Personal Finance 101: 5 Financial Hacks to Help You Save More!

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Financial planning includes budgeting, retirement planning, saving, insurance and debt relief. You don’t have to be financial expert to understand what each of these term means and how they affect your finance.


The financial strategy we will focus on in this post, though, is saving. Let’s deep dive into five financial hacks that can help you back control of your finances so that you can save money, pay off debt and reach your financial goals.


We all understand the importance of saving money because it helps protect you in the event of a financial emergency. Additionally, saving money can support you in making big purchases, avoiding debt, reduce financial stress and gain financial independence.


Let’s get straight to the financial hacks that will help you save more money!


1. Save any Ringgit of Your Choice, Make it a Habit

This hack is straightforward: keep any Ringgit note you get, ideally one of a lower amount or denomination that you use often.


For example, if you decide to save all the RM5 notes you come across, you’ll end up with a sizable savings account, particularly because we come across RM5 notes often.


Once you’ve done it a few times, it’ll start to seem like a habit, and you’ll have a hassle-free way to grow your money.


Just remember to remain disciplined and only spend the  money you’ve saved when necessary.

2. Keep the Change

That’s something you should tell yourself, not the cashier!


Make it a practice to collect all your loose coins at the end of the day and deposit them in a designated location, such as a coin jar.


You’ll almost certainly receive some change from your everyday expenditures.


Make a mental note that the RM3 change will go into your coin jar at the end of the day when you pay for your RM7 nasi kandar with an RM10 note.


Don’t underestimate the amount of money you can save with this habit, particularly if you’re consistent. If you don’t put away your loose change, you may make needless expenditures to get rid of the money.

Donation money jar filled with coins in front of holiday lights

3. Make a Plan to Pay Off Your Debts

Saving money on interest is one of the greatest things you can do if you want to achieve your financial goals.


If you have credit card debt, employ a debt-payoff method such as the debt snowball or debt avalanche to pay it off quicker.


The debt snowball method requires you to pay off the bills with the lowest amounts first, then roll over the money you spent on those obligations to pay off the bigger ones.


When using the debt avalanche technique, you start with the highest interest bills and work your way down to lower-interest obligations.

4. Avoid Paying Credit Card Interest and Earn Rewards on Instalments by Using BNPL

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Credit cards often charge an interest of 18% per annum plus an annual membership fee, which can be rather costly. There are credit cards with zero interest payment plans, but they are often only accessible to those with excellent credit. 


Meanwhile, BNPL services are made accessible to virtually everyone.



BNPL allows customers to break up payments into smaller instalments (up to six monthly payments) with zero interest charged if you pay off your balance on time.



If you’re new to BNPL, you may wonder don’t credit cards offer zero-interest instalment plans too? Yes, but the catch is: you won’t earn any credit card rewards on bank instalment plans.



On the other hand, payments to BNPL services are considered retail spending, which means you get to enjoy your purchase right away with interest-free instalments, plus credit card rewards.

5. Start Investing Early

Saving for retirement should be another top priority. With early age investments, you develop a habit of saving more. The more you invest, the more you get in future.


Spending your money wisely isn’t just about avoiding unnecessary purchases – it also requires you to take the money that you save and put it towards things that will help you reach your financial goals in the long term.


There’s no such thing as starting investing too early or investing too little.

Save a Bit, Big Things Will Follow

Above all, it should be clear by now that saving can be done in so many ways with different degrees of difficulty, and that it is not limited to the practice of saving a certain sum of money every month. Understanding how to save money may even inspire you to find more ways to save and hit your goals faster.


One thing in common about all the financial hacks shared in this post is that, if they are practiced regularly and with persistence,  you will be able to fully reap the benefits of saving money and achieve your long term financial goals.