EDITION
  • English
  • 中文
  • Bahasa
  • eCommerce
Monday, August 15, 2022
uLearnMoney Subscription Events
No Result
View All Result
Money Compass

Media and partner organizations:

cmc bmc ulearnmoney mylife mcm
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
Subscription
Newsletter
Money Compass
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
No Result
View All Result
中文 Bahasa eCommerce
Money Compass

How to Make the Most of Your Money During This Tough Economic Climate

by moneycompass
August 9, 2021
in Financial Compass
money
Share on FacebookShare on WhatsApp

Malaysia’s recent rise in COVID-19 cases and subsequent safe distancing measures are placing significant strain across businesses and households, but there are ways to better manage your finances, a senior HSBC Malaysia spokesperson said.

Renee Bullock-Cann, Head of Wealth & Personal Banking HSBC Malaysia said “We’re in the toughest of times. The challenges can be varied including financial stress. In these times, there are a few financial strategies like debt removal, stable investment and cash flow that may need a re-think.”

Below are some strategies to consider to better manage your finances:

1. Prioritise and take stock of what you owe

Always pay off your debt with the highest interest first. For most people, that would be credit cards, car and personal loans. Where possible, align all the due dates and set a reminder to ensure payments are made promptly to avoid incurring any late payment fees or overdue interest charges.

Mortgages or home financing tend to be more acceptable debt to hold because of their lower interest or financing rates.

But for customers who are currently financially impacted by the COVID-19 pandemic, they may apply for a 6-month moratorium or deferment as per the recently announced PEMULIH stimulus package on their loans or financing effectively providing some short term relief.

2. Look for lower interest rates and consolidate

Borrowers with high-interest debt may be able to consolidate their balances into one lower-interest alternative. Not only can that save money in interest fees every month, but it’s typically easier to pay one bill with a single due date than managing several due dates a month.

You can consolidate your outstanding bills or debts with high interest rates through a balance transfer programme that most banks offer.

3. Make your money work harder for you with the right credit cards

When used prudently, credit cards can actually help you stretch your money. For one, most credit cards now have cashback benefits that offer rebates – sometimes immediately – whenever you spend. So you’re saving even when you spend on essentials.

The caveat though is that you must be able to make full repayment each month and not let the spend roll over. If this happens, potentially any cashback or savings you would have earned would be eliminated by the interest charges or late-fee charges.

4. Create cash flow

If you have unencumbered properties or low Loan-to-Value ratios, consider applying for a home equity loan. It will allow you to draw cash from existing properties to ease the temporary strain on your cash flow. Keep in mind that doing so carries the same risks and requires the same financial discipline.

If you lose sight of your financial goals, you may end up right back where you started, or even worse off financially.

5. Speak to your bank

Various banks have a number of programmes to help their customers free up short-term liquidity.

With the financial assistance programmes offered by certain banks, eligible customers may opt for a 6-month deferment or a 50% reduction on their monthly payments for 6 months to help ease their financial burdens during this COVID-19 situation in Malaysia.

 

Source: HSBC Malaysia

 

Read more: Bank-related Scams: How to Keep Your Money Safe Online

Tags: Covid-19Finance
ShareSendShareSendTweetShare
Previous Post

OKEx lists Efinity’s EFI, furthering support for NFTs following March listing of Enjin

Next Post

Is “good” good enough? Get ready to unfold because we’re about to give you better

Related Posts

People are worrying about a global recession and with good reason. But what if the factors driving rising prices are beyond the limits of policymakers’ control?
Financial Compass

Are We Heading For A Global Recession?

10 Aug 2022
Inflation in emerging markets (EM) appears to have climbed further in June. Concerns that we’ve not yet seen “peak inflation” may add to pressure on EM assets. This is at a time when EM are already under pressure as investors increasingly price in a global recession.
Financial Compass

Peak Inflation? Not Yet For Emerging Markets, It Seems

01 Aug 2022
The record high food prices all over the world has triggered a worldwide crisis that would drive millions of people into extreme poverty, said the World Bank Group.
Financial Compass

Three Reasons Inflation Isn’t Going Away Anytime Soon

22 Jun 2022

Discussion about this post

MOST POPULAR

  • The 12th International Conference on Financial Crime and Terrorism Financing (IFCTF) 2022 saw Bank Negara Malaysia's (BNM) governor talk about the ringgit's status.

    Malaysian ringgit ranked as cheapest currency in region

    0 shares
    Share 0 Tweet 0
  • Top 100 SMEs Defy Economic Headwinds to Post Triple-Digit Growth

    0 shares
    Share 0 Tweet 0
  • FWD Group unveils “press play” brand campaign

    0 shares
    Share 0 Tweet 0
  • PhillipCapital Concludes First Hybrid Conference With A Bang

    0 shares
    Share 0 Tweet 0
  • Malaysia’s exports to contract in 2020 at 8.3% amid MCO, COVID-19 crisis

    0 shares
    Share 0 Tweet 0

MEMBERSHIP SUBSCRIPTION

Subscribe Now

Sign Up for Our Free Newsletters

Stay up-to-date with the latest personal wealth-related articles, breaking financial market news, and more.

Follow us on Social Media

News
Special Feature
Compass
Money Tube
Smart Lifestyle
Corporate Profile
Advertise
Subscriptions
Career
Contact Us
eLearning
Events
Privacy Policy
Terms of Use
Strategic Partners

Copyright © . Money Compass. All Rights Reserved.

Design and Development by Ant Internet Sdn Bhd

No Result
View All Result
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE

© 2020 Money Compass

Career

SUBSCRIBE FREE NEWSLETTER