- 2 days ago
Being young in today’s economy isn’t easy. Between trying to make ends meet and figuring out your next step, it can feel overwhelming. But understanding how to manage your money and keep up with inflation can make all the difference.
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00:00two years no salary hike what do we say about that aisha job hop generally speaking in malaysia
00:06inflation is about two to three percent a year all countries go through inflation lah you know
00:10you're a high performer you'll get more if you get promoted you'll get more lah whatever it is
00:14that's for 10 percent guys yeah for sure you guys should ask for like 10 percent 20 percent if they
00:19can't pay you just look for another job they'll pay you 20 percent yeah for real if you're talking
00:23like weeks and months of course it's not like you're gonna feel oh my god every day the prices
00:26are going up 99 just passed as of the time we're recording this video 10 10 is coming out then
00:30exactly there's so many yeah there's so many
00:32what's up guys welcome back to the money goal my name is emir and i have aisha with me again
00:41hey aisha welcome back hi okay so this week i want to talk about um inflation like uh adulting
00:53yep so i'm not that old lah um end of my 20s i'm living alone i'm working i have my own
01:01responsibilities my car semua kan and i feel like macam how do people live lah with their gaji right
01:10now because i want to know how can you manage your finances better to cope with inflation to cope with
01:18inflation the rises the rising price of groceries even if you want to go out to work kan you need
01:24to refill your car parking toll everything that you everything is money lah basically and the prices
01:34just go up and prices go up but gaji stays for a lot of people the gaji stays for some like us
01:41you know what can la but not much not yeah not enough okay so um for me it's fine um i'm living
01:51with my parents not with my parents in my mom's house i'm living alone my rent no rent my only expenses
01:59is food my car and my health insurance that's all okay no debt health insurance has a lot of inflation
02:06as well crazy yeah but but yeah but what about people who are young and also having families
02:14yeah who have kids um school so how do you manage your yeah rising prices and your money okay um i guess
02:25this gives some context first for people who don't know uh inflation is basically when the price of
02:31items go up right so it's a basket of items generally speaking in malaysia inflation is about two to
02:36three percent a year wow and all countries go through inflation uh yeah if you go through
02:42deflation which is opposite of inflation it's actually a bad thing yeah a lot of people think
02:46oh prices dropping is good but it's actually bad but i won't explain that because it's super complex
02:50economic stuff boring right okay but let's talk about it from an individual perspective correct yeah
02:56how do you manage this okay um so i think this one all all all the talk about managing your costs i
03:04think it's pretty much the same um with previous episodes so you got a budget you got to make sure
03:10that you know you have enough money for your needs and then you look at your wants etc etc right
03:14but i actually think i don't know if this is the answer that you're looking for but i really think
03:19that inflation the only way you can beat inflation is to invest your money and increase your income
03:28yeah so i think those have to have to be done to beat inflation i don't think you can just manage
03:34costs right because um just to give you an example my dad is old la it's old and when i was a kid i
03:41want to buy coke i'm like i need two ringgit to buy coke and it was like oh back in my days coke is 20
03:45cents yeah i don't live in the 1940s that uh but yeah so this is an example right uh and they always
03:52say i don't know about your parents they used to tell me oh nasi lemak is to be like 50 cents
03:56yeah i've heard i've heard things like that like macam mi curry dekat sekolah 30 cents
04:00mine is two ringgit yeah i know what can i do
04:04so over time you see three percent a year three percent a year three percent a year
04:08there's only so much cost that you can manage right if i am on the same income
04:13and coke is 20 cents on the same income coke is now three ringgit
04:18like what can i do i cannot just keep cutting my expenses and trying to figure that out of course
04:22you can you know find cheaper places to buy buy in bulk during sales all these things yes you can do
04:27it but there is an extent to it you cannot outpace inflation forever right yeah so that's why i think
04:33the two main things you need to do number one is you're going to make sure that your income
04:37keeps up with inflation so most companies um that i know of at least
04:42they increase your income at minimum to match inflation right so if inflation is three percent
04:49they will say okay everybody gets a minimum of three percent um if you know you're a high performer
04:54you'll get more if you um get promoted you'll get more whatever it is that's for 10 percent guys
04:59yeah for sure you guys should ask for like 10 percent 20 percent if they can't pay you just look for
05:03another job they'll pay you 20 percent yeah for real yeah um if you guys or you are not getting
05:10at least two to three percent a year then i would say you need to find another job because
05:16in reality you're actually earning less right because of inflation next year all prices go up
05:24but your salary is still the same so inflation is guaranteed tonight every year
05:27it can go down you can get into deflation like japan went into deflation but again like i said
05:32it's a bad thing so 99 chance inflation is going to happen every single year right yeah yeah yeah so
05:39you need to make sure your salary is going up together at least so you won't be richer so if you
05:44guys get a three percent increment in your salary next year it's not that you're going to be richer
05:48and suddenly you can afford more things it's just that nasi lamar prices went up i can still afford it
05:53with my new adjusted salary so that's one thing and of course if you can earn more better lah if
05:58you have side incomes if you can get promotions if you hop jobs hop jobs even better yeah so that's
06:04one way to beat it just earn more money right simple just kidding so you mentioned investment how
06:08does that help okay so investments is also why um all investments one of the most important reasons
06:15to invest is to beat inflation so like i said inflation it will come every year right so if i save
06:21let's say a hundred thousand ringgit in cash to uh this year now i have hundred thousand ringgit in
06:27cash and i keep it under my pillow all right i keep it you know i want to keep it safe we can't trust
06:31the banks right we want to put it uh in my tabong you know right hundred thousand ringgit with three
06:36percent inflation next year the value of this hundred thousand ringgit will feel more like ninety seven
06:43thousand ringgit that there's the effect of inflation get you right to give you guys a more simple
06:50explanation let's say my dad 60 years ago he had 20 cents okay 20 cents i can buy coke today he said
06:57let me save this 20 cents in my pocket 60 years later he has 20 cents he can't buy coke anymore
07:01he can't even buy ice with 20 cents right so that is the effect of inflation if you just keep your
07:06money in cash and it's not earning you any money 20 i mean if you're talking like weeks and months of
07:12course it's not like you're gonna feel oh my god every day the prices are going up but i'm sure i mean
07:15the last episode you talked about netflix spotify even day up prices right yes even day up prices
07:21yeah correct if you just hold your cash you won't feel the impacts in months or sometimes even maybe
07:27you know one two years can pass by with no price hike but if you're talking 20 30 years down the line
07:32the value of your money is going to be a lot less right and that is why you need to invest so
07:36let's say now hundred thousand ringgit instead of putting it in the tabong i put it into let's say
07:41amana saham and amana saham gives me five percent five point five percent so at least every year
07:46inflation goes up by three percent my money is going up by five percent five point five percent so you
07:51have that two percent extra okay exactly so that is actually one of the main reasons that people need
07:56to invest i think if you think that oh investing is risky right what if i put it into stocks what if i
08:03put it into crypto and then i lose all my money right yes it is risky but if you don't invest you put
08:08in the bank account guaranteed 30 20 30 years down the line the value of your money is just going
08:14to go down a lot yeah and i feel like a lot of people thought that macam if you invest your money
08:19you can't really use your money because you keep it in a place because i used to think that way so i
08:27always keep my money in asb only so i don't have to like masukkan banyak yeah compared to like stocks or
08:35crypto yes how how do i want to use what if suddenly i emergency and i want to use that money
08:40yeah you can i mean you can always just sell the crypto or the stocks and withdraw the money
08:45but i mean having said that that's why i think places like asb and all they still have their place
08:50because you want to keep your emergency funds for example in asb if let's say your car suddenly
08:56needs repairs you don't want to have to sell the stocks to withdraw it but let's say
08:59like long term life you're thinking of buying a house you can always just sell your investments
09:03yeah and actually one thing is a lot of people think like you which is why they don't want to
09:08invest that money because i'm like if i invest i can never touch this money again but you can you
09:13know yeah yeah no one is preventing you from selling your investments withdrawing it and using it yeah so
09:18i think there are a lot of benefits to investing and if you don't even think about retirement like if
09:26you're not thinking about oh you know retirement so far away at least you need to beat inflation
09:29yeah so there's a lot of things that you have to think about like inflation every year and then
09:35you also need to save like the future can you check up retirement yeah and all that and also your
09:41health one day or if you lose your job so you need to prepare for also emergency yeah for sure
09:47a lot of things yeah but yeah i think you can do these two things like make sure your income is
09:53growing every single year and then investing any money that you have so basically cutting costs
09:57won't help you lah it can it can but not forever not forever yeah it makes sense right how long how
10:03long can you cut costs for yeah you're on the same income you cannot do it forever yes but i guess
10:08you know if you are really stuck uh like let's say now you're in a situation where you don't even
10:12have any investments um and you don't see a way on how you can up your income then of course there
10:17are things you can do right you can buy cheaper or you can buy in bulk yeah buy in bulk you can go
10:22to instead of going to jaya grocer you can go to 99 speedmart econ safe places like that and then
10:27like i said in previous episodes i like to buy on shopee 11 11 yeah during uh i mean 99 just passed
10:33as of the time we're recording this video 1010 is coming out then exactly there's so many yeah there's
10:37so many every single month you can buy your toiletries groceries yeah now they have nearly everything
10:43i bought a banana once on uh shopee just to try yeah okay you don't have to buy everything there
10:48but like she said toiletries and stuff now you have to wait three days delivery yeah it's really good
10:53no lah you know now they have next same day delivery yeah it's pretty cool okay so we have um some
11:01stories that people send in this one the 300 ringgit grocery shop 300 ringgit groceries
11:08actually wait on groceries i always see have you seen those like this is what i can get in my
11:14trolley with 50 ringgit 10 years ago and this is what i can get now oh yeah 10 years ago with 50
11:19ringgit kan with 50 ringgit everything and then there was like a tree of eggs like oh yeah but really if
11:25you bring 50 ringgit to a grocery store now apa je you can get like telur if you buy for a big family
11:33the 30 biji telur tu kan it's like 20 plus already 25 already milk is like 10 ringgit yeah it's
11:41actually expensive yeah okay so another question i used to shop at the same pasaraya every week
11:48buying the same item my bill always hovered around 200 ringgit then one day i scanned the total 300
11:54i thought it was a mistake same rice same chicken same vegetables but prices had quietly crapped up
12:00i stood there at the checkout lane feeling helpless like my money had shrunk overnight
12:04that day i went home and really looked at my spending i cut down on snacks and started meal
12:10prepping for a week now i plan menus buy in bulk when they're sale and avoid last minute takeaways
12:15it hasn't solved everything but saving it 80 ringgit here and there gives me some breathing space
12:22the question is what are some small grocery or food hacks malaysians can use to fight inflation
12:27without compromising too much on quality i think if you're a family then cooking makes sense
12:32cooking can save you money but if you are single if you're cooking for yourself maybe even two people
12:37i don't know from my experience it doesn't save me money at all yeah ingredients are expensive
12:42actually if you're living alone yeah so and it spoils because they sell exactly right exactly if you're
12:48buying fresh produce then it spoils yeah so if you have a family then yeah but what means you can cook
12:53you can maybe even meal prep i think maybe meal prepping as an individual could be good but then
12:57you have to just eat the same food all the time yeah i think that's one thing that i can think of
13:03yeah i feel like going to a pasar in the morning early in the morning that's how you can get the
13:09freshest fish you produce and also they're very cheap yeah yeah you have to plan in you have to but you
13:17have to plan all these things because pasar is only like what kadang kadang it's like in one area is
13:22rabu pagi or yeah saturday morning so you really have to plan all this yeah yeah and people are gonna
13:29crowd these places because that's where and usually pasar i feel like my mom has gone one time and
13:37kadang kadang if you're lambat sedikit uh everything finishes sayu habis or ikan habis yeah so maybe you can
13:45start with pasar right pasar pagi and buy there instead of supermarket yeah it's definitely cheaper
13:51compared to if you went to the more premium grossers la yeah my mom does that and then when it's time
13:56for like festive seasons raya chinese new prices always goes up correct chicken especially yeah okay
14:02i don't know but my mom would then buy in advance so i don't know she says you keep it in the freezer
14:07two three days in advance how long in advance what do you mean chicken she says you can keep it in the
14:12reason it's fine i mean i don't know i've been eating her cooking and i haven't gotten some
14:16money i mean that's something that she does to save money because she says it gets a lot more
14:20expensive look i don't know how much more because i don't buy my family started shopping for raya
14:25probably a week la for food ingredients and all that yeah but i feel like for people who are single
14:30living alone i feel like buying is cheaper yeah absolutely cheaper for me i don't know about
14:35other people but for me it's cheaper because i don't have to
14:38if a sayo goes bad then it's a waste right because i have to buy because i cannot ask them
14:44to like potong because if they already packed it for you i just have to buy everything especially
14:49potatoes or like bread yeah this spoils very very fast okay next story second one rent hike okay
15:00when my landlord told me rent was going up by 150 i panicked my salary hadn't increased in two years
15:07but my expenses were climbing every month i considered moving but everywhere else was just
15:12as expensive for weeks i lost sleep thinking how to stretch my budget allah kesian
15:17finally i decided to get a housemate at first it felt like giving up housemate yeah okay she rented a
15:24whole house okay okay so she's been living alone i guess okay okay okay i thought a mate like a
15:29housemate struggling and then you got a mate okay okay a housemate okay okay at first it felt like
15:37giving up privacy but splitting rent and utilities gave me instant relief i learned that sometimes
15:42surviving inflation means adapting yeah even if it's uncomfortable now with the extra savings i can
15:48at least set aside something for emergencies the question is what's a practical way to cut housing or
15:54utility costs in malaysia without lowering your quality of life too much i feel like this one you have
16:00to jaw because i have no idea yeah because i live in my mom's house so i don't pay rent i don't pay i just
16:06pay my electric bills that's all so okay i just got my rental increase as well recently uh so okay
16:14does that happen every year or every month so this one it okay it cannot be every month
16:18every month
16:20it's when your contract ends it's when your contract ends uh but this is my first rent hike
16:27in four years which is i consider it very good okay how much was it and then my landlord wanted to
16:32increase it by 200 ringgit but i tell him can you give it a hundred ringgit because you know i've been
16:37paying on time i take care of the house blah blah blah blah blah it's like okay sure so actually one
16:42thing that you can do a tip is take care of the unit pay your landlord on time and then negotiate with
16:46them i think sometimes they will really let you do it because to them is a hassle as well you know
16:51for 100 ringgit a month if you don't want to stay here anymore i have to find another tenant
16:55it's gonna be a whole thing for me right so one is i guess be responsible to your landlord make sure
17:01everything's okay make sure you pay on time that's one thing um two i think i don't know if this
17:06really impacts their quality of life but i think getting a roommate i'll just use a roommate i think
17:11it works better um i think it helps i think it helps i don't know like i don't know i feel like
17:16i would be with everything you save so much money you save so much money you half everything off so i
17:20think that's a pretty good option um number three if you are if like you know if it's within your
17:26affordability affordability level um then consider buying a house as well so i think this is one of the
17:33main main main benefits of buying a house because when you buy there's no inflation right when you buy
17:39you pay the same amount yeah you i mean you pay the same amount to your bank for yeah yes yes
17:43the bank cannot be like i'm going to increase your mortgage because inflation it doesn't work like
17:47that right so if you know if let's say you have the money your income is quite high and you can afford
17:53buying a house um with the same amount of money you're using to rent now then yeah you can consider
17:58buying as well um and the final thing on this is that two years no salary hike what do we say about
18:05that aisha job hop leave your boss thank you 10 or i'm gone zero in two years is not great it's not
18:17great it's not great yeah i mean like they said prices are going up yeah your rent is going up how
18:21can your salary not go up how am i going to pay my rent now yeah it doesn't make sense yeah okay
18:26that's all okay cool so i guess to wrap this all up inflation yes you can cut costs to manage it but
18:31you can't do it forever so the main thing is number one invest number two make sure your income
18:36goes up as well together with inflation at minimum at minimum so either two percent or three percent
18:41exactly but best ten percent that's for sure yes ten percent if you're watching ten percent
18:46ten percent or i'm out thank you thanks guys for watching the episode i hope you guys enjoyed it
18:53and see you in the next one
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