Our Malaysian Ringgit has weakened this year, in part thanks to corona virus fears and lower crude oil prices. This means a higher cost of living for consumers.

On the bright side, it's possible to bring down your costs or even profit from a weaker Ringgit. Here's how:

💸 Cut unnecessary spending

Track your spending so you know where your money is going. You don't have to cut out all leisure spending, but you can try reducing these expenses a bit more every month.

📅 Review recurring expenses

List down all your fixed payments such as loan, subscriptions and bills. Then, decide which of these you can downgrade, extend or cancel.

🍕 Limit dining out

Of course, you don't have to go cold turkey on dining out. But if you currently eat out for all your meals, you could still save money by meal prepping for weekdays and having a nice meal or two out on the weekends.

🛒 Buy local products

The cost of imported goods will rise when the Ringgit weakens, so swap those kiwis for a local papaya instead. A few Ringgit saved here and there could add up.

💪 Earn in a stronger currency

Freelance on Upwork, sell your items on Amazon, write for Medium...there are lot of ways to earn US Dollars online. Converting your Dollars to Ringgit to spend locally effectively multiples your earnings.

📈 Invest or review your portfolio

Investing in assets denominated (i.e. measured) in a stronger currency like the US Dollar can help protect your portfolio from a weakening Ringgit. But this works the other way round too - if the Ringgit appreciates against the US Dollar, the value of your investment will decrease in terms of Ringgit.

💳 Review your credit cards

If you have trouble paying off your credit card balances, it could be time to consider if you need to let your credit go. On the other hand, if you're a disciplined spender, the right credit card can be a great tool to save on essential spending.

I hope these tips help! 

Source: www.imoney.my