Saving money is not as easy as it looks. Federation of Malaysian Consumer Associations (FOMCA) Deputy President Mohd Yusof Abdul Rahman said a recent survey revealed that 30 to 40 percent of Malaysians do not have sufficient savings. If you are one of those who is struggling to save money, here are ways to do it the smart way:
- Participate in a money-saving challenge
Taking part in a challenge is a fun way to save money. Did you know that you can save as much as RM1378 in a year if you start with RM1 in the first week and doubling it in the ensuing weeks? You can use that money for things you have wanted to buy, like a flight ticket to a dream destination.
2. Open a high yield savings account
Saving in the bank is a low-risk type of investment. The usual savings account lets you earn around 0.25% interest per year. A high-yield saving account allows you to earn up to 0.80% per year if you made no withdrawals for months. It will encourage you to leave your funds alone while making more from it.
- Organize your finances
Tracking your expenses might mean extra work, but you will not be fully aware where your money goes unless you track it. Tracking your expenses will help you better allocate your expenses and will ensure that you get the most out of your income.
- Cut your grocery bill in half
Malaysians spend most of their salary on food. According to Finance Minister Il Johari Abdul Ghani, Malaysians spend 31.2-percent of their disposable income on food and food away from home. The cost escalation of food makes it hard to cut your grocery bills, but it is possible to save on groceries. Start by creating a meal plan. Keep a stock of goods for a week or two to avoid impulse and last-minute buys. Buying in bulk is more practical than buying items in smaller quantity.
- Learn to do things yourself
DIY comes with hidden benefits. Imagine how much money you would save by learning to do your own redecorating and painting than hiring someone else to do it. Or how you can save money on food when you cook at home instead of dining out.
There are several reasons why saving money is important. Aside from having financial security, everyone needs to save because of emergency, retirement, and the costs of education. You can also avoid getting into debt when you have enough funds on rainy days.
Teak is a naturally resistant wood that is perfect for making any furniture. This type of wood is extremely rare and quite expensive, but the ratio between benefits and cost are definitely high. Teak can endure all kinds of weather, which makes it ideal for garden decoration. If you wish to have this sort of decoration in your outdoor area, the best furniture shops in Malaysia offer the best teak wood as well.
What Are the Benefits of Choosing Teak Wood Furniture for Your Garden?
If you are shopping for outdoor furniture, you are probably thinking more about its longevity than design. Here are some benefits that you can derive from using teak wood as centerpieces in your garden:
As mentioned earlier, teak wood can stand any kind of weather changes in a tropical country like Malaysia. You can place it outdoors without worrying about deterioration. This type of wood can sustain its beauty for a very long time without showing any signs of ruin. Many people choose teak wood over bamboo or any other kind of wood simply because of its strength and resilience.
Teak wood can be blended well into any part of the garden or outdoor area. Its natural color is already beautiful enough so no need to redecorate it. The uses for this kind of wood are also limitless. You can use it as a bar table, bar chairs, and steamers. Moreover, it can also be used to beautify other places in the area such as the poolside, use it as tree bench and much more.
Relaxation can now become luxurious especially if teak wood furniture is around. Think about it: your grandchildren can use the furniture that you are using today. Its quality will remain the same from the moment you purchased it and in 20 years and more. If you are thinking of getting furniture and you don’t want to spend another dime for replacement in the near future, teak wood is the best material to use.
The use of computerized systems is becoming predominant among food manufacturers. Customers stand to benefit with the continuous upgrades in production facilities, equipment, and food manufacturing processes. Modern technology helps these companies produce safe, high-quality food products in less time at reduced cost.
The electric aspect is an all-important factor in the smooth operations of the equipment used in food manufacturing plants. Electrical measuring instruments are devices frequently used to keep the electrical system in check to avoid disruption of operations and prevent production delays.
THE TOP FOUR ELECTRICAL DEVICES
Early detection of electrical system failure or incorrect installation of equipment is the main function of these measuring devices. Here is the list of the specific types and the purpose for which they are used.
This electrical instrument is used to measure electric current in a circuit. The device is available for commercial and residential use. In a food manufacturing plant, ammeters are utilized to check the wiring systems of the facility as well as the operating equipment. By using the ammeters, electricians can measure direct current (DC), alternating current (AC) or both. There is less worry of a short circuit if the electrical system is properly working.
Voltmeters are electrical devices used to measure the voltage or possible difference between two points in an electric circuit. Manufacturing firms make use either of digital and analog voltmeters. In both ways, voltage is measured accurately although the digital display recognizes the readings for digital and pointer moving across the scale for analog. Voltmeters can measure current and resistance during electrical testing and electronics works.
Ohmmeters measure the electrical resistance passing through a circuit. They are suitable for installations that require correct resistance to function properly. The device also check the flow of current to make sure that it is running continuously. Readings are precise and accurate.
Multimeters are the popular type because of the versatility. It functions and works like an ammeter, ohmmeter and voltmeter for it can measure current, voltage as well as resistance. This device comes in analog and digital versions.
Whether you measure amps, volts or ohms, all these electrical measuring instruments serve to keep the electrical systems of the modern food manufacturing plants working and running efficiently. Safety comes first.
Seeking a job in Malaysia is challenging, especially now when the unemployment rate keeps increasing. However, this doesn’t mean that you should just apply for all job vacancies you see. Please don’t let desperation lead you into settling for any job, even for the one you dislike. Bear in mind that happiness is the key, which leads to less stress, and then brings positive impact to your career growth. So what do you need to do first? Simply read on and ask these questions to yourself before you start sending in your job application:
1) Does it challenge you to grow as a person?
Get some information about the role, team, organization, and the company. Do some research whether they seize opportunities for you to reach your dream and success in your career. Look at your skills if they meet the job qualifications because, without skills, you will find it hard for you to go ahead and move forward.
2) Does the job environment suit your personality?
Apparently, humans have unique personalities. It is important to understand that extroverts and introverts react differently with environments. Most extroverts feel comfortable to work in a crowded environment such as the busy cities of Kuala Lumpur and Melaka. Meanwhile, introverts prefer to do their job with fewer people around, so maybe searching for job vacancies in Ipoh or Taiping is a good idea. Which one is your specific personality? Extrovert or introvert? Take a personality test if you are not sure.
3) Does the job meet your work-life balance?
Your high income means nothing if the job doesn’t meet your work-life balance. Find out if the job offers flexible working hours. Do you have to work on weekends or until midnight? Do you have to travel most of the time? Will you still have free time for your hobbies or beloved family? You have to take all these into consideration as it will give effects to your life outside of work.
Someone once said, “Choose a job you love, and you will never have to work a day in your life”. Now all you have to do is to follow your heart and intuition. Start applying for the job you love and good luck!
Almost everyone wants to earn as much interest as possible with their savings account. The amount of interest you earn on your savings much depend on a variety of factors—tax paid, interest charges, economic growth, inflation rate and so on. Although many times, when these savings are adjusted for inflation, the actual rate of return accrued by today’s savings accounts is usually negative. The average return yield by many savings account is between 0.06%-1.0% APY (annual percentage yield). This puts many people in a dilemma of having to substantiate between losing purchasing power or losing liquid and security with their savings.
How Savings Account Rates are Determined
Based on principle, banks are not supposed to provide a higher rate on their deposit accounts than they charge people on their loans. This protects the bank from losing money and allow it to compete effectively in the market. In fact, many savings account rates are typically below 1% APY because the Federal Reserve choose to give cash to banks through its discount window. Banks are also supposed to lend to each other at the interest percentage stipulated by the federal funds’ rates as well. This means, when both the discount rate and federal funds rate are set below 1%, banks shouldn’t raise this rate to get cash from its depositors.
Real Rate of Return
As a rule of thumb, it’s wise not to focus much on the actual interest rate offered on your savings account to determine its returns. Sometimes the interest rate fluctuates due to the level of inflation rate rise experienced in that same particular year. Instead, stay focused on the real rate of return to substantiate how the purchasing power of your personal savings is behaving over time. A savings account nominal rate can fluctuate anytime, hence can’t be depended upon.
In summary, it’s evident that yields acquired on savings accounts are disturbingly very low. This is because the interest earned on savings depend on several factors such as tax charges, economic growth of a country, inflation rate and so on. However, it’s still possible to get a higher interest rate than that provided in a typical savings account. Simply visit your local bank and sign up for a high yield savings account and watch your money grow big every year. If you experience any problems or have any questions, talk to your bank, and they’ll be happy to assist you with any query you may have.