Angpow money, one of the Chinese New Year “benefits”. Sadly, our angpow pulls recoil as we grew older. RM100 appears significantly less nowadays. Yet, it doesn’t matter how much you get, why not spend it such that encourages you to save more money over the long run? It sounds like a great idea to us.
1. Deposit the money into your savings or fixed deposit account
Gone were the days when your parents would gather all your angpows from you by the day’s end for safekeeping. So you’re screwed over thanks to the boring task of putting that money into your account and not touching it till a rainy day comes.
2. Begin or extend your investment portfolio
Did you realize that there are some fin-tech applications that enable you to begin investing from just RM1? What’s more, a bit of good investment advice has dependably said to expand your investment portfolios. So it is a smart thought to look at applications for gold investment, P2P funding or even robo-advisors.
Similarly, as with everything related to finance, make sure to do your research first and don’t rush into it in case you’re uncertain.
Like re-gifting, save your Chinese New Year money for future red packets that you need to give out when wedding season rolls around. It’s a thing that most 20 or 30 somethings need to experience, and your bank account will normally cry in light of the fact that there’s this implicit standard where you need to take care of the expense of your seat at the wedding dinner.
4. Purchase a Multicooker
If you are continually eating out or ordering from delivery applications, at that point you can save hundreds a year just by preparing food yourself. Use your angpow money to purchase a multicooker now. Multicookers can help with an entire scope of culinary tasks, from easy steaming, to broiling, barbecuing and even frying.
There’s no reason for those of you who don’t know how to cook or those who don’t have time to cook and are always disappointed by overcooked or burned food. A considerable lot of the multicookers have programmed settings that will self-direct the pressure and temperature so you can always prepare your dinners to perfection. You can find multicookers on Lazada for as cheap as RM80 to the higher usefulness ones that cost above RM200.
5. Get the Unlimited Monthly Transport Pass
Save extra money and time by getting the MY100 or MY50 monthly travel pass. The travel pass covers the LRT, MRT, Monorail, BRT, and Bas Rapid KL with 30-day validity. Those that are spending between RM160 – RM200 every month on public transportation alone; having the unlimited monthly pass would divide that.
6. Invest in yourself
Investing in yourself can go up against numerous structures, and by making little and positive changes, you will eventually create a brighter and better future for yourself. Extending your level of learning and ability isn’t restricted to the business field and doesn’t really should be formal. There are many “skill investment” avenues. RM50 to RM500 is sufficient for a variety of online courses.
Those working in corporate workplaces or the private sector will do well to take a look at Business English and communication. Those in different professions ought to approach their directors or supervisors for a recommendation – pick something that will propel your vocation. Look at Udemy or Coursera, there are truly a large number of courses to browse.
7. Get safeguarded
Why not safeguard yourself for a huge number of things with your angpow money? Yearly travel insurance can cost as meager as RM180, that works out to simply RM0.49 every day and you’re secured for travel around the entire of Malaysia. In case you needn’t bother with a yearly travel insurance plan, with no doubt you will need a medical card that could enable you to cover important health-related costs. We’ve discovered really fair average cards between RM400-RM500.
8. Pay off debt
It’s continually enticing to treat yourself when you obtain some extra money. In any case, one of the ways to have long-term financial stability is to be disciplined. On the off chance that you have outstanding debt, your first need ought to be to pay it off. The compounding interest rate of even small debts can rapidly snowball. Let your angpow money be the main payment, and keep in mind not to spend more on credit cards until the debt is paid off.