Road Tax Renewals At Post Offices Temporarily Suspended Nationwide

Pos Malaysia has announced that road tax renewals at post offices nationwide will be suspended from now until 31 March 2021. According to Pos Malaysia, the Road Transport Department (JPJ) gave instructions for the temporary suspension following the Ministry of Transport’s ongoing exemption of road tax and driving licence renewals.

“As instructed by Jabatan Pengangkutan Jalan (JPJ), the renewal of Lesen Kenderaan Motor (Road Tax) for private vehicles are temporarily suspended effective 23 February to 31 March 2021 at all post offices nationwide,” said Pos Malaysia in a statement.

Earlier last month, the Ministry of Transport had provided an
exemption
 to the requirement to renew expired road tax and driving licences for the period of 1 February to 31 March, due to the second movement control order (MCO 2.0). This exemption is similar to the one announced during the
first round of MCO
 in the country last year. Licensed drivers are permitted on the road as long as they have a valid vehicle insurance certificate (e-cover note) as proof.

However, all other services including driving licence and vehicle insurance renewals are still available at post offices in Malaysia. “We apologise for any inconvenience caused. For enquiries on other services, kindly reach out to us via AskPos at
www.pos.com.my
 or on your Pos Malaysia mobile app home screen,” the postal service said. Meanwhile, enquiries related to the road tax renewals and exemptions should be directed to the JPJ office.

(Source:
Pos Malaysia
)

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TNG eWallet Rolls Out CarInsure Service For Private Vehicles

Touch ‘n Go (TNG) eWallet has rolled out its new CarInsure service, which allows users to purchase a comprehensive car insurance for private vehicles via the e-wallet. It offers a 10% discount on your premium as well as the service to deliver your road tax to you within 3 to 5 working days. This is on top of a free personal accident (PA) protection worth RM50,000.

Partnering with Allianz General Insurance and MSIG Insurance for this effort, TNG eWallet’s CarInsure offers a one-year coverage for accidental and fire damage, as well as theft of your vehicle. It also covers death and injury for a third party, as well as damage to the property of a third party due to the use of your vehicle. Additionally, you can purchase several add-ons for the policy if you wish to, including windscreen coverage, special perils, as well as additional and unlimited drivers.

If you’re interested to purchase your motor insurance via CarInsure, be sure to top up your TNG eWallet balance beforehand as you can only pay through the eWallet (app and website). Upon confirmation of your purchase, the e-policy document will be sent to you via email within 24 hours.

Note that the insurance offered under CarInsure is only applicable to private vehicles that are less than 15 years old, registered with the Jabatan Pengangkutan Jalan Malaysia (JPJ), and are used within Malaysia only. TNG also stated that it currently does not offer any motor takaful products, although it is working towards that.

To find out more about
TNG eWallet’s CarInsure service
, head on over to the e-wallet’s official website. You can also submit a request to get a free quotation.

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Alex Cheong Pui Yin

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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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How Malaysia's New Tourism Tax Will Affect Your Travel Plans

The government recently announced a new tourism tax that took effect on July 1, 2017

[UPDATE 11/07/2017]
 A much more
recent news source
 has reported that the tourism tax will only be implemented from August 1st of this year, from the previously stated July 1st.

[UPDATE 27/07/2017]

Another
new announcement by the Ministry of Tourism and Culture
 has confirmed that Malaysians will
not
 be subjected to the tourism tax and has decided only to impose this flat tax rate on foreign tourists. This means, any
Malaysian or
 foreigner that opts for a hotel accommodation will soon be subject to additional tax, on top of the current Goods and Services Tax (GST).

Our article is originally meant for domestic tourists travelling within Malaysia, but now that this tax only affects foreign tourists, it means Malaysians won’t be very much affected by this tax when they travel for holidays domestically. Still, we shall present the rest of the article as it was originally written for posterity.

A report by
the Star
 stated that the new tourism tax will generate an income of RM654.62mil for the country even if hotel occupancy throughout the country is only at 60 percent. The additional income is going to be used for improving facilities in order to enhance the experience in the country as well as promoting Malaysia overseas.

How Much More Does This Cost?

According to
FMT
, there will be a fixed rate applied on a daily basis, depending on the type of accommodation you choose. The table below shows the breakdown of tax that you can expect to be charged for the accommodation that you pick for your next trip.

Type of Accommodation

Tax Rate per Night (in RM)

Non-rated Hotels

2.50

Two Star Hotels

5.00

Three Star Hotels

10.00

Four Star Hotels

15.00

Five Star Hotels

20.00

In other words, if you intend to stay in a three-star hotel for seven nights, you will be charged an additional RM10 for each day adding RM70 to your original cost.

If you are going with a family of four and booked two rooms for seven nights, you can expect to pay RM70 for each room, bringing your grand total of tourism tax to RM140.

Despite it being called a tourism tax, business trips will not see any exemption from the fore mentioned tax making travelling cost even higher than before.

How to Save on Tourism Tax

The new policy will provide an exemption for small hotels with less than 10 rooms or privately operated homestay units.

In order to save some money, you can book yourself a comfortable accommodation on platforms like Airbnb and save up to RM20 per day.

How to Get More Value From Your Trip

If you do not feel like contributing toward the tourism tax in Malaysia and find Airbnb not to your liking, you could always pick out a cheap flight and enjoy a holiday outside the country.

Read Also:
How to Quit Your Job and Travel the World

Be that as it may, there are a number of countries like Thailand, Singapore and Indonesia which have
also implemented a tourism tax
.

Of course, whatever your choice may be, it will be wise to put all your purchases on a credit card that brings you more rewards and will contribute to your next trip or shopping spree.

Having the right credit cards could give you better deals on hotels, value dining experiences, or better cashback on overseas spending.

Depending on your needs, you can figure out what suits you best by using our
comparison tool in our credit card section
 in order to pick out the best credit card that rewards you the most. Apply and get more value (free flight tickets to 18 attractive destinations etc) from selected credit cards via our
Travel Getaway Campaign
!

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GrabPay DuitNow QR Supports Seamless Digital Payments For Both Consumers And Businesses

It’s a timely launch by Grab, as many Malaysians have adopted contactless payments during the pandemic in an effort to stay safe while still being able to shop for daily essentials. In fact, according to a report by
Bank Negara Malaysia
, the volume of e-wallet payments has increased by 131% since 2019.

GrabPay has recently rolled out its “GrabPay DuitNow QR” across the country, providing consumers with a safe, easy payment method for in-store purchases, while giving merchants access to the millions of consumers who have adopted the digital-first lifestyle.

Thus, the introduction of GrabPay DuitNow QR will make it even easier for consumers to shop safely, reducing physical contact, and saving shoppers’ time.

Yeap Lay Sun, a GrabPay DuitNow QR customer, explained, “I started regularly using e-wallets to pay for my things due to safety reasons in the midst of the pandemic. Now with more e-wallets accepting DuitNow QR, it is now my preferred method to pay, especially with GrabPay Preferred Merchants as I could go in and out of the store quickly and with little to no physical contact.”

On the other hand, the number of merchants accepting QR code payments has also increased as much as 165% since 2019, according to the same report by Bank Negara Malaysia. This indicates that businesses are prepared for cashless payments and with this seamless unified payment option, merchants will see efficiencies in their day-to-day operations thanks to the reduction in managing physical cash, sales reconciliation, and paperwork.

One such business that has embraced cashless payments is Lim Fried Chicken. Jordan Lim, from Lim Fried Chicken, said, “We decided to join GrabPay DuitNow QR because we noticed many of our consumers were asking if our store accepted digital payments.”

He added that since including it as a payment option, more of his customers preferred to use GrabPay for their payments as they also enjoy earning GrabReward points on their purchases.

According to Priyanka Madan, Head of GrabPay, Grab Malaysia, Grab is pleased to be a participant of the DuitNow Real-time Retail Payments Platforms (RRP) ecosystem to enable retailers throughout Malaysia to serve Grab users, while consumers themselves will find it even easier to purchase essential items.

“We see many opportunities at Grab to encourage businesses of all sizes to digitalise and embrace digital payments. In the past year, we have welcomed a wide variety of merchants to the platform, from small businesses to large nationwide chains and many consumer goods brands,” said Priyanka Madan.

“The implementation of the DuitNow QR code is timely considering the recent economic shifts and the most critical needs of users and merchants. Both groups can easily, safely, and quickly transact with each other, and shoppers have every opportunity to be more economical with their spending,” she added.

It’s Simple To Use – With Just 3 Steps

The GrabPay DuitNow QR is simple to use. Simply launch the Grab app, open the QR scanner, and scan any DuitNow QR code to pay.

To identify merchants accepting payment via GrabPay DuitNow QR, just use the Grab’s Merchant Discovery feature. Don’t forget to also use GrabRewards and Save & Point features to earn points and save money on every transaction.

Shop With Peace Of Mind – Online And Offline

Besides allowing both users and businesses to transact swiftly and safely via contactless payments, Grab is also committed to ensuring its online and digital transactions are safe for all its users.

That is why in line with the growth of online and digital payments, Grab is advocating for safer, more convenient, and seamless digital payments. Some of the recent efforts introduced to protect its users and their GrabPay wallets include:

An in-app safety centre to educate and keep users updated on how Grab is protecting their wallets.

Partnerships with globally recognised security systems with award-winning fraud detection to ensure all GrabPay transactions are safe.

Strong in-house fraud and security team with robust processes and customised algorithms to prevent and detect fraud.

Periodic reminders to users to be mindful of scams and to not disclose TAC codes.

For more information about GrabPay DuitNow QR, click
HERE
.

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18% Toll Reduction Rates For PLUS Highways To Start 1 February 2020

Finance Minister Lim Guan Eng has confirmed that the 18% reduction on toll rates on PLUS-operated highways will go into effect from 1 February 2020.

The reduction in toll rates will affect all highways operated by PLUS, namely:

North-South Expressway (NSE)

New Klang Valley Expressway (NKVE)

North-South Expressway Central Link (ELITE)

Malaysia-Singapore Second Link (LINKEDUA)

East Coast Expressway Phase 2 (LPT2)

Seremban-Port Dickson Highway (SPDH)

Butterworth-Kulim Expressway (BKE)

Penang Bridge

The change in prices will currently affect all passenger vehicles, buses, and taxis. According to Lim, the toll rates for commercial vehicles will remain unchanged until the end of the concession in 2058.

(Image: Melakakini)

Based on the revised toll rates, both the government and highway users will enjoy savings of RM1.1 billion in 2020 alone, and RM42 billion in total throughout the concession period.

The move to
reduce PLUS highway toll rates
 is the first step towards abolishing tolls in stages in the country, as part of the Pakatan Harapan manifesto.

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A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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What to Look for When Buying a Sports Watch

The path to personal fitness or even health goals starts with first identifying where you currently stand before working towards those goals. Knowing your current fitness levels with specific and accurate data goes a long way when setting realistic goals to aim for.

Using the services of a personal trainer is a useful tool to achieve these goals, but they are usually very expensive – which is why affordable alternatives such as a sports watch are a viable option. A favourite among athletes looking to measure performance improvements, sports watches today are also catered to more casual users.

With a variety of price options, sports watches nowadays come in a plethora of different features, suitable for everyone from the beginner sportsperson to the professional athlete. So, which features should you look for when getting a good sports watch? Assuming you are serious about your fitness goals, here are the core must-haves of a good sports watch.

Built-In GPS

If your fitness routine regularly involves outdoor activities, a sports watch with GPS tracking capabilities is a must-have. Accurate distance tracking using sensors in the watch combined with GPS will give highly accurate results of your run or hike, giving you a better representation of your workout.

However, using the GPS function on your watch can sap the power on your watch quickly, which is why the next feature is just as important.

Long Battery Life

Let’s face it, nobody likes charging their devices. It can be particularly annoying to have to always charge a device that you wear most hours of the day, so having a sports watch with at least a few days of battery life is an important feature. Some watches also have the added functionality of optimising the GPS tracking functions to use as little battery as possible, especially when the battery is running low.

App-Syncing

What’s the point of a sports watch that tracks your fitness activities accurately if you can’t view them easily? A proper sports watch must have an associated app (or apps) to which you can sync your watch with to get more information about your workouts.

A fully-fleshed app that syncs to your sports watch can display vital stats from your workouts, such as average heart rate, pace, distance covered, and plenty more. Not only that, the app should display these data points in an easily understandable manner that allows you to measure progress towards your fitness goals.

Non-Sports Daily Activity Tracking

While the main use of a sports watch is to track your sports performance, some watches can also track other activities throughout your day like sleep, your daily steps, calories burned, and resting heart rate. Some people may wear a separate fitness tracker for this purpose, but that shouldn’t be necessary if you get yourself a good sports watch. After all, what you do during your training session is only half the story; your sleep quality and general activity outside training will also have a hand in your fitness and health goals.

Multiple Sport Tracking Ability

While you may primarily engage in one sport (e.g. running), it is useful to get a watch that will be able to support tracking of various other sports as well. Most sports watches can track walking distance, but can it also track your swim strokes and the number of laps you swam in the pool?

With a proper sports watch, you can vary your training regime and get different data points to measure your endurance and physical performance. This feature is especially necessary if you are a triathlete.

Additional Features For Extra Motivation

A great sports watch will give you a detailed overview of your performance, but sometimes that isn’t enough. It’s well-known that gamification and social features can further motivate a user to perform specific actions and tasks. Some sports watches allow you to share your latest workout stats on social media, or even compare it against your workout buddies.

Connecting socially with others about your training keeps you motivated and is especially helpful on those low-energy days.

Durability

What good is a sports watch if it cannot withstand the elements, or even sweat? The last thing you’d want is to have a perfect-looking watch that had some sweat seep in and ruining the internals, or a shattered screen when you accidentally drop it. Durable sports watches from established brands usually test their sports watches through a series of rigorous durability tests before release, which is why sports enthusiasts often opt for more premium brands.

A Watch That Ticks All The Boxes

It can be difficult to get a sports watch that has all the features above, but one brand ensures you get great value for your money: Suunto. The new Suunto 5 was highly anticipated for good reason: it’s one of the most feature-packed watches to date, and it doesn’t hurt that it looks great as well.

The Suunto 5 has a beautiful slim body with a stainless steel bezel that oozes class and durability, and its great first impressions extend into the watch’s capabilities:

long battery life of up to 40 hours

built-in GPS navigation and tracking

durable body designed to stand the tests of nature

reliable training companionship – up to 80 customisable sports modes combined with sleep and stress tracking, as well as additional 24/7 activity tracking for continuous data even during rest periods

community focus via heatmaps and syncing with popular training apps

These highlights are just the tip of the iceberg in terms of what the Suunto 5 can do. You can learn more about the Suunto 5’s features
here
. You can own one of the best sport watches in the world at 10% off the retail price just by signing up for the SolarTime newsletter
here
. Suunto sport performance watches are also available at premium watch retailers. Click
here
 to find one nearest to you.

Time to turn into the athlete you want to be!

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Youths, M40 Individuals To Receive Up To RM200 E-Wallet Credit Under Budget 2023

(Image: Bernama)

Under Budget 2023, the government will be rolling out a new e-wallet initiative dubbed ePemula M40, offering one-off RM100 e-wallet credit to individuals who fall under the M40 group. Additionally, funds will be allocated to continue the existing ePemula scheme, with the e-wallet credit provided for each eligible youth now increased to RM200 per person.

Under the new ePemula M40 programme, Malaysians who earn an annual income of less than RM100,000 will receive RM100 worth of e-wallet credit. An allocation of RM800 million has been set aside for this initiative, which is expected to benefit 8 million recipients.

Meanwhile, the existing ePemula scheme – which currently provides RM150 worth of e-wallet credit to youths between the age of 18 to 20 years old, as well as full-time tertiary students – will now see the original amount increased to RM200 per individual. Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said that a budget of RM300 million has been earmarked for this, which will benefit 2 million recipients.

Both initiatives follow in the footsteps of similar e-wallet credit schemes that had been rolled out before, namely the eTunai Rakyat e-wallet initiative and the eBelia programme. The more inclusive
eTunai Rakyat initiative
 offered RM30 digital incentive to eligible Malaysians who are aged 18 years old and above, in a bid to encourage cashless transactions. Meanwhile, the
eBelia programme
 targeted eligible youths between the age of 18 to 20 years old, with a one-off offering of RM150 e-wallet credit.

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How UOB SmartBusiness Assisted SMEs At The Peak Of COVID-19

In the wake of the pandemic, there was a surge of new technological advancements that were adopted by businesses to stay afloat. Due to the new normal of working from home, small businesses invested in new digital tools to digitise their existing manual operations while operating on limited mobility during the lockdowns.

Getting the right digital solutions with UOB SmartBusiness

As a Beyond Banking initiative, UOB Malaysia introduced SmartBusiness in 2018 to enable small and medium enterprises (SMEs) to adopt the right digital solutions. UOB SmartBusiness enables SME business owners to initiate the digital transition without the manual hassle of managing complicated operational tasks, thus empowering them to focus on their core business models and drive business outcomes efficiently.

UOB SmartBusiness enables businesses to streamline and digitise specific processes such as accounting, payroll, and business management through a secure and integrated digital solution, as SMEs previously highlighted that making their accounting and HR payroll systems more efficient was a high priority on their digitalisation journey, even before the COVID-19 pandemic.

Digitising business operations during the pandemic

During the pandemic, most SMEs realised that businesses could resume operations online, thus pushing the need for online sales channels and payment collection mediums. But to develop and enhance their digital capabilities, the cost was a concern for SMEs, as they felt that their existing funds were better used to ensure the survival of their business. Despite government assistance, about
50% of SMEs in Malaysia cited funding as a key hindrance to their digitalisation journey
, while 60% were unaware of their financing options. Apart from providing their SmartBusiness platform, UOB Malaysia also linked SMEs to government agencies for much-needed digital grants to help them restructure their loans and provide the necessary capital.

The SmartBusiness programme then shifted its focus to supporting the digital requirements of SMEs. For example, customers who needed front-end solutions to facilitate contactless transactions and payments were directed to e-commerce platforms that provided them access to point-of-service (POS) terminals and were introduced to online payment systems, pushing SMEs to adapt and alter their business models to adjust to the new business environment brought about by the pandemic.

Uniting with market-leading digital partners

SmartBusiness also onboarded five new digital partners that included cloud accounting, e-commerce, POS, and food commerce. These additional platform partners were all market leaders in their respective fields and ensured better reach and availability to all users, no matter where the SMEs were located in Malaysia. These partners also ensured SMEs who chose to adopt new digital solutions were eligible for government grants.

As of today, the SmartBusiness platform currently has nine partners and is in the process of onboarding additional partners to better serve the SMEs’ digital transformation needs.

Access to comprehensive digital tools

Additionally, the SmartBusiness platform also provides users with access to a comprehensive complement of digital tools that will allow them to perform operational tasks such as managing purchases, scheduling payments, receiving and organising incoming payments, transaction tracking, inventory overview, and even tax computations. Furthermore, the platform includes a comprehensive Human Resources suite that will centralise employee-related tasks, as well as an automated payroll management system and simple tax filing.

***

In 2021, the SmartBusiness team launched digital campaigns via social media and webinars to help educate businesses on how to apply for a digital grant from various government agencies, as well as to demonstrate how digitalising their businesses can improve efficiency and generate more revenue. Statistics show how SMEs that choose to undergo the process of digitalisation are likely to see a
30% improvement in productivity and a 30% reduction in time spent on manual administration processes
. Through these insights, the campaign generated significant interest in the form of enquiries and usage of the platform in the years 2020-2021.

The platform is readily available to business owners with a UOB Business Current Account and a subscription to Direct Bank Feed, with paid versions, and is also available for businesses who are looking to access more advanced features. 30-day complimentary trials for various packages are available as well and can be accessed
here
! Terms and conditions apply.

UOB SmartBusiness offers all the necessary solutions you need to automate core business processes. To discover more about how their comprehensive range of services can help you forge ahead in your digital transformation efforts, head to their website.

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Katrina Balan Quiroz

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HSBC Rolls Out Malaysia’s First Multi-Currency Digital Wallet For SMEs

HSBC Bank has launched its Global Wallet in Malaysia, a multi-currency digital wallet aimed at small and medium enterprises (SMEs) to help them conduct international transactions conveniently from one single global account. It is said to be the first such digital wallet to be launched within the country, and will allow SMEs to “pay and receive like a local”.

According to HSBC, the Global Wallet is fully integrated with the bank’s existing business banking platform, HSBCnet, as well as its global payments network. With this, SME owners who transact with international customers can bypass third-party providers, as well as significantly reduce the time required to make or receive payments. In fact, they may even be able to complete transactions within the same or next day – as opposed to the longer timeframe usually needed to clear international payments.

HSBC also highlighted that the Global Wallet currently supports a total of 10 currencies, including the US dollar, Japanese yen, renminbi, Singapore dollar, and Euro.

The head of global liquidity and cash management of HSBC Malaysia, Shayan Hazir said that the Global Wallet is designed to remove various pain points and challenges for entrepreneurs. “Global Wallet simplifies payment processes so that SMEs can grow their business internationally, be able to transact with their suppliers and clients around the world seamlessly and have better control over payment flows, which is critical for efficient cash flow management,” he shared.

Meanwhile, the country head of commercial banking of HSBC Malaysia, Andrew Sill said that the Global Wallet is proof of the bank’s commitment in improving its SME banking capabilities in Malaysia. The new banking product also shows HSBC’s intention to support local SMEs in expanding internationally.

Outside of Malaysia, the HSBC Global Wallet was
first rolled out in Singapore, the United States, and the United Kingdom
 back in May 2021.

(Sources:
HSBC
,
The Star
)

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Alex Cheong Pui Yin

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Xiaomi Launches Mi Max 3 and Mi Band 3 In Malaysia

Xiaomi has announced the arrival of two of its latest products in Malaysia: the Mi Max 3 and the Mi Band 3. The latest entries in the popular Mi Max and Mi Band series will retail at RM1,099 and RM129 respectively, and will be available nationwide from 27 September.

Mi Max 3

Featuring a massive 6.9-inch 2160×1080 Full HD+ display, the Mi Max 3 runs on a Qualcomm Snapdragon 636 processor with 4GB of RAM. Xiaomi’s latest phone also features a 12MP+5MP dual rear camera, an 8MP front camera, and 64GB of storage.

However, the standout feature of the Mi Max 3 is its 5,500 mAh battery, which is significantly larger than some flagship phones like the
Samsung Galaxy Note 9
 and the
Pocophone F1
 (both 4,000mAh). Additionally, the Mi Max 3’s huge battery is even capable of charging other devices, with a 5V/1.2A output. The Mi Max 3 supports Qualcomm Quick Charge 3.0 and comes with a 9V/2A charger that can recharge the phone from 0% to 71% in an hour.

Currently, the Mi Max 3 will only be available in one configuration: 4GB RAM + 64GB expandable storage, and will retail for RM1,099.

Mi Band 3

As the latest addition to Mi Band series, the Mi Band 3 contains several upgrades over its predecessors. The Mi Band 3 can now display message content on its 0.78-inch OLED display screen in addition to the basic data like time, steps taken, and dates while retaining the signature sleek and minimalistic design. The screen is also noticeably bigger than its predecessor; the Mi Band 2 only had a 0.42-inch display.

Another noteworthy upgrade of the Mi Band 3 is its 5 ATM water resistance feature, allowing users to swim with it. Besides that, the Mi Band 3 also boasts additional new features such as an independent vibrating alarm that rings even when your phone is switched off, a built-in stopwatch, and a phone locating function. The Mi Band 3 will retail for RM129.

Both the Mi Max 3 and the Mi Band 3 will be available at all physical Mi Stores, as well as its official stores in Lazada and Shopee starting from 27 September.

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How to tell if the deal isn’t a deal

Deal sites are popping up everywhere these days. Many a time, you can score really good bargains on products, services and experiences you wouldn’t be able to find anywhere else. But as with any big idea, there will be those sneaky deals that aren’t deals at all.

As many people are now starting to realise, deal sites take a huge chunk off the purchase price of a deal (anywhere between 30-50%), so for a merchant to even cover his cost; he’s going to have to do some serious quality downgrading (remember, deal prices are already heavily discounted!).

Think about it; say you purchased a hair colouring package at RM70; a 70% discount off its usual price. Out of this RM70; say 40% is handed over to the deal site. This leaves RM42 for the salon to pay wages, cover overheads and pay for the dye. That’s not a lot is it?

So what is the salon to do to honour the deal coupons they’ve sold?

They could swap quality hair products for cheaper, less healthy options; they could use one batch of dye for many people; or they could make it so stinking difficult for you to get an appointment (think massive blackout dates and constant “We’re full,” replies) that you forfeit your voucher.

The last one is really messed up, but it actually happened to me. The merchant told me I could get a refund from the deal company because I couldn’t get an appointment date within the stipulated period. Of course, can you guess what happened? The deal site said they couldn’t help and I lost my money. Both sides absolutely washed their hands of the matter.

Deal-breakers

But not all deals are duds and not all deal sites are as unhelpful. Here are some tell-tale signs to look out for to see if you’re really getting a deal or simply paying for a hard time.

1. There are way too many conditions. If many of these conditions include black-out dates and specified timings for redemption; watch out. Making a deal super difficult to redeem is one way to discourage people from buying a deal yet getting marketing leverage off a deal site (which is the reason merchants are on deal sites anyway). You can bet that once you’ve parted with your money; getting served is going to be even harder than understanding the five pages of terms. We’re not saying it’s impossible, but always know what you’re buying into.

2. Item/meal is not in the usual menu/store collection. Ever bought a deal for a meal or an item from a restaurant or store you usually frequent that has never been on its line-up before? Sometimes, restaurants and stores create deal specific items or dishes just for coupon redemption. The problem is, when an item or dish is created for a deal; you can be sure it’s created as cheaply as possible. Unless you are okay with such quality – you’re better off passing on this one.

3. Hotel stays in general. Hotel stays in general are iffy because the discounts you see are taken off the rack rate which, through much experience I’ve realised, is never what you pay even when you book with the hotel directly. Hotel booking sites are the same. They claim they offer you massive discounts but the rack rates are sometimes ridiculously inflated. When we did research on hotel booking sites versus direct hotel booking, we found that prices were either the same as or it turned out to actually be cheaper to book directly!

This is because hotels, like many deal merchants have realised they can offer a lower price straight to customers, benefit from the volume and not have to pay a middle-man deal site. So the advice? If you see a hotel deal, check the hotel site and other booking sites before getting starry-eyed over the percentage discounts! That is not to say it’s impossible to find a good hotel deal – you just have to do a little homework.

Get the most out of deal-buying

So you’ve done the legwork and purchased a deal. What now? To get the most out of your buy; keep these top tips in mind:

• Make reservations or pick-up appointments (for items) as soon as you can.

• Pay close attention to terms and ask questions before heading down.

• Take as little cash as possible to avoid being cajoled into spending more for ‘add-ons’ or future packages (unless of course you want this and have the budget for it).

• And finally, ensure the merchant upholds his end of the bargain as you do yours. If a merchant gives you a hard time, treats you disrespectfully or throws in extra charges which were not adequately provided for in the fine print; be sure to take this up with the deal company to ensure unscrupulous merchants aren’t able to take advantage of anyone else.

This may sound daunting but don’t be disheartened. There are actually genuine deals to be had and reputable deal sites should be able to give you the customer care follow-up you require.

Happy shopping!

*Picture courtesy of Freedigitalphotos.net.

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Starting Salaries For Fresh Graduates Expected To Recover Soon

(Image: Malay Mail/Azneal Ishak)

Minister in the Prime Minister’s Department (Economy), Datuk Seri Mustapa Mohamed has commented that the starting salary for graduates entering the job market will likely increase within the next three or four months. This is as the country’s economy continues to recover from the negative economic impact caused by Covid-19.

According to the minister, the government knew of the lower starting salaries received by new graduates in 2020, attributing it to the adverse effect of the pandemic. “Last year, we experienced the worst economic recession in history, so job opportunities were low and, of course, the graduates were willing to receive lower salaries. We want Malaysians to enjoy higher wage and salary. It is a problem when the starting salary of graduates has not increased for 10 to 20 years,” he said.

(Image: Bernama)

Datuk Seri Mustapa also emphasised that the government intends to create more quality job opportunities, enabling new-employed graduates to enjoy higher salaries.

The president the Malaysian Employers Federation (MEF), Datuk Syed Hussain J.P. also concurred with Datuk Seri Mustapa Mohamed’s opinion that the situation will soon improve. He said that the lower starting salary for fresh graduates in 2020 was only temporary as the forecast for 2021 onwards is bright with the implementation of the National Immunisation Programme. With this, companies will be allowed to operate at full capacity and borders will also be opened.

“We believe all will soon return to normal. Graduates need not be too concerned by the current low starting pay as private sector employers value performances and once the employee begins to contribute and perform, they will be rewarded accordingly. The work experience will also make the graduates more marketable and more employable,” said Datuk Syed Hussain.

Datuk Syed Hussain further explained that the lower starting salary was caused by the financial constraints faced by employers amidst the Covid-19 economy. He shared that many employers were suffering from cash flow problems, with over 32,000 companies going out of business last year.

According to Datuk Syed Hussain, some businesses are still downsizing, and are also employing multi-skilling and multi-tasking efforts at work to continue operating. This is on top of other alternatives, such as implementing shorter-term employment, providing hourly pay, and outsourcing their non-core activities. In light of this, he said that having an employment – even at a lower starting pay – is a blessing these days.

Last week, the
Department of Statistics Malaysia (DOSM)
 had reported that fresh graduates who entered the job market in 2020 received lower starting salaries compared to those who joined the year before. It was found that a majority of new degree graduates earned between RM1,001 to RM1,500 per month in 2020, compared to the average of RM2,001 to RM2,500 in 2019.

(Sources:
The Sun Daily
,
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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Shaping A Net-Zero World: Attend The Energy Transition Conference 2023 To Engage With Global Leaders

As the impacts of a changing climate reverberate across the globe, the challenges of this century demand immediate attention. The urgency to build ecosystems for a sustainable future while exploring new business opportunities has become undeniable.

According to the International Renewable Energy Agency (IRENA), the ASEAN region alone needs an annual energy transition investment of USD 220 billion to achieve net-zero emissions by 2050. TNB is stepping up to lead the conversation on a regional level by gathering subject matter experts, industry leaders, policymakers, and practitioners – and aims to accelerate a responsible Energy Transition through the Energy Transition Conference 2023.

The Energy Transition Conference 2023

Set to take place in
Kuala Lumpur Convention Centre
 on
28 and 29 August 2023
, The Energy Transition Conference 2023 offers a tailored platform for delegates to engage, network, and gain valuable insights into the future of energy, transport, and sustainable cities.

Join a knowledge-sharing and networking event with industry experts, aiming to accelerate progress towards a net-zero world. With over 1500 delegates, 30+ exhibitors, 30+ plenary and breakout sessions, and more than 60 speakers over two days, this event promises valuable insights and connections.

Let’s talk about the focus areas of The Energy Transition Conference 2023:

Future of Energy:
Unveil grid flexibility, empower consumers for greener living, and learn how to be on the path to a resilient, sustainable future.

Green Mobility:
Explore the challenges and opportunities of clean fuel transition for vehicles as well as how electric vehicles and emerging tech drive a sustainable transport shift.

Sustainable Cities:
Uncover the keys to building sustainable cities, including reducing carbon footprint and embracing smart tech for efficiency.

Digitalisation:
Identify how digitalisation and cross-industry collaboration accelerate the energy transition and the key advantages of embracing digital tech for energy efficiency.

A Chance To Watch Global Leaders Speak & Exchange Ideas With Top Executives

As mentioned earlier, there will be over 60 speakers sharing their thoughts during The Energy Transition Conference 2023.

Among the many speakers are:

Tan Sri Dato’ Seri Dr. Jeffrey Cheah AO,
Founder and Chairman of Sunway Group

Francesco La Camera,
Director-General of International Renewable Energy Agency (IRENA)

Greg Jackson,
Founder and CEO of Octopus Energy Group

Andrew C. White,
Chairman & Chief Executive Officer of Trilliant Networks, Inc

Opportunities to witness global leaders speaking live about responsible energy transition are scarce, making this conference a must-attend for those passionate about accelerating sustainability.

Benefits of Participating in The Energy Transition Conference 2023

If you’re unsure of whether you should join the conference, here’s a breakdown of what you’ll get to enjoy as a delegate:

Unique Engagement Opportunities:
 Immerse yourself in cross-sectoral conversations with global policymakers, industry leaders, and practitioners sharing successful energy transition strategies and implementations.

Maximise Networking Potential
: Utilise the exclusive networking mobile app to schedule appointments and business meetings, paving the way for valuable collaborations.

Thought Leadership
: Discover your pivotal role in effectively addressing the net zero challenge, as different organisations embark on diverse energy transition journeys.

Clean Tech Trends:
 Gain expert insights and analysis of the latest clean energy technologies, driving carbon emissions reduction and environmental management. Don’t miss the chance to explore the forefront of sustainable advancements.

***

As we approach a future hopeful of an industry-wide transformation towards achieving net zero, this conference stands as an excellent opportunity to engage with a mix of local and international thought leaders, experts, industry players, policymakers, and communities from all along the value chain.

Gain insights to help you formulate cutting-edge solutions and strategies, sparking meaningful change, and accelerating the energy transition towards a greener tomorrow.

Don’t miss your chance to be part of The Energy Transition Conference 2023.
Click here
 to register and secure your spot.

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Lisa Ameera Azman

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CGS-CIMB: Bursa Malaysia Sees Sharp Increase In Millennial Retail Investors During Covid-19

CGS-CIMB Research revealed that Bursa Malaysia has seen a 125% year-on-year increase in new central depository system (CDS) account openings in the first seven months of 2020. Of the total new accounts made, 78% belonged to investors aged less than 45 years old.

With this substantial spike, the research house said that millennials now make up 36% of the total CDS accountholders. To clarify, CDS accounts are mandatory accounts that must be opened before investors who wish to trade on Bursa Malaysia can carry out any transactions on the local bourse. Once registered, the investors’ trading activities, such as the crediting and debiting of their securities, will be conducted through the account.

“We view the increasing direct participation by millennials in the equity market and rising adoption of online trading as positive developments that will sustain retail trading activities,” said CGS-CIMB Research.

According to the research house, the surge in interest could be indirectly attributed to the Covid-19 pandemic as the Malaysian public was obligated to stay home during the movement control order (MCO) period. Malaysians – some of whom enjoyed more liquidity due to the economic stimulus plans implemented by the government – were also likely attracted to the equity market due the lack of attractive investment alternatives that offer high returns with a declining interest rate.

Apart from noting the increase in millennial investors, CGS-CIMB Research also said that online trading by retail investors has grown from 50% to 60% in 2019, to 80% in July 2020. The top five sectors that they traded in between January to July 2020 were industrial products and services (21.6% of total retail traded value), healthcare (19.59%), technology (16.2%), consumer products and services (12.48%), and energy (7.34%).

(Source:
The Star
)

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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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SEDA: SAVE Initiative Set To Return Following Positive Public Response

The Sustainability Energy Development Authority Malaysia (SEDA) said that it is planning to bring back the Sustainability Achieved via Energy Efficiency (SAVE) initiative for the fourth time. Appropriately dubbed SAVE 4.0, it will once again provide the public with rebate incentives for the purchase of energy-efficient electrical goods.

The chief executive officer of SEDA, Datuk Hamzah Hussin said the details for SAVE 4.0 will be revealed in due time, including the amount of allocation and categories of goods offered. He further stressed that he saw merit in continuing this initiative because previous SAVE programmes had received favourable response from the public.

“There are plans to continue the SAVE programme because the response among the people and consumers was good and helpful in reducing energy reduction by encouraging consumers to use energy-efficient products,” said Datuk Hamzah.

Datuk Hamzah also noted that SAVE 4.0 will use the same model as the previous programmes, but SEDA is currently looking into how it can improve some aspects of weaknesses that have been highlighted to them.

(Image: Bernama)

For context, the SAVE initiative was first introduced back in 2011, when the Ministry of Energy, Green Technology, and Water (KeTTHA) of the time sought to
promote the use of five-star energy-efficient refrigerators
. It was then revitalised in 2021 as SAVE 2.0, in a collaboration with e-commerce platforms
Shopee
 and
Lazada
 to offer RM200 rebate vouchers for the purchase of energy-efficient air conditioners and fridges – particularly those with four and five-star energy ratings – to maintain environmental sustainability in the long term.

The initiative was brought back again after that as
SAVE 3.0 in 2022
, this time with vouchers of up to RM400 up for grabs. The categories of electrical appliances that qualify for the programme were also expanded to include televisions, washing machines, and microwave ovens.

Complementing the SAVE programme is also the Jimat Air programme by Suruhanjaya Perkhidmatan Air Negara (SPAN), which is currently
in its fourth iteration
. While the SAVE initiative sought to encourage people to purchase energy-efficient appliances, the Jimat Air programme looked to promote water-efficient home appliances, such as washing machines, water closets and urinal equipment, as well as water taps and shower heads.

(Source:
The Sun Daily
)

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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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How Much Did You Spend On 11.11 2019?

Every year,
Malaysians are spending more
 on Singles Day, a one-day only sale popularised by Alibaba in China. But beyond the tonnes of Milo 2kg and the millions of baby diapers sold, we’re positive that there are more interesting statistics to be shared. We’d love to hear more about our readers’ experience from shopping on 11.11.

Help us fill the survey below, and as a token of appreciation, we’re giving out one hundred
RM20 Lazada vouchers
 to lucky participants! Recipients will be randomly selected from those who answers all questions in the survey, and adds a valid email address – we will be contacting winners via email, so do ensure it is a valid one!

Note: all entries are anonymous, and no individual personal data is shared with third parties in line with the Personal Data Protection Act (PDPA).

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Enjoy Special Credit Card Offers For Ramadan Buffets In Malaysia This 2022

(Image: The Malaysian Reserve)

This year’s Ramadan is certainly looking more festive than the last two, now that families and friends can celebrate the joyous occasion with fewer restrictions as
Malaysia transitions to the endemic phase
.

With the easing of Covid-19 measures, Muslims who observe this fasting month, or
anyone
 who indulges in a wide array of delicacies, now have various options to dine at hotels and savour all-you-can-eat buffets. Think of the succulent roasted mutton, chicken
rendang
, fish head curry,
satay
, and the delightful spread of mouth-watering desserts that perfectly complements your feast.

In this special month, various banks are rewarding their credit and debit cardholders with a host of discounts on Ramadan buffets. Available at renowned hotels and restaurants across Malaysia, here’s a round-up of banks that offer Ramadan buffet discounts that you can take advantage of.

Affin Bank

Exclusively available to its credit and debit cardholders,
Affin Bank
 returns with special Ramadan buffet discounts at selected hotels in the Klang Valley. With discounts of up to 20%, you can enjoy buffets at notable hotels, such as Pullman KLCC, Eastin Hotel, Corus Hotel, and Royale Chulan Damansara. To enjoy the sweet deals, you’ll simply need to pay for the buffet with your Affin credit or debit card in a single receipt.

You can browse the participating hotels
here
 and, if you like, quickly make a reservation before the seats are all snapped up. Note that the discounts and promotion periods vary across the hotels, so make sure that you check the details.

Alliance Bank

From now till 1 May 2022,
Alliance Bank
 is rewarding its credit cardholders with a 20% discount on the “Selera Warisan” buffet at Holiday Inn Johor Bahru City Centre.

If oxtail
asam pedas
,
bubur lambuk
,
ketam bakar percik
, and
kambing golek
 richly infused with spices tickle your fancy,
make a reservation
, and pay with your Alliance bank credit card to enjoy the discount.

AmBank

AmBank
, too, is offering substantial discounts on Ramadan buffets for its credit and debit cardholders. You can enjoy up to 35% off the Ramadan buffets at various hotels in the Klang Valley, Kota Kinabalu and Johor Bahru, and even a 1-for-1 dining deal if you’re an AmBank Visa Infinite cardholder!

You can look through all AmBank’s Ramadan buffets
here
.

Bank Islam

If you’re planning an
iftar
around the Klang Valley,
Bank Islam
 is offering a 10% discount on the
”Santapan Warisan” buffet at Corus Hotel
,
“Sajian Dendang Perantau” buffet at Premiera Hotel
, and
“Citarasa Nipah” buffet at EQ Hotel
.

As usual, you’ll have to pay with a Bank Islam credit or debit card-i to enjoy the discount on any of the selected buffets.

Bank Rakyat

Bank Rakyat
 credit or debit cardholders are also in for a treat as the bank is currently offering a 10% discount on the Ramadan buffet at Impiana Hotel Ipoh, Perak, until 2 May 2022. Served ala
bazaar
, the specially curated buffet features over 180 iconic Malaysian traditional cuisines, including
gulai kawah
,
rendang tok
 and
kenduri
-style
nasi minyak
.

Simply pay for the buffet with your Bank Rakyat credit or debit card-i to take advantage of the discount. You can find out more about the terms and conditions of the offer
here
.

Citibank

(Image: The Courtyard, Pavilion Hotel Kuala Lumpur)

Citibank
 credit or debit cardholders, too, can enjoy Ramadan buffets at discounted prices. These include a 15% off the Ramadan buffet at Berjaya Times Square Hotel, and a 10% discount on the Ramadan buffet at Corus Hotel.

Browse the
list
 of the participating hotels, and pay for the buffet with a Citi credit or debit card in a single receipt to secure the discount.

CIMB Bank

(Image: Pavilion Hotel Kuala Lumpur)

CIMB
 credit, debit and prepaid cardholders can also rejoice as the bank is generously giving discounts of up to 30% on Ramadan buffets at various locations in the Klang Valley. You can, for instance, choose to have the “Warisan Bonda” buffet at Pacific Regency Hotel Suites, the “Nikmat Selera Kampung” buffet at Pullman KLCC, or the “Buka Puasa Buffet by Chef Wan” at De.Wan 1958 by Chef Wan.

You can check out the complete list of the offers
here
, and if you find any of them appealing, go ahead and make your reservation.

HSBC

(Image: Avillion Cameron Highlands)

Those planning to break their fast in Melaka, Pahang, Negeri Sembilan, Pulau Pinang, or the Klang Valley can also get up to 15% discounts on Ramadan buffets at selected hotels when they pay with their
HSBC
 debit or credit card/-i in a single receipt.

Click on
this link
, and then tap on the “Raya Offers” menu to view the participating hotels and discounts that await you.

Maybank

Maybank
 or Maybank Islamic cardholders can also savour sumptuous buffets with discounts of up to 25% at reputable hotels, including Hilton Kuala Lumpur, Doubletree Resort by Hilton Penang, Four Points by Sheraton Desaru, and Le Meridien Kota Kinabalu.

Bring your family and friends along as the offers are valid for up to 10 diners in a single receipt. Click
here
 to look through the participating hotels, and as usual, call or email the hotels of your choice if you’d like to make a reservation.

Standard Chartered Bank

Standard Chartered
 credit card and debit card-i members can also enjoy discounts on Ramadan buffets of up to 20% at the participating hotels in the Klang Valley and Kota Kinabalu. To enjoy the offers, you’ll simply have to pay for the buffet with your Standard Chartered credit or debit card.

Click on
this link
 to view the 15 hotels that you can choose from.

RHB Bank

(Image: Hilton Hotel Petaling Jaya)

If you own a credit or debit card/-i by
RHB
, you’ll be happy to know that the bank is offering discounts of up to 20% on Ramadan buffets at selected Hilton hotels in a few states, including Kuala Lumpur, Selangor, Pulau Pinang, Melaka and Johor.

To qualify for the discounts, you’ll need to pay for the buffet with your RHB credit or debit card/-i. Note, however, that holders of corporate MyDebit card/-i are not eligible for the discounts.

Look through the participating Hilton hotels
here
, and contact the numbers provided to make a reservation at the hotel near you.

Public Bank

Last but not least,
Public Bank
 is offering discounts of up to 20% on Ramadan buffets to its Mastercard credit cardholders. With 12 hotels to choose from, you can have the buffet at the Klang Valley, Negeri Sembilan or Pulau Pinang.

The bank is also going a step further by rewarding its principal MasterCard credit cardholders with 10% cashback on top of the buffet discounts, with a total of RM30,000 allocated for the entire campaign. Offered on a first-come, first-served basis, eligible cardmembers can earn the cashback by spending a minimum of RM350 at any of the participating merchants during the campaign – which is slated to run until 2 May 2022.

Check out the
full list of participating hotels
, and be sure to read the
terms and conditions
 on how to enrol in the campaign and earn the additional 10% cashback.

Use your bank cards to your advantage

If you’ve been craving for a good Ramadan buffet, why not use your bank cards to your advantage and save some money along the way? Our extensive list of Ramadan buffet promotions by banks covers some of the most popular Ramadan buffet places in Malaysia, so you can enjoy them wherever you are.

With 13 days left before Hari Raya Aidilfitri, take this opportunity to treat yourself to a Ramadan buffet, and save more when you use your credit or debit card.

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#SaveMoneyWithHann: A Personal Finance Q&A

Recently, Bank Negara Malaysia (BNM) held
a financial literacy webinar featuring Hann Liew, Co-Founder of RinggitPlus and Suraya Zainudin, Founder of RinggitohRinggit.com
. During this session, attendees were encouraged to send in their questions on all things personal finance related to finally get some answers from the experts.

Here is a collection of the Q&A from the webinar, with answers provided by Hann Liew, who is also a certified financial charterholder.

How do you define financial freedom?

Professionally, I’d define it as the ability to live life, without having to consider the financial aspect of living. For some, it’s sufficient wealth to generate income which will always exceed expenses; for others it’s a lump sum which they feel will outlive them, even as they live life (and spend money accordingly) to the full.

Personally, I’d say whatever combination of wealth or investment income which doesn’t
require
you to work if you don’t want to.

Do Malaysians need a Licensed Financial Planner?

As a licensed financial planner myself, I’d argue that it might be costly
not
 to have one! Regardless of your income or wealth level, the amount you’d spend on a financial plan(ner) which matches your financial goals will likely be less than the amount of mistakes that I’ve seen many households make on average.

What do you think about earning more than one income and side hustles?

Best way to think about this is that no matter who you are, you generally “spend time to make money”. If you find that spending more time on your current job generates you more money – through increased skills and better work output leading to better pay prospects – then maybe focus more on that!

If not, then use the extra hours (above your working hours) on your side hustle. For example – if you make RM20 an hour at work, and every extra hour you spend may result in your income becoming RM25 an hour (as a result of a quicker promotion or increment), rather than your side hustle which makes you RM10 an hour, why not choose the former!

How can I manage my spending on a tight budget?

Here are a couple of tips to ensure you can manage your budget effectively.

Pay yourself first.
 To ensure that you can save
something
 each month, why not make yourself (or your retirement fund, or savings fund) into a “bill”? That way you can freely spend the rest!

The pigeonhole method.
 This method entails creating separate accounts for your spending categories. On a tight budget, it’s even more important to make sure you spend exactly what you allocate. For example, if you budget RM500 on groceries, RM300 on transport, and RM400 on eating out monthly, why not put it into 3 separate bank accounts and spend from each category as appropriate.

What is your advice for fresh graduates receiving their first salary? Apart from all the priority expenses, what should be done with the balance?

If you’ve planned well enough to have a savings balance, well done! The first thing you might want to consider is to start an emergency fund. Build up savings to an amount somewhere between 3-6 months of your monthly expenses, as backup in case of emergencies.

You don’t have to stick all (or any) of it in a basic savings account, you can also consider some similarly less risky but
higher returning assets
 such as bond funds or ASNB funds which are fixed price funds.

How can we educate people to gain more income from the financial market rather than pile on their commitments to financially survive the current situation?

I would argue that while education is important (ie hopefully we can educate ourselves on the importance of savings and investments for future retirement), it’s equally important to act in ways which don’t require too much thinking. For example, setting up direct debits from your main account into an investment account, essentially treating yourself like a utility/phone bill and that will remove the stress of having to worry about it!

I am in my 20s. Besides EPF contributions, do I start saving for retirement now? How much must I save?

It’s never too early to start! If you’re starting early, the more you save, you will either have a much more comfortable retirement or a much earlier one, depending on your retirement goals. Why? Every RM saved today compounds over the next 20-30 years, such that you’ll need to save less than someone starting at say 35 or 45 years old to end up with more wealth on retirement. So save as much as you can!

What skills we should acquire during the pandemic in order to sustain ourselves in a side hustle?

No matter which industry you’re in, I believe that the following skills will be relevant in the post Covid-19 age:

Digital skills.
Not just things like coding and digital marketing (those are specialised skills), but transferable ones including content creation, remote working, and project management. As more and more companies transition to a world without crowds, this becomes important to any industry!

Food preparation skills.
Despite crowding in restaurants becomes less common vs. eating at home, the demand for quality food remains!

Financial management.
 Regardless of who you are, if you can make the most of your money (whether earning or spending or saving), you will go a long way towards “sustaining” yourself better financially!

What do you think about the relationship between financial problems and overall well-being among Malaysians?

Speaking about finance and relationships,
recent data
 showed that financial issues account for over 43% of the top reasons for divorce among Malaysian couples. So it becomes ever more important to ensure that financial stresses and successes are shared openly and transparently between partners!

Would it be wise to take out a personal loan to help me with my financing and debts?

It would make sense only if the following is true:

The new personal loan has a lower interest rate than your other debt (then you pay less interest overall);

The new personal loan is to cover those debts
only
 and not to increase your total amount of indebtedness.

Any tips on how to be a smart spender – especially for online shoppers?

I always go with the following 3 questions to be a smart shopper:

Can I afford it?
 If you can’t, then obviously don’t!

Do I need it?
 If you don’t, then maybe wait to see if you still want it after a while.

Can I get it cheaper elsewhere?
 Shop around for discounts or lower prices, and combine credit cards with e-wallets and cashback sites like Shopback to double or even triple dip! Even a 5-10% combined saving goes a long way!

In this challenging time, should we consider refinancing our mortgage to get some extra cash in the event of emergencies?

I would definitely consider doing that if you don’t currently have an emergency fund available. To add to that, I’d go one step further to refinance your mortgage with a flexible mortgage (in Malaysia it’s called Flexi-loan), so that you can then store the money back in the offset current account and pay effectively 0% on that emergency! If the amount is low (versus your home value) you might want to consider other financing options such as a credit card with a low interest cash-on-call facility (say at <5% p.a. Interest) as things like home loan stamp duty and legal fees might make the whole process a little more expensive than those other options.

I plan to refinance my house for a loan of RM500k so that I can repay my mortgage loan – is it advisable? Is this a good time to make big purchases, such as a car or a house?

If you can get a lower interest rate and pay lower over the lifetime of your new mortgage (after including fees like loan legal fees and loan agreement stamping fees) than your current home loan, then I’d say go for it! As for using the money for other purchases, if you had already decided to buy a new car or new house anyway then I’d say mortgage refinancing is one of the cheapest ways to do so (ie, I would not recommend buying things
just because
you had access to the refinancing).

Is buying a house during this time is a good thing?

Without understanding the circumstances of you buying a house, it’s hard to say. If you’re buying a house for your own stay for the long term (>10 years) then I would argue that you should probably not be “timing” the market.

Do you think ILP is a good way to get insured and investing at the same time?

Investment-linked policies are designed for people who:

Would like a combined insurance and long term investment plan in one monthly or yearly payment without having to think about allocation between the two or within the two; and

Would like a servicing insurance agent for organising claims and other matters related to the policy.

For the privilege of the above, you will be paying fees between between 100% and 160% of your first year premium to the insurer over the life of the policy (to pay for both the agent and the investment management function). So if your policy amount is RM3,000 yearly you can expect RM3,000 to RM4,800 over the life of the policy.

Most people who can do without the two services above will find that they can save the majority of those fees by buying their own non-investment-linked insurance policies as well as investing in diversified investment assets. I would also argue that you are almost guaranteed to beat the returns on those ILPs, purely on fees alone. The choice is, as they say, ultimately yours.

I don’t do investment regularly but rather lump sum. What you think is a good method of investment for unit trusts?

While ad-hoc lump sum investment is definitely less preferable to regular investments due to the fact that you don’t risk timing the market poorly, time-in-the-market is far preferable to any other strategy. I would say if you have a long time horizon till retirement or when you need your investment money, to just put it as it comes (even if its 6 monthly, yearly or even less frequent) as the effects of timing will be smoothened out over a long period of time.

Should I invest in a safe-heaven asset like gold?

Gold is a feature in many investor portfolios so I would certainly consider it in a diversified portfolio of stocks bonds and other investment assets.

With the current low FD rate, what are the low-risk saving or investment options that we can consider?

For those who wish to take low to no risks, there are indeed several options, ranging from
High Interest Savings Accounts
 (can be as high as 4-5% p.a.) to Fixed Price Funds (like ASNB) to Bond Funds. I’ve actually
broken this all down here
.

What is the best investment for retirement purposes, assuming age above 40 with all loans settled?

I have to make a guess here and say that you are 20 years away from retirement, assuming you want to retire at 60. This makes your time horizon still fairly long, which means you can take a little more risk than I might have otherwise suggested, something like a 60% stocks/growth assets 40% bonds/income assets portfolio which you can save all the money which would have otherwise gone to financing your debt.

What are your thoughts on taking out EPF savings to spend now?

It’s simple – if you need it now for things like food and rent, then take it out now. If you don’t, leave it in unless you have a long time horizon and want to use the EPF money to invest in slightly higher investment risk assets (and ideally with a Licensed Financial Planner to assist).

EPF (including Account 1) is designed to give conservative returns (in today’s world thats 5-7% p.a.) over the long term. This is fine for most people, except perhaps those who can afford to take higher risks (such as young people and those with long time horizons or higher risk appetites).

How can the B40 group get financial security via Takaful? Most of them couldn’t afford to commit to the monthly payment.

I would argue that you should buy to your need. Those in the T20 segment will be buying coverage in the RM100,000s for RM100s monthly, but if you’re in the B40 segment you probably don’t need as much life coverage to replace your income should you lose your life or be permanently disabled. Plans might start from RM10/month for those in that segment.

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Find Out Your Personal Net Worth to Better Plan Your Finances

Did you know that Bill Gates made it to the top of Forbes’ list of the world’s richest people (again) this year? His net worth
is around RM363 billion
. That’s
more than the entire GDP of Lithuania
, Myanmar, and even Jordan.

But what does net worth mean exactly? And why is it used as a measure of wealth? More importantly, how do we calculate our
own
 net worth so we know how rich (or not rich) we are? Let’s answer all these questions and find out how to use our net worth to understand our finances better.

Your Net Worth is the Value of All You Have, Minus All the Debts You Owe

In other words, it’s the amount by which your assets exceed your liabilities. Often in these ‘top richest people’ lists, you’ll find that their methods involve using stock prices and public records to determine the value of their assets and subtract out their liabilities. Which means if you want to apply this to you own finances, you need to know the difference between your own assets and your liabilities.

Assets:

Simply put, these are
items that have value, or which you can get value from
. Assets would include your current cash reserve,
checking accounts
,
savings accounts
,
gold, bitcoin
, or any other currency you own. They also include your investments
like fixed deposits
, unit trusts, stocks, businesses, or real estate.

You might be tempted to put in
the house you live in
 or your car as assets, since they have value if you sell them, but these two items often make more sense in the category of liabilities.

Liabilities:

These would be
items that cost you money, or are recurring expenses
. Liabilities include
credit card debts
,
student loans
,
car loans
,
home loans
, and other commitments you’re paying for regularly. This is why the house you live in and the car you use might not fit in the asset column, since you’re probably still paying for them. If you have property you’re already renting out or selling, then you can call them assets.

Now that you’ve identified your assets and liabilities, the next thing to do is to
subtract the total amount of your liabilities from the total value of your assets
. The figure you arrive at will be your net worth.

What Do I Do With My Net Worth?

The immediate thing to do is make sure is that you don’t have a negative number as your net worth. If this is the case, your main focus when managing your money would be to
pay off your debts as soon as possible
, and try your best to reduce spending.

If you have a positive net worth, then what you can do next is take a look at your assets versus liabilities. To increase your net worth, you can choose to either reduce your expenses and debts, or get another source of income or acquire more income-generating assets.

One important point to remember about net worth is that this number changes depending on what you expenses and earnings look like. But since the calculation is quite simple, if you want to keep track of how healthy your finances are, you can quickly do a check on your net worth every few months or so.

If you find out that you have a lot of cash just sitting in your savings account, why not put that cash to work in a
fixed deposit account
?
Our comparison page can help you find the best ones
 that fit your needs. Have anything else to add to this article? Do share your thoughts and ideas with us in the comments section down below!

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PEMERKASA+: Prime Minister, Cabinet Members To Undergo 3-Month Paycut

Prime Minister Tan Sri Muhyiddin Yassin has revealed that he and the members of his Cabinet will be undergoing a voluntary three-month salary cut.

“I would like to convey the support of all ministers and deputy ministers who will not be receiving their salaries for three months starting June 2021,” said Tan Sri Muhyiddin Yassin. “The salaries will instead be channelled to into the
Disaster Trust Fund
to help fund Covid-19 expenses.”

The prime minister pointed out that a similar act of solidarity had been carried out during the first movement control order (MCO) last year. In March 2020, the members of the Malaysian cabinet had taken a
two-month paycut
 and the savings were also channelled to the
Covid-19 relief fund
.

Thie three-month salary cut was announced as part of a “closing move” to the government’s latest PEMERKASA+ Covid-19 lockdown aid package. The PEMERKASA+ package has been valued at RM40 billion, of which a total of RM5 billion is considered direct fiscal support.

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Top 5 money-saving travel tips

MasterCard

conducted a survey
 a few months back and the results revealed that most Malaysians

have an insatiable hunger for travelling and sightseeing. But just as much as

travelling, Malaysians also love a good deal.

If you are looking for ways to

make your money go further on your travels; here are the top 5 money-saving travel

tips we’ve found from savvy globetrotters.

Tip 1: The early bird gets the

best deals

One of the best ways to score

cheaper hotel stays, flights and open transport (trains, coach) and tourist

passes is through buying or booking earlier. Once you’ve decided on the places

you want to see and when; start booking! If you need time to get the funds

together, book in stages: flight tickets first, hotel room after… you get the

idea. But do remember to book in order of importance! No sense in having a railway

pass when you haven’t got your flight tickets!

Tip 2: Do your research

There are many stereotypes that

permeate the travel-sphere: that travel agents are more costly and hotel

booking sites will give you better deals. That isn’t always true. Sometimes, a

travel agent may be able to offer you an entire package with the tours you want

at a cheaper rate than if you were to book it all separately on your own. This

is because they may have a rapport with airlines and hotels which you don’t.

As for hotel stays, during low

season and promotional periods, some hotels offer better discounts if you book

directly with them. Many hotels are starting to see that they can cut back on

the middle man fee by transferring the savings directly on to customers. Many

deal and booking sites have a tonne of conditions and fine print to adhere to.

This is mainly because of the agreement struck between the hotel and the site

and of course because the site is likely taking a huge chunk of the hotel’s

charged rate. So don’t be fooled by the rack rate; always give them a call or

drop an email to ask if any offer is ongoing during your intended travel period

then compare this with deal-sites and booking sites.

Of course, it’s not to say that

this is always the case. A stereotype is created through a genuine situation

recurring more often than not. The only way you’ll find out if it’s true for

you is by doing your homework first! Also, check your credit card to see if

there is any discount offered to you as a cardholder. Many credit cards also

have agreements with hotels to offer discounts to their members.

Tip 3: Penny wise pound foolish

Sometimes, you need to spend a

little money. Buy a good weighing scale to weigh your luggage. Take it with you

to ensure you never end up in a situation where you are paying more for the

excess luggage than the items inside are worth! Also, invest in solid luggage

bags that will withstand manhandling by baggage handlers. Excess and damaged

baggage can cost you a lot of money. Investing in good travel gear will

pre-empt this and also last you longer turning into savings in the long run.

Tip 4: Don’t go where the

tourists go

Most are aware of this but

aren’t sure how to avoid the ‘tourist trap’ venues where even bottled water

will cost enough to usually buy a meal. You want to go where locals go; eat

where they eat and shop where they shop. Try fraternising in online travel

communities such as
TripAdvisor

or
Couchsurfing
. In Couchsurfing,

simply head to the home page of the country you intend to visit and put a

message out asking for guides. There’s bound to be a local willing to help you

out. Just abide by Couchsurfing etiquette and at least buy your guide a nice

dinner for their effort!

Tip 5: Decide what is important

to you

Travelling for everyone will be

different. Some enjoy sightseeing, cultural and architectural; some enjoy food

and others may prefer just lounging about or a night out on the town. Decide

what is important to you and funnel the bulk of your budget there. This means

cutting back on things that aren’t so important to you. But because you will

end up doing the very things you enjoy; you won’t feel the pinch of downsizing

the other fund allotments.

It is similarly important to

travel with like-minded friends. This puts less stress on you when you want to

go ahead with your usual travel plans and also helps you save money. You won’t

have to spend extra on things you wouldn’t usually want to do while travelling

just to effect compromise.

If your travel buddy is your

partner who is a very different traveler than you; you will have to put some

thought in finding middle ground between your likes, saving money and still

having a good time.

These are just some simple tips

we’ve found from travel bugs we know. Do you have your own “secret” money

saving tips for travelling that you would like to share?

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RHB credit cards and debit cards give you 10% off at Puteri Harbour Family Theme Park

The kids are in for a big treat because RHB is giving its credit card and debit card holders 10% discount at Sanrio Hello Kitty Town and The Little Big Club, Puteri Harbour Family Theme Park.

The discounts apply to Single Park ticket purchases and also all merchandise. As a bonus, RHB Evo card holders enjoy additional 20% cash back too.

Promotion ends 28 February so it’s time to start planning for the next family trip!

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PTPTN Repayment Discounts Return, Up To 15% Discount For Loan Repayments

Finance Minister Tengku Zafrul Tengku Abdul Aziz has announced that under Budget 2022, the PTPTN repayment discounts will be reintroduced, offering up to 15% discounts for borrowers.

The PTPTN repayment discount was designed to incentivise borrowers to repay their PTPTN education loans, but was
no longer offered since 2019
. Under the new PTPTN repayment discount, borrowers can enjoy the following:

15% discount if they fully pay off their loan balance,
12% discount if they settle 50% of their loan balance in one payment, or
10% discount if they repay via salary deduction or auto debit.

The new PTPTN repayment discounts tabled in Budget 2022 will come into effect on 1 November 2021 until 30 April 2022.

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Sheu Quen

Sheu Quen

Content writer with a penchant for perfection in her work and can't stand having her name misspelled or mispronounced.

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MOF Invites Public To Participate In Targeted Subsidy Survey

(Image: MOF)

The Ministry of Finance (MOF) is inviting the public to participate in a survey related to the targeted subsidy programme. The input gained will then be used by the government to help draft up the programme.

In the survey, participants will be asked to provide their opinions and suggestions on the implementation of targeted subsidies for the following items:

Cooking oil in 1kg polybag packaging
RON95 petrol
Diesel
Cooking gas
Electricity

Survey participants will also need to provide specified personal information, including their monthly household income and monthly expenses for the items above.

In a statement, MOF explained that there is a need to rationalise the current subsidies as they are mostly benefitting the
T20 and M40 income groups
. To illustrate its point, the ministry cited that in 2019, the T20 and M40 group spent approximately RM480 and RM350 a month on RON95 petrol, respectively. The B40 group, meanwhile, spent only about RM165 a month on the commodity.

(Image: Bernama)

Additionally, MOF stated that the public survey is also a new approach by the ministry in its series of public consultation papers. It is part of the government’s initiative to make the annual budget preparation process more transparent, with the involvement of all parties.

To note, the government has reiterated numerous times that it is looking to
switch from blanket subsidies to targeted subsidies
 as the current
approach is unsustainable
 for the country. It is, therefore, reviewing the existing programmes – including the
fuel subsidy
 – to ensure that they are only provided to those who are truly in need.

If you are interested to make your opinions known, go ahead and share your feedback via the
online survey form
 latest by 30 August 2022, by 5.00 pm. If you have any inquiries, you may
email the MOF
 for assistance.

(Sources:
The Star
, MOF [
1
,
2
])

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PRIHATIN Economic Stimulus Package: Salary Subsidy Programme Offers RM600 A Month For Eligible Employees; RM500 One-Off For Public Servants

As part of the new PRIHATIN Economic Stimulus Package, Prime Minister Tan Sri Muhyiddin Yassin announced the Salary Subsidy Programme as a measure to prevent employees from being let go and lose their income. In addition, he also announced a one-off payment for all public servants.

The Salary Subsidy Programme is designed to assist employers to keep employees employed. “In these difficult times, I do not want to see employees being laid off and lose their income,” the Prime Minister said.

Through this programme, the Government will offer a RM600 salary for three months to all employees who fulfill the following conditions:

earning less than RM4,000 a month, and

their employers have suffered a loss in income of more than 50% since 1 January 2020

In exchange, employers must ensure they do the following:

must not lay off any staff or force them to take unpaid leave

must not cut the salaries of existing staff

According to the Prime Minister, this programme will benefit 3.3 million employees around the country, and will take up RM5.9 billion of the PRIHATIN Economic Stimulus Programme’s RM250 billion budget.

In addition, Tan Sri Muhyiddin also announced that public servants will receive a one-off payment to assist them during the pandemic. All 1.5 million public servants of Gred 56 and below (including those under contract) will receive a one-off payment of RM500 in April 2020. On top of that, eligible retired government servants will also receive a one-off assistance of RM500, benefiting over 850,000 retirees. This payout will also be done in April 2020.

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Pang Tun Yau

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A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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Grab Postpones GrabRewards Revision Due To COVID-19

Grab has announced that its
planned revision to GrabRewards
 has been postponed until further notice. According to the company, this decision was made in light of the ongoing movement control order in Malaysia.

Originally slated to start from 23 March, Grab was supposed to kickstart a three-week campaign that would lead up to a revision of its GrabRewards programme and a
massive devaluation of redemption rates by up to 34%
.

Grab has since
 updated its GrabRewards page
 to indicate that all activities related to this revision will be postponed. “For now, the GrabRewards Super Sale and the revision of points required for redemption of GrabFood, Grab rides & partner rewards remain unchanged until further notice,” said a notice on the website.

That said, the revision to the earn rates for GrabRewards, which came into effect from 16 March 2020, remains in force. Users can only earn a maximum of 3 GrabRewards points for every RM1 spent, which yields
an effective return of 2.5%
.

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A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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RM486.29mil In Tax Refunds Failed To Be Paid Out Last Year

Last year, the Inland Revenue Board of Malaysia (IRB) was unable to refund RM486.29 million in tax to the Malaysian taxpayers because they failed to update their personal data and bank account details.

RM 486.29 million or 6.22% of tax excess collected was not refunded due to the following reasons: addresses were not as registered with the IRB so cheques and vouchers went undelivered, a mismatch of account number or company registration number between the bank and the IRB database, or simply because the taxpayer’s bank account was closed or inactive.

To avoid failure in processing your tax refunds, IRB is advising you to update your latest personal and banking information when filing the annual Income Tax Return Form (ITRF). The update can also be done via IRB’s e-Kemaskini system or through the feedback form available on the
IRB official website.

It is important for you to update your personal identification number, bank account number, correspondence address, telephone number, e-mail address, and company registration number (for companies/organisations) to speed up the tax refund process. The IRB stresses the importance of updating these details so you may receive the refund within the promised 30 days after filing your taxes.

The IRB plans to increase the use of online tax refund payment transactions via the Electronic Fund Transfer (EFT) method. From 1 January 2020, it intends to fully use the electronic method of e-payment to make income tax refunds.

Have you filed your income tax yet this year? If you’re putting it off because you’re not quite sure how to do it, we’ve got you covered – here’s everything you need to know about
filing your personal income tax
in 2019.

(Source:
The Star
)

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