5 Expenses That Can Quietly Drain Your Wallet

We’ve all heard “save more, spend less” for a healthy wallet. There are obvious things that drain our wallets like rent or vacation, and then there are the little expenses. If the little expenses frequently go unnoticed, they will eventually cause a surprise when you check your bank balance.

Eating outside food too often

It can be difficult when Malaysian food is so good! However, we should try to fully utilise the hundreds of Ringgit spent on groceries. Use them for cooking. If dining out becomes a daily routine, even regular dine outs can quickly add up. With food delivery apps, you may save time and petrol, but you will still have to pay delivery charges that can quickly add up.

To avoid this, try meal planning! Most of us decide our meals daily. It’s good for our stomach but not good for our finances. Meal planning helps not only our physical health but our wallets too.

Spending on phoney emergencies

“My furniture looks old-fashioned. I need to replace them before my friends visit.” “Oh no, I’ve run out of my favourite snacks. I need to stock them up immediately.” We’ve all had those kinds of thoughts. But genuine emergencies tend to announce themselves rudely and loudly. For example, a computer breakdown, medical emergency, or passing away of a loved one. In such instances, our wallets will usually take a big hit.

For financial protection against medical emergencies, check out our medical insurance plans to discover the right one for you. Learn more here .

Buying the latest gadget trends

It feels like every week there’s a new gadget to buy. Whether it’s the latest and greatest smartphone or tablet, gadgets are already expensive one-time purchases. Sometimes the latest purchase is not the best one. An older and cheaper gadget could be more reliable and longer-lasting. Also consider used or refurbished gadgets. Sometimes, products are returned due to damaged packaging or minor blemishes. Other times, it’s just buyer’s remorse. Trends will always outpace wallets.

Not watching your credit card expenses 

Having a credit card has a lot of perks such as building credit, getting rewards, and increased purchasing power. They’re easy to overspend because they’re easy to use. By getting carried away with credit card spending and not paying it off immediately, you will be charged interest, making all credit card purchases more expensive.

Doing groceries without a plan

As you work towards improving your financial health, let our wide range of insurance plans help you ensure your finances stay protected.

We have i-Care, our life insurance plan which starts from as low as RM9.75 a month. We also offer i-Med , an affordable medical plan that starts from RM41.85 a month, as well as i-Protect, a critical illness plan from as low as RM7.60 a month.