4 Ways To Take Control Of Your Finances In 2022

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The pandemic’s economic impact has hampered most Malaysians’ ability to boost their savings. In 2021, household incomes have decreased by 10% which means putting money aside for savings will be even harder. Money is already tight, and the pandemic has made it even tighter.

We get it, money management is a concept that is easier said than done. However, that shouldn’t stop you from trying. If you want to get good at managing your money, try to at least start with the most simple money habits that you’ve established – like choosing a better way to manage your day-to-day expenses. 

It may be a basic aspect of your personal finance, but guess what? It’s the perfect place to start and build up a solid foundation of good money habits. If you’re keen to make this year a more prosperous one for your bank account, start by applying these tips!

1. Shop light (and cash-free)

Payment transactions made with a card are more convenient because it is more efficient and faster. When making payments, you don’t have to have carry cash or wait for change. 

The convenience of making payments is likely the most compelling reason to use a debit card. You won’t need to carry large amounts of cash, deal with the hassle of getting your change in cash, pocketing loose coins, or queue for ATM withdrawals.

There is no income requirement to get a debit card in Malaysia; all you need is a bank account with a bank that is located in this country. They say cash is king, but our society now has built the necessary infrastructure to keep our money secure – and we should all be making use of that. 

2. Take advantage of your cards’ perks

Banks never run out of perks, and debit cards are part of that equation. Depending on your bank, you can take advantage of discounts, free vouchers, raffles, contests, and even cashback! They don’t come with extra cost and your card doesn’t need to be a credit card to qualify.  

Below are some of the promotions that you can take advantage of by using a debit card. 

• Cashback offers. 
• Exclusive deals for dining and shopping.
• Vouchers for online shopping platforms.
• Discounts on utility bills.

If you already need to spend the money, why not take advantage of the promotions that come with making payments using a debit card. Besides, those small discount vouchers and cashback you’ll get can add up to a significant amount in the long run if you just pay attention to your expenses. 

3. Keep your money safe and secure

Debit cards today that can perform contactless payments cannot be duplicated or used for fraudulent transactions, according to Bank Negara Malaysia (BNM). This is due to the cards’ built-in EMV chip, which creates a unique dynamic code for each transaction and has other safeguards against fraud. 

4. Track and budget your spending

Apart from all these security features, if ever your card gets stolen you can simply freeze or block it with just a click of a button through your online banking app. You’re in a much better position to keep thieves from stealing your money. 

Regularly tracking your expenditures can give a clear picture of where your money is going and where you’d like it to go. What better and easier way to do that than to automate your transaction record with a debit card. If all your transactions are on record, you can trace it in a pinch, evaluate your expenses, and eliminate your unnecessary spending from your budget. 

Various banks even take this to the next level with their own spending tracker. Aside from giving you a quick glance at your transactions, it can also organize your spending per category and give you a bird’s eye view of your overall expenses. 

If you want to watch your expenses, you can also set a spending limit on your debit card. Plus, you don’t need to worry about late payment penalties and finance charges. While this does not necessarily make you a prudent spender, it does keep you on top of your purchases and give you a head start in managing your money more efficiently. 

A better way to pay

According to the 2021 report by Globaldata.com, debit cards account only for over a quarter of the Malaysian payment card space with double-digit growth expected in the near term.

With all that said, debit cards are the future of payments. Not only can it aid you in managing your finances better this year, but it’s also more convenient and secure than ever.

Why Pay With Debit in 2022?

• Access your funds directly from your account with your debit card and use it to pay for your purchases. 
• Quick and hassle-free retail transactions – checkout with just a tap of your debit card. 
• Your debit card, your PIN. Unauthorized transactions are impossible as long as you keep your PIN to yourself.  
• Inculcate financial discipline by only spending the money you have. 
• No hidden charges and late fees.