With the Goods and Services Tax (GST) which came into effect on April 1, many of us will undoubtedly feel the pinch.
It is often the little things that add up, so this week, Metro Online Broadcast (MOB) looks at a few simple life hacks to stretch your ringgit.
1) Cook food at home
A simple meal in many parts of the Klang Valley will set you back anywhere between RM6 (S$2.20) and RM10 these days. Preparing food at home and packing a hearty lunch is not only cost-effective but healthier.
Some find it a hassle to prepare food in the mornings, so one convenient way to cut down on preparation time is to pack food for a few days in advance and store them in the fridge in sealed packs.
2) Track your finances
Have you ever sat down at the end of the month and wondered where all your money went?
It might have gone to a posh meal or a night out at the movies.
Keep track of your spending in a "budget" book and spare no details.
Review it at the end of the month and you will have a comprehensive list of your spending habits and how to reduce unnecessary wastage.
3) Look out for deals and discounts
Saving money does not mean that you have to live like a hermit.
If you must indulge, look out for deals and discounts online.
Some companies also offer perks for employees such as free gym membership, cheaper mobile plans or discounts for electronics. Check with your company's human resources department to make sure you're not missing out.
4) Make your own coffee
Many young urbanites love hanging out at their local high-end cafes, but dropping by for coffee twice a week already costs RM30 - or a whopping RM120 per month.
If you are the type that simply must have your caffeine fix, investing in a coffee maker in the long run might be more cost saving.
5) Shop in bulk and stick to a grocery list
When it comes to bulk buying, a good indicator of value is the cost per unit - or the price of each individual item in a pack.
Items such as toiletries (toilet paper, soap and toothpaste) can easily last your household up to a year.
However, perishable goods cannot be bought in bulk.
Consider what you really need and if you will be able to use all of it. Sticking to a grocery list will also help to curb impulse shopping.
6) Cut down on expensive entertainment
Let's face it - we love our entertain-ment or our cinemas would not be so packed over the weekends.
Movies and popcorn will easily set you back RM20 per person.
Try not to rush into watching the latest box office hits. Go on off-peak days when tickets are cheaper.
Otherwise, consider other entertainment alternatives for your weekends such as hiking, going to public parks and museums or attending free music festivals and events.
7) Make smart choices
If you are going on a one-off trip, you do not really need a winter coat which you will only wear once.
Consider borrowing from friends and family instead of purchasing it.
Another way to make smart cost-saving decisions is to go for generic goods, which work as well as branded ones for half the price.
Look for cheaper alternatives such as pre-loved items in good condition at second hand stores or at online shops.
8) Avoid credit cards for small purchases
Credit cards are convenient and safe.
However, you might overspend because of this easy access to seemingly limitless capital.
The result of your indulgence will only roll in after a month, whereas with cash - a tangible asset - one tends to be more wary, as once it leaves your wallet, you have less of it physically. Use cash if you are making smaller purchases.
9) Keep your vehicle in tip-top condition
Maintaining your car well will reduce repair costs in the long run.
Change the oil regularly to keep the engine well-lubricated and keep tires inflated to reduce wear and tear as well as petrol consumption.
You do not want to fork out thousands of ringgit for an overhaul.
10) Go green
Make a concerted effort for a greener lifestyle that is not only good for the environment, but helps to keep costs low.
Some of the everyday habits that contribute to lower energy consumption include unplugging electrical appliances that are not in use, changing to energy-saving light bulbs and switching off the air-conditioning once the room is cool instead of leaving it on until the morning.