borrowers and Consumers Solution (4PM) has cautioned that many Malaysians aged between 30 to 45 years old may go bankrupt in 2022, once most of the financial aids provided by the government expire. The number of affected individuals could, in fact, go up to tens of thousands, it said.

“I’m receiving bankruptcy calls every day nationwide. If 30 calls per day, that’s 900 per month, and 10,800 per year. That’s just me though, I haven’t included my officers yet,” said the president of the group, Rosland Mohd Arif, who foresees that many individuals will resort to credits from loan sharks to survive when government aids – such as the
ongoing six-month PEMULIH moratorium
 and
various Employee Provident Fund (EPF) withdrawal facilities
 – come to an end.

In light of this situation, Rosland urged the government to intervene and assist those who are in need. “I’ve received reports of people being threatened by these loan sharks who have exorbitant interest rates, as much as 6% a month. They also often harass the borrower and their family,” he said.

(Image: Asia Insurance Review)

Rosland further commented that 4PM is willing to work with the government as a representative to resolve these bankruptcy issues. He said that the non-governmental organisation (NGO) could serve as a mediator so that Malaysians who are in need will not get cheated by the bank or be threatened by loan sharks.

Meanwhile, eligible Malaysian borrowers who require further financial assistance can also tap into the
ongoing URUS programme
, which is
open for application until 31 January 2022
. A collaborative effort drawn up between the Credit Counselling and Debt Management Agency (AKPK) and the banking sector, it is targeted specifically for those who fall under the bottom 50% (B50) income group, offering aids such as personalised financial plans.

(Source:
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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JPN Declares Wednesday As Cashless Payment Day

The National Registration Department (JPN) has declared Wednesday as a “cashless day”, in conjunction with the ongoing National Level Cashless Payment Campaign 2020 (Kempen Pembayaran Tanpa Tunai Peringkat Nasional 2020).

Following this decision, individuals who visit the state capital and UTC offices of JPN are required to use cashless payments for their affairs at the department on every Wednesday. This includes payment options such as debit and credit cards, cheques, and internet banking via FPX.

Since 2018, JPN had already
introduced the use of cashless payments
 in its state capital and UTC offices via the ePayment service, starting with Kuala Lumpur, Johor, and Terengganu. The department also said that it aims to expand the ePayment service to
all district and other smaller JPN branches within the country by 2021
.

(Image: Free Malaysia Today)

For context, the National Level Cashless Payment Campaign 2020 is a collaboration between the Ministry of Finance and Payment Network Malaysia (PayNet). It was launched in November 2020, and will continue until the end of April 2021. During the period of this campaign, customers who perform specific cashless transactions – namely MyDebit, DirectDebit, JomPAY, and FPX payments – at participating government agencies will stand a chance to win attractive prizes.

Find out more about
JPN’s “cashless Wednesday” initiative here
, or head on over to
PayNet’s website
 for more information on the
National Level Cashless Payment Campaign 2020
.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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You Can Now Directly Access Maxis Online Store Via TNG eWallet

Touch ‘n Go (TNG) eWallet has teamed up with Maxis to enable a feature that allows TNG eWallet users to directly access the Maxis and Hotlink online store via the e-wallet platform. Users will then be able to pay their Maxis bills, shop for products and services with exclusive offers, and upgrade their mobile plans even more conveniently.

Both TNG eWallet and Maxis hope to bring a smoother user experience for their customers via this new capability. For instance, Maxis users can now use TNG eWallet as their preferred payment method when paying their phone bills or making selected purchases on the online store.

The payment process will also be more seamless as users will no longer need to rely on TAC verification; they are required to sign in through TNG eWallet’s electronic Know Your Customers (eKYC) process for payments instead. Additionally, users can check out other mobile offerings from the telco on TNG eWallet, such as service upgrades or new mobile phones.

You can easily access the Maxis and Hotlink online store on TNG eWallet by tapping on the telco’s tile in the main page, after which you can select the store that is relevant to you.

(Image: The Star)

According to the chief commercial officer of TNG Digital, Danny Chua, this collaboration is timely due to the public’s increasing preference for contactless and cashless payments. It is also crucial in fostering digital inclusion.

“We are delighted to team up with Maxis. TNG eWallet and Maxis are brands that are rooted into Malaysians’ daily lives. We are happy to have a great partner to bring added value and create better experience for users,” said Chua, adding that Maxis is the first telco to have a collaboration with an e-wallet that goes beyond just offering prepaid top-up and postpaid bill payments.

Meanwhile, the chief sales and services officer of Maxis, Patrick Er said that the integration of Maxis’ services into TNG eWallet is a great addition to the telco’s wide range of digital platforms, allowing for better customer engagement. “This is the type of omnichannel experience that is highly relevant to our customers’ connected lifestyles,” he said.

(Sources:
Maxis
,
New Straits Times
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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TNG eWallet Rolls Out PayDirect Parking, Enabled At Selected Locations

Touch ‘n Go (TNG) eWallet users can now look forward to paying their parking fees via the e-wallet’s PayDirect platform, following an update to its parking services. This was revealed as TNG launched the new PayDirect Parking feature at Gurney Paragon Mall in Penang.

The PayDirect Parking feature works similarly to the PayDirect for toll payments. “The PayDirect platform was launched to enable seamless payment experience at tolls using the Touch ‘n Go card and your eWallet balance. You can now enjoy a similar experience at parking sites. Touch ‘n Go card now allows you to enter parking sites and pay using the eWallet balance through the PayDirect platform,” said TNG in its FAQ for the PayDirect Parking feature.

In short, once you’ve enabled PayDirect in your TNG eWallet app, you can go ahead and use the Touch ‘n Go card to pay your parking fees. Instead of deducting the amount from your existing card balance, however, it will now be charged to your TNG eWallet.

That said, PayDirect Parking is currently available at only a few other locations aside from Gurney Paragon Mall, as a part of TNG’s pilot programme for the feature:

Tempat Letak Kereta Awam, Kompleks C, Putrajaya

Republik Damansara Heights

Empire Shopping Gallery, Subang Jaya

Vortex KLCC

The Curve, Mutiara Damansara

To note, Gurney Paragon Mall is actually the latest location to be added to the list, and is also the first to be publicly revealed by TNG. The other five locations in Klang Valley have been part of the pilot programme for much longer.

(Image: The Star)

On top of this, the chief commercial officer of TNG, Chong Fhui also shared that there will be no parking surcharge for TNG users at Gurney Paragon Mall. For context, the removal of existing TNG parking surcharges is listed as one of
the several updates that TNG aims to implement in 2021
.

While Chong Fhui did not state if this perk is extended to the other locations as well, TNG’s FAQ noted that there are no additional charges for using the PayDirect Parking feature. “All charges are levied based on the fare calculation provided by the parking site operators,” it clarified.

You can find out more about the
PayDirect Parking feature via TNG’s FAQ here
.

(Source:
Lowyat.NET
)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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HSBC, Teach For Malaysia Launch FUN-nancial Guide For Young Malaysians

HSBC Bank has launched the HSBC FUN-nancial Guide in collaboration with non-profit organisation Teach For Malaysia (TFM). Aimed at teaching children the fundamentals of personal finance in an easy and interactive manner, the guide is one of the initiatives introduced during the Financial Literacy Month 2020 (FLM 2020).

Intended for youths between the age of 8 to 15, the FUN-nancial Guide is made up of five interactive modules to help them learn about saving, budgeting, and spending – among other financial topics. The first module – titled “Dollah Discovers Spending, Needs & Wants” – has been made available to the public for free, combining the use of storytelling and task completion to educate its target audience.

According to the chief executive officer of HSBC Malaysia, Stuart Milne, financial literacy is crucial in making financially responsible decisions, and the FUN-nancial Guide is meant to provide Malaysians with the tools needed to take charge of their financial life from young. “Our partnership with TFM in introducing the FUN-nancial Guide reflects our commitment to build a sustainable future for the communities we serve, by helping individuals to become more financially savvy,” he said.

HSBC’s FUN-nancial Guide was launched during a virtual panel discussion titled “Raising Young Money Managers: Finance For Children”. The session sought to discuss topics such as nurturing strong values in children in support of Malaysia’s five-year financial literacy roadmap, the
National Strategy for Financial Literacy 2019-2023
. Meanwhile,
FLM 2020
 was launched by the Financial Education Network (FEN) to provide a variety of financial literacy initiatives and programmes for Malaysians throughout October.

You can check out the first module of
HSBC’s interactive FUN-nancial Guide
 here. There is also a
printable version
 for your use.

(Source:
The Star
,
HSBC
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Unbox Our Biggest Lazada e-Voucher Worth RM3,500 This Week With 4 Participating Banks

Laptop, smart TV, or several months’ worth of groceries? It’s shop o’clock as this week’s unboxing presents our biggest Lazada e-Voucher ever worth RM3,500 with 4 participating banks!

If you’re new to RinggitPlus, Unboxing This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

But, this week, we’re taking it up a notch! For this week (12 – 19 July), we’re giving you a chance to win our biggest ever Lazada e-Voucher worth RM3,500 when you apply for a credit card with 4 featured banks:
Citibank, Standard Chartered Bank, HSBC Bank, and CIMB Bank.

So, if you’ve considered applying for a credit card with any of these banks, now’s a good time to get more out of your application!

The Big Prize: Lazada e-Voucher Worth RM3,500

Stand a chance to win a Lazada e-Voucher worth RM3,500 when you apply for selected cards from any of the 4 banks listed above through us! The voucher will be given to 30 randomly chosen successful applicants who submit their application from 12 to 19 July and meet individual bank requirements to be eligible for the prize.

Read on to find out the individual bank requirements:

Citibank: Activate and spend a minimum of 8 retail transactions on your new card within 60 days upon gaining approval. Current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion.

Apply for a Citibank Credit Card here.

Standard Chartered Bank: Activate your card within 30 days upon approval to be eligible for this prize. Do be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign.

Apply for a Standard Chartered Credit Card here.

HSBC Bank: Activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval. Current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign

Apply for an HSBC Credit Card here.

CIMB Bank: Only applications for CIMB e Credit Card are valid for this campaign. Upon approval, You do have to activate and spend any amount to meet the requirements of the campaign and be eligible to win an iPhone 12. Existing cardholders of any CIMB credit card and individuals who have held or cancelled a CIMB credit card in the 6 months are not eligible for this campaign.

Apply for the CIMB e Credit Card here.

For successful applicants who do not win the Lazada e-Voucher worth RM3,500, you will get to walk away with a RM100 Lazada e-Voucher.

***

Finally, just as a reminder, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and so that we can always be at hand to help you if you need us.

While this week’s flash deal ends on 19 July (1pm), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Old Malay Proverbs That Are Actually Brilliant Money Tips

Who among us can forget the time when we had to memorise a long list of Malay proverbs back in school? Of course, our sole objective then was to ace our Bahasa Malaysia exams, but now that we’re all out of school and busy achieving our life goals – pay off our debts, travel the world, get married, or even start our own businesses – perhaps these old proverbs can serve as our guidance towards a better financial life.

Here are some of the old proverbs from the wise, who probably did not expect them to be bordering genius money management tips:

1.
Yang Dikejar Tak Dapat, Yang Dikendong Berciciran

Meaning:
 It’s better to hold onto something that you already have than risk losing it in pursuit for something better.

One of the most used proverbs, this one throws shade to the worst habit to have when trying to maintain a stable financial life; greed. It can serve as a reminder for you to always be careful when it comes to investing your money, and not become victims of get-rich schemes or similar high-risk investment plans.

Research and understand the product thoroughly before committing to any investment plan. You don’t want to lose all your hard-earned money while chasing some unicorn windfall do you?

2.
Ukur Baju Di Badan Sendiri

Meaning:
 Only do the things that are within your abilities.

Perhaps you’re more familiar with its English counterpart; ‘cut your coat according to your cloth’. This proverb helps to remind you that you should only buy and spend on things that are within your budget.

After all, the surefire way to get broke in no time is by spending beyond what you can afford.

Read also:
Brokeback Budgeting: Life Hacks For Leaner Months

3.
Sedikit-Sedikit Lama-Lama Menjadi Bukit

Meaning:
 Be consistent at something once you’ve already decided to do it, and you’ll reap the rewards in due time.

Ever heard of the phrase ‘In for a penny, in for a pound’? This Malay proverb carries the exact same meaning to it. It’s best applied to building your savings for your emergency fund, retirement fund, or even to reach a particular goal – such as saving for a new laptop.

The most important thing to remember is to keep at it – consistently – and you’ll have the satisfaction of watching your savings grow larger and larger as time goes by.

4.
Sambil Menyelam Minum Air

Meaning:
 Solve two problems at once, with a single action.

This proverb is literally translated to; take a drink while you’re diving. While we don’t advise you to take this proverb literally (because, gross?), it can serve as a great money tip for those who are looking to save and grow their money at the same time.

Whether it’s your emergency fund or EPF account, look into growing your money while continually adding to them. Invest them in fixed deposit accounts, EPF-linked investment accounts, or similar low-risk investment channels.

5.
Gali Lubang, Tutup Lubang

Meaning:
 Paying a debt with another debt

This is one of the best proverb to remember in your personal financial management. Paying an existing debt by way of another debt is a huge no-no, as it’ll lead you to a deeper financial pit.

Work off your debt slowly, talk to your borrowers and work out a repayment plan, and commit to it. Of course, there are instances where it’s
financially advantageous to take out a loan to pay a debt
, but that would depend on several factors – like if the loan’s interest rate is lower than your current debt’s interest rate.

If you’re thinking of paying off a debt with a low-interest personal loan, have a look at our
comparison page for the best personal loans
 in the market.

6.
Sudah Terhantuk Baru Terngadah

Meaning:
 To prevent something bad from happening when it’s already too late.

Only one word of advice is needed to sum up the financial lesson in this proverb: save. Always put aside a portion of your income and channel it to your emergency fund – or retirement fund – for those rainy days.

You never know what might happen that would call for a large sum of money, your car might break down in the middle of the month, you might lose your job, or your cat might need an emergency veterinary care after eating some chocolate you left on your table. You never know.

7.
Ikan Lagi Di Laut, Lada Garam Sudah Di Sengkalan

Meaning:
 Make preparations to enjoy something that is yet to be obtained.

Say you’ve just gone through a performance review at work and are looking forward to receiving a bonus, but you’ve yet to know how much it is or if you’ll even get it in the first place. But you’re so eager that you blow all your savings in one go, thinking you’ll get your bonus at the end of the month.

Now, what if you didn’t get your bonus? You’ll be left with an empty bank account, and possibly end up in debt as you’ll have less money to pay for bills and expenses. That is the valuable lesson taught by this proverb, and one that you should always remember to achieve a balanced and stable financial life.

We’re sure there are many more proverbs that can teach us invaluable money management tips, and if you do have any suggestions other than the ones mentioned, feel free to share with us in the comment section below!

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#AskHannAnything: Funding For A Home And Retirement In Your Mid-30s

In my time as a certified charterholder, I come across clients whose financial queries range from “I have RM X in my account, should I buy a house or invest in the stock market?” to “I have RM Y in debt across home loan, student loan, and loan shark, and I’ve just been retrenched. What should I do?”. Normally, the services of a financial advisor/certified charterholder is chargeable by the hour, but in the spirit of cultivating financial literacy and making smarter money decisions, #AskHannAnything was born.

The queries posted in this series have been curated to cover an extensive range of issues, and all queries have been posted with consent and are not edited whatsoever (names may be changed for anonymity). With that, here’s this month’s top query! (Next month’s intro will be much shorter, I promise!)

********

Hi Hann,

I am a 34-year-old Account Executive. Below is an overview of my personal finances, including my savings, investment plan, and expenses.

Savings/Investments

HLB Cash Account

RM3,700

HLB FD 12 Months

RM10,290

HLB FD 6 Months

RM1,000

HLB FD 3 Months

RM1,000

MBB Cash Account

RM2,919

Public Mutual

RM11,531

Amanah Saham

RM18,613

EPF

RM150,000

Total

RM199,053

Income

RM3,080 after deductions

Monthly expenses

Parents & Utilities

RM600

Insurance

RM351

Daily expenses (toll/petrol/food)

RM400

Phone bill (postpaid)

RM35

Gym/yoga subscription

RM80

Health supplements/food, medical fees

RM200

Misc

RM200

Total

RM1,866

In addition to these, I also have the following one-off expenses each year:

Car road tax & insurance: RM600

Medical card: RM650

Medical check-up: RM400 (June & Dec)

Travel: RM3,000

I have been in my current job at an oil palm company (operating overseas) for 9 years, with a 2-year increment and bonus. However, I plan to change my job as the company is not doing financially well, although the company still pays my salary on time.

My car has been fully paid up, and I set aside RM500 each month for retirement planning and placed into Public Mutual funds.

I plan to use my 1-year savings for my wedding (estimated cost is about RM20k), which should be sufficient if it’s a simple wedding and we stay with family. I have already set aside the 12-month FD as part of the wedding fund.

For additional details, my boyfriend is currently a Grab driver, and earns around RM4,000 nett per month. Here’s a breakdown of his expenses:

Parents & Utilities: RM600

Car installment: RM550

Toll/petrol/food: RM1,000

Phone bill (postpaid): RM120

Family house installment: RM450 (total RM950, split with brother)

Miscellaneous: RM400

Total: RM2920

For the wedding, my boyfriend is saving RM1k/month and I’m saving RM500/month. After that, we will continue saving this amount and I hope that I can own a house in Klang in the near future.

Please advise on a practical financial plan for my situation.

Thank you

Lee

********

Hi Lee.

First off, well done on organising your finances well, having a reasonable savings habit relative to your income, and having a clear view on what you want to achieve financially. However, in order to create a long term financial plan, you should ask yourself several other questions:

When do you want to retire?

How much do you need to retire on?

Do you plan to have children or a bigger family?

This will give you a clearer picture that will help a financial planner to build a plan for you.

Meanwhile, having looked at your overview, I can give 3 simple ideas to follow:

Live the same, save more.
 By reviewing each line item of spending, you could be having the same lifestyle and yet have more money in your pocket. Just looking at the below, between the two of you, you could be saving an extra RM2,000+ without changing your lifestyle! For example:

Fixed deposits – you have more than RM10,000, that typically qualifies you for FD promotional rates, compared to the board rates that you’re getting. This will be a challenge in our current low-OPR environment, so perhaps you can also look into high-interest savings accounts while hunting for FD promos.

Credit card – your boyfriend in particular will benefit greatly from this. Assuming you and your boyfriend spend RM500 collectively per month on petrol, and use a petrol cashback card (some top cards can give anywhere between 5-10% on certain conditions), that could be an extra RM200 yearly.

Insurance + Medical Card – you mention you allocate RM351 per month for insurance (I’m assuming life insurance) & RM650 per year for your medical card. If you do your research online, I’m confident that you can find an insurer that can combine the two, and save RM100s if not RM1,000+ a year.

Postpaid line – most all-in (unlimited data, calls, SMS) lines in Malaysia as of 2020 should not cost anyone more than RM50 per month, so it looks like you are doing well there, but your boyfriend looks like he could be saving at least RM70 monthly by switching plans or providers (without affecting his usage). That’s more than RM800 per year!

Buy the right priced home.
 It is both a financial and emotional decision. To assist you in navigating the decision, here are some points:

Affordability – as a couple you indicate you are living with parents and jointly contributing RM1,200 monthly. Assuming that you want to keep that the same, that indicates that you should be looking at a mid-priced home at around RM300,000.

Downpayment – at a RM300,000 property value, most people assume they need to have RM30,000 (10%) available, but there are additional buying costs (lawyers, government duties) which range between 3-4% of the property price, so it’s best to ensure you have at least 15% to complete the transaction. It looks like you have in excess of that saved in various channels, so well done!

Retirement/Savings Planning.
 Without knowing too much about your retirement goals, I can only give some basic tips, here they are:

Diversification – regardless of what you are investing in, you should always look to diversify. This may limit your upside as certain asset classes outperform others even over a long period, but diversification ensures a lower risk as your investment portfolio grows. Keep a healthy mix of cash, equity unit trusts (or ETFs), bond funds, property, etc.

Long term investing – since you’re in your mid-thirties, whether you intend to retire at 50 or 60 or 70, your investment horizon is considered long, so focus on the long term rather than quick investments.

Rule of 4% or 25x – In the absence of your goals, the one thing I will leave with you is, multiply your desired retirement income per year by 25x to get your retirement target portfolio. For example, if you decide between you and your boyfriend that RM100,000 yearly (RM8,333 monthly) is sufficient to retire on, aim for a portfolio of RM2.5m and this should be enough to retire on, taking into account withdrawals and inflation.

For a detailed financial plan, please do have a think about those questions at the start and then consult a Licensed Financial Planner to create a long term financial plan for you.

#AskHannAnything is a monthly series where our co-founder, Hann Liew, offers advice to users who submit their personal finance queries. Want to pick Hann’s brain? Drop him an email at
[email protected]
 with your queries. We will publish the most useful ones at the end of each month.

*by submitting your email, you agree to provide consent for it to be published on RinggitPlus.

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AmBank Offers Cashback On Food Delivery Orders With Feast At Home Campaign

AmBank is offering two valuable cashback deals on food delivery orders as part of its ongoing Feast At Home Campaign 2021. Open to AmBank Visa Credit Cardholders, you can earn RM8 in cashback when you spend a minimum of RM30 on food delivery – and RM68 in cashback with a minimum cumulative spend of RM688 on dining and food delivery spend throughout the campaign period.

For the RM8 cashback deal, the food delivery merchants eligible for the campaign are DeliverEat, Foodpanda, GrabFood, Hungry2u, and Pop Meals. For the RM68 cashback, the same merchants qualify for the promotion, in addition to any eateries that fall under the Dining merchant category code.

Each AmBank Visa Credit Cardholder is entitled to earn the RM8 cashback once per campaign week, up to a maximum of four times throughout the campaign period – which means you can earn up to RM32 in cashback from this deal. At the same time, if you hit the cumulative spend of RM688 on dining and food delivery, you garner RM68 in cashback; so you stand to earn a total of RM100 in total cashback from the Feast At Home Campaign!

Do note that the cashback will be given out on a first-come, first-served basis. The RM8 cashback is allocated weekly while the RM68 cashback is allocated monthly, as seen in the table below.

You will receive the cashback within 12 weeks from the end of the campaign, which runs from now until 31 March 2021. So, if you have an AmBank Visa Credit Card, you can start earning your cashback on food deliveries now – you do not need to take any additional steps to register for this campaign. For more information, you can refer to the
AmBank website
.

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Government Introduces Incentives For Automotive And Housing Markets

In an effort to stimulate consumer sentiment in the automotive and housing market, the government will be providing tax exemptions and financial incentives for both sectors. This was announced by Prime Minister Tan Sri Muhyiddin Yassin during the reveal of the PENJANA Economic Recovery Plan.

Malaysians will be given 100% sales tax exemption for the purchase of locally assembled cars, starting from June until 31 December 2020. Alternatively, you can enjoy a 50% sales tax exemption if you purchase an imported car instead.

Meanwhile, the housing market will see a few initiatives carried out to reinvigorate the industry. Firstly, the government will reintroduce the Home Ownership Campaign, which previously ran throughout 2019 to support home buyers looking to purchase properties. Through this campaign, Malaysians will be exempted from paying the stamp duty for land title transfers and loan agreements if they are purchasing homes valued between RM300,000 to RM2.5 million.

The stamp duty exemption for land title transfers will be limited to the first RM1 million of the value of the property, whereas full exemption is given for loan agreements. This initiative is applicable for purchase agreements signed between 1 June 2020 to 31 May 2021, subject to a rebate of at least 10% from the developers.

Secondly, Malaysians taking on a third home loan will not be subject to the financing limit of 70% of the value of the property (valued at RM600,000 and above) during the period of the Home Ownership campaign. Instead, it is subject to the internal risk management practices of the financial institution offering the loan.

Lastly, real property gains tax (RGPT) is also exempted for Malaysians who wish to sell their residential properties between 1 June 2020 to 31 December 2021. That said, this is limited only to three residential properties per individual.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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    LAIPENG LEE

    3 years ago

Hope this short term economic recovery plan may help those in automotive and properties market. Thank you for the write up, easy for us to understand. Appreciate it.

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BNM And Penang Government Host Event On Post-Moratorium Loan Repayment Assistance

(Image: Free Malaysia Today)

The Penang branch of Bank Negara Malaysia (BNM) has collaborated with the Penang state government to organise a two-day event aimed at assisting entrepreneurs, SMEs, and the public in planning their loan repayments post-moratorium.

The event will be held on 12 and 13 September (10am to 6pm) at RAIA Hotel in Bayan Lepas. A total of 17 banks and 8 agencies – including BNM – will be present to help those who saw their income being impacted by the Covid-19 pandemic.

Note that while the event is a loan repayment campaign, it is also an entrepreneur incentives programme. Event highlights that you can look forward to include information on available flexible loan repayments, talks and briefings on incentives for entrepreneurs, as well as introduction to other existing financial facilities provided by the Penang Development Corporation, Penang Halal International, and BNM.

(Image: New Straits Times/Danial Saad)

The chairman of the Trade, Industry, and Entrepreneurial Development Committee, Datuk Abdul Halim Hussain, commented that although the government had
extended the loan moratorium for individuals who lost their jobs
, entrepreneurs and SMEs were excluded. “Many of them have less income now and still can’t afford to repay their loans, so this event is to help them apply for flexible repayment with their respective banks,” he said.

The
ongoing automatic moratorium
, which had commenced in April 2020, was offered to both individuals and SMEs with the intention to ease their cashflow during the financially challenging MCO period. It is slated to expire by the end of this month, with the government now urging the Malaysian public to
reach out to their respective banks
 if they foresee difficulty in financing their loans after the moratorium.

You can find out more about
BNM’s and the Penang state government’s event
 here.

(Source:
Malay Mail
)

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AIA, Focus Point Launch Malaysia’s First Optical Protection Plan

AIA Malaysia has joined hands with optical retailer Focus Point to introduce the Focus Point Optical Protection Plan (OPP), the first of its kind within the country. It offers coverage of up to RM20,000 for new glasses that you purchase from Focus Point for one year, with the option to get an extended warranty for a second year.

According to the FAQ, the Focus Point OPP will cover the cost of repair or replacement in the event of accidental or mechanical damage to the frame and/or lenses of your glasses – depending on which year of coverage you’re in. Specifically:

Benefits
Details
Coverage year
Number of claims allowed
Accidental damage to frames or lenses
Repair due to accidental damage of insured glasses, or replace if beyond economical repair
First year only
One-time claim only
Mechanical defects to frames and lenses
Repair due to mechanical, electrical, or electronic breakdown of insured glasses, or replace if beyond economical repair
Second year only (under extended warranty)
One-time claim only

Note that this policy is only applicable to newly purchased pairs of glasses (not for replacement glasses), and each purchase must meet a minimum requirement of RM500 to qualify for it. This purchase price will then serve as the coverage limit allowed to you (after any discount or promotion). So if you were to buy a pair of glasses that costs RM700, then your coverage limit will also be set at RM700. Meanwhile, the maximum sum insured is capped at RM20,000, even if you were to purchase a pair of eyewear that costs beyond RM20,000.

Do also be aware that if you take up the extended warranty for a two-year protection, the coverage limit is not refreshed annually; the extended warranty cover for the second year will run on the remaining limit that you still have after the first year of coverage. To illustrate, if you have a coverage limit of RM700, and you’ve made an accidental damage claim of RM300 in the first year, then your extended warranty cover will only have another RM400 to work with.

Aside from that, AIA also clarified that the Focus Point OPP only applies to prescription glasses, and excludes the purchase of sunglasses, contact lenses, as well as safety and swimming goggles. Some key exclusions in the policy that you should take note of as well include damage incurred as a result of sports activities, and loss or damage resulting from fire or flood (with the exception of accidental damage).

As for the plan’s premium, it will be calculated based on 3.71% of the actual purchase price of your eyewear (inclusive of the sales and service tax).

If you’d like to find out more about the Focus Point OPP, you can visit any of the
30 participating Focus Point outlets
 that are currently offering the plan as part of the pilot launch. The remaining Focus Point outlets will also begin to offer the plan in April 2022.

(Sources:
AIA Malaysia
,
Focus Point
)

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Citibank will make you feel like a true Tokyoite

Experience what it’s like to grab a meal in the cosy restaurants of Japan’s capital city at Tokyo Don, Pavilion KL.

Here, you can indulge in as much donburi, or Japanese rice bowl with various dishes served on top as your heart and stomach desire.

And after all that hearty dining, you’ll be glad to be entitled to a
20% discount on the a la carte menu when you spend RM50 or more in a single receipt
 with your Citibank credit card.

This offer is good until 31 December.

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Lazada, Shopee Customers Can Still Apply For RM200 Vouchers Via SAVE 2.0

E-commerce platforms Lazada and Shopee both appear to have re-enabled their campaign pages for the SAVE 2.0 programme – an initiative spearheaded by the Sustainable Energy Development Authority (SEDA) to increase public awareness and energy-efficient products in the market.

First introduced during the tabling of
Budget 2021
, the SAVE 2.0 programme officially took off in January 2021. It allows eligible Malaysians to claim RM200 vouchers to use when purchasing energy-efficient air conditioners and fridges with participating retail or e-commerce partners, including
Lazada
 and
Shopee
. Offered on a first-come first-served basis, there were only limited quantities of the vouchers that could be claimed.

Subsequently, in April 2021, SEDA announced that it intends to
extend the SAVE 2.0 offer to cover more electrical appliances
, beyond just air conditioners and refrigerators. Among some of the appliances that may be included are washing machines and televisions.

While this has not been confirmed, SEDA seemed to have considered a relaunch of the SAVE 2.0 programme, as can be inferred from this statement in
Lazada’s FAQ for the initiative
:

A quick check on our part also showed that Lazada has once again opened up
the registration form
 for the programme. Meanwhile,
Shopee’s SAVE 2.0 campaign page
 also shows an updated application process since its launch in January. Where you were previously required to fill in an application form in the Shopee app, you now have to look out for products with the “SAVE 2.0” tag, and then message the merchant selling the product. The merchant will then help you to apply for the voucher, and then share it with you once the application is approved.

When contacted via social media, both Lazada and Shopee customer service representatives have also confirmed that they are currently accepting applications for the SAVE 2.0 programme. If you missed out on the earlier round of application for the programme back in January 2021, this is another chance for you to tap into the offer! For more information regarding the SAVE 2.0 programme on
Lazada
 and
Shopee
, you can head on over to their websites. Alternatively, you can also check out
SEDA’s website
 for more information.

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General Insurance Claims During Emergency Period To Be Processed As Usual

(Image: Berita Harian Online)

Persatuan Insurans Am Malaysia (PIAM) has provided assurance that claims incurred during the Emergency Proclamation period will be paid as normal. This is in response to Malaysia being declared under a state of national emergency until 1 August to battle the ongoing Covid-19 pandemic.

“PIAM wishes to assure all general insurance policyholders that claims incurred during the Emergency Proclamation period will be paid according to their policy terms and conditions,” the general insurance association of Malaysia said in a
statement
.

PIAM advised all policyholders, including both businesses and individuals, to obtain more information from their respective insurance companies on the matter.

(Image: The Straits Times)

In a separate announcement, PIAM also stated that its members would be
expediting insurance claims for flood victims
 who had purchased flood cover as part of their general insurance policy. “PIAM member companies will process all flood claims so long as flood is an insured peril, regardless of whether a state of emergency is declared or not,” the statement read.

PIAM member companies are committed to expediting the flood claims by reaching out to claimants and preparing to waive claim forms or supporting documents for shorter turnaround times. “Insurance companies are also prepared to offer special waivers for proof of reinstatement policies, allow application of average on policies that are underinsured, and grant waivers on excess applicable on personal line policies,” it said.

All the same, policyholders are advised to check with their insurance companies for more detailed clarification on relief measures or waivers that are in place. Moreover, coverage for flood-related loss or damage is usually purchased as an extension since it is typically excluded from standard motor and fire policies. Therefore, policyholders are advised to check their policies to determine whether or not they are covered for floods.

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Old Malaysian Ringgit Notes and Coins Are Worth More Than You Think

Over the years, there have been certain denominations of our beloved Ringgit that has been cut off from production. While not many have given much thought about these coins and banknotes, let us take a stroll down memory lane and find out what collectors find so fascinating about these different denominations of the Ringgit.

1 Sen Coin

Do you remember using one sen coins? Or are they something you remember that everyone stuck in the McDonald’s donation boxes at the counters?

The 1 sen coin was mostly made out of copper or bronze clad steel. Did you know, the cost to make these copper coins cost 4.2 sen per 1-sen coin? Based on logic alone, you would know we were losing money just keeping it in circulation. To avoid the financial pressures of producing these coins,
Bank Negara website
 states that the government implemented a rounding mechanism in the year 2008 and its main reason was to save cost in producing these coins.

With the coins no longer being used, some of the coins have managed to developed a higher value due to its collectible value. According to a website called
Malaysian Coin
 some of these 1 sen coins are worth from RM2 to as much as RM1,800 depending on year and condition.

1 Ringgit Coin

The 1 Ringgit coin was introduced in to the Malaysian market in
1971
. The 1 Ringgit coin initially used the dollar sign “$1” and was later changed to 1 Ringgit in 1993. These 1 Ringgit coins were later demonetised on
7th December 2005
 and withdrawn from the market.

Since there were duplicate values of this denomination in the form of coin and banknote, people generally preferred the
banknote as compared to the coins
. That comes as a no brainer, coins were cumbersome to lug around as compared to having lighter banknotes in their wallets.

On top of that, some sources claim that these coins were
easier to forge
 as compared to printed banknotes. However,
Bank Negara
 had denied all such allegations and while there were few isolated cases of forgery, it was definitely not widespread.

Despite the coin being demonitised, the coin carries value in the collector’s market. Though its resale value is not as high as the 1 sen coins, the 1 Ringgit coins still fetch a good return of up to
RM 180
. Collectors claim it is difficult to get genuine ones as there were fake coins in the market and could possibly the reason why its value did not skyrocket the way the 1 sen coins did.

2 Ringgit Banknote

(Image: Vulcan Post)

When Bank Negara issued these notes in the year
1996
 , the theme of the design was to commemorate and reflect the
“Vision 2020”
. While the 2 Ringgit note is still recognised as legal tender, it is worth so much more as a collector’s item as compared to using it for day to day purchase.

To the right collector, the 2 Ringgit note with the signature of Governor Tan Sri Dato’ Ahmad Bin Mohd Don could be worth a whopping
RM4,000
. Being one of the most wanted pieces by collectors, it is no wonder it can fetch almost double of a fresh graduate’s salary.

Commemorative 50 Ringgit Banknote

(Image: The Star)

In the year 1998, Malaysia was host to the Commonwealth Games in the iconic Bukit Jalil Stadium. In commemoration of the event, Bank Negara issued a
limited edition 50 Ringgit polymer banknote
. The banknote was produced in a limited quantity of 500,000 pieces. The note’s legal tender value is exactly RM50 but it was sold as a collectors item in packaged folders for RM80 per piece.

Eighteen years later and the value of the limited edition notes have gone up in value. While being unable to determine exactly how much these notes are, the range on ebay go from as low as
USD89.99
 (RM367) to USD300 (RM1,224). Despite being a limited edition collector’s item its appreciation value has surprisingly only gone up approximately 4.5 times its original value.

Money Money Money!

Even if you aren’t a collector, try hunting down all your old 1 sen or 1 Ringgit coins and your old 2 Ringgit notes. They may be hidden some where and might be worth something. You could be sitting on a gold mine without even realising it. With all the profits you could potentially get, open up a savings account and keep that money safe.

If you would like to check out our many saving account options and sign up for one, visit our website and use the
comparison tool
 to find one perfect for you. Just be sure not to bank in these valuable pieces along into your savings account.

If you have anything to add to the article, feel free to do so in the comments below.

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1 Ringgit Coin

1 Sen Coin

2 Ringgit Banknote

Bank Negara Malaysia

Banknotes

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Commemorative 50 Ringgit Banknote

Commonwealth Games

About THE AUTHOR

Gavin Pereira

Gavin Pereira

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