1. KN95 ★★★★★

• Protection: Excellent protection
• Price: Expensive

KN95 offers the best protection as it can filter out large and small particles when the wearer inhales. With 5-layer protection, it filters 95% of all particles contained in germs, virus, or fine dust. KN95 and N95 are often confused, but the difference is that N95 can capture smaller particles. In comparison, KN95 can capture all particles greater than 0.3 µm in diameter. KN95 is considered as quite expensive as it intended for single use only.

Suggested Lazada Product

2. Medical Face Mask ★★★★☆

• Protection: Good
• Price: Affordable

Medical face mask or sometimes known as surgical mask is a disposable mask made from thin layers of nonwoven fabric. It prevents large particles from getting into the air as well as reduces the exposure to saliva and respiratory secretion. Large particles can be filtered out and protect the wearer’s nose and mouth from droplets that could contain germs. This mask is affordable and intended for single use only.

Suggested Lazada Product

3. Cloth Face Mask ★★★☆☆

• Protection: Average
• Price: Affordable

More people are starting to wear cloth masks as it is cheaper and eco-friendly. For it to be effective, make sure the cloth used is hydrophilic (water absorbent), breathable, and has at least two layers. This type of masks traps droplets from being transmitted into the air when the wearer sneezes, coughs, or talks. Cloth masks need to be washed daily, stored properly, and should not be shared.

Suggested Lazada Product

4. Face Mask with Valves ★★☆☆☆

• Protection: Average
• Price: Expensive

Some masks include a one-way valve on the front to make it easier for the wearer to breathe. This one-way valve closes when the wearer breathes in and opens when the wearer breathes out. Either cloth mask or KN95, valve-type mask is not effective according to CDC as it spreads the wearer’s droplets and virus particles into the air which defeats the purpose of wearing a mask. Therefore, it is not recommended to wear a mask with valves.

Suggested Lazada Product

5. Scarf ★☆☆☆☆

• Protection: Poor
• Price: Cheap

Using a simple scarf or bandana is not protective enough against covid-19. This is because a scarf or bandana does not cover all necessary areas as guided by KKM which are nose, mouth, and chin. Particles from one’s respiratory system can be transmitted into the air or another person through the openings such as under the chin. Besides, using a scarf is also unproven to protect against covid-19.

Suggested Lazada Product

The post Is Your Face Masks Effective Against Covid-19? appeared first on iBanding Making better decisions.

8 Popular Travel Scams You Need to Avoid!

Whenever we plan for our trips, we often dream of fun-filled new adventures. Imagining ourselves as Anthony Bourdain or Samantha Brown, exploring foreign countries and experiencing local colorful cultures and cuisines; meeting friendly new faces who so willingly offer themselves as tour guides to ensure our fullest enjoyment while in their lovely country.  In short, we only anticipate all the fun and exciting things.

Sadly, reality does not always turn out like the dreamy travel shows we often watch on TV. The truth is, there are shady people everywhere. And they often take advantage of unsuspecting tourists.

Why are tourists easy targets?

1. They are usually distracted by their new and unfamiliar surroundings. Let’s admit it, there’s so many new and exciting things to see and there’s Instagram worthy pictures at every single corner! So while being distracted, they become easy preys to the slick and quick hands of the pickpocket.

2. We generally put our guards down when we are having fun, making us more trusting of strangers. This can expose us to all sorts of danger that can be quite costly.

Hey there’s really no way to tell if we’re being watched by those who are masters at their crafts (of scamming unsuspecting tourists) unless we stay alert and cautious of our surroundings at all times. And this isn’t easy to do. So to help you out, here is a list of some popular travel scams around the world that you need to watch out for.

1. Gifts from the most innocent looking gift bearers

This scam is becoming so widespread that we even have them here, at roadside eateries and food courts. Little children, monks and even those with a certain disability coming and bearing pretty gifts such as key-chains or bracelets. They don’t utter a single word to you making communication difficult – and that is their intention. The moment you accept the item offered to you, these innocent gift bearers who at first appeared to want nothing more than your smile suddenly turn aggressive and start to demand money for the apparently ‘not a gift’ gift.  So, don’t accept anything from strangers. There are no free lunches after all.

2. The friendly tuk-tuk drivers

Somehow these tuk-tuk drivers could just pick out the newly arrived tourists from those who are already familiar with the place and have a good sense of how much things should cost. These friendly tuk-tuk drivers would pull over next to you and offer a tour around the city or island promising the lowest deal you can not refuse – just because he likes you and is grateful that you have chosen to have your vacation in his beautiful country. They will even persuade you to visit certain attractions while on your little ride, such as a famous jewelry shop or elephant sanctuary.

Often you will realize later that these deals are no deal at all, they are in fact daylight robberies. And the reason why they were so persistent on you visiting certain tourist attractions is because they get a kick back out of it. So, just say no to these friendly tuk-tuk drivers, at least until you have done some research and price comparison.

In places like Bangkok, tuk-tuks are known to outright  scam you by charging ridiculous rates. So best to avoid them altogether.

The tuk-tuks seem like a must-try if you are in Thailand. However they are notorious when it comes to scamming their passengers, so beware!

3. Pickpockets and their sidekicks

How is it that pickpockets just know where you hide your money and wallet? Well usually these guys don’t work alone. They have their buddies that stand around in busy malls or train stations just preying on tourists. They may tap you on your shoulder, looking genuinely concern for your safety and let you know to be careful of pickpockets in the area. And your reaction?

Most people would immediately reach into their pocket to make sure that whatever they are looking for, be it cash, wallet or mobile phone is safe. Phew! What they don’t know is that there are eyes watching them, and now these careful observers know where valuables are kept. So if you’ve been warned by a friendly local of pickpockets in the area, be extra, EXTRA vigilant.

Pickpockets are everywhere, but they usually don’t work alone. So stay alert!

4. Selfies (or wefies) with elegant drag queens

Have you been on a holiday an found a group of beautiful drag queens, dressed in the most extravagant show costumes, just standing by the curb eager to have their pictures taken with you? And you think to yourself, what lovely Instagram photos this will make! It is usually for a price. So if you don’t mind paying, go ahead and strike a pose! If not, just walk away.

5. Free WiFi

You may think you’ve it the jackpot when you locate free WiFi at a public place. Just because you’re sitting at a reputable place like a certain popular international coffee chain and there’s a free WiFi network with the same name does not mean it is safe. It could belong to hackers near by just waiting for you to connect your laptop to it. These hackers are extremely skillful, the moment you connect your laptop to their network, your bank account is immediately at risk. So be extra careful guys.

Don’t get too excited when you come across an unlocked wifi network. You don’t know who’s lurking around waiting to hack into your laptop or mobile phone.

6. Lost jewelries

This is apparently very common in France. You may be happily strolling the streets of Paris when suddenly a passerby taps you on your arm pointing to a piece of jewelry that you have accidentally dropped on the ground. When you kindly inform her that it isn’t yours,she’ll (it is usually a woman) pick it up and inspect it and tells you that it is gold and very valuable. At this point, a few sidekicks may also stop and agree with her and tell you how lucky you are to find it. She will offer it to you only if you pay her a small finder’s fee. If you fall for this scam, you’ll be a few Euro poorer. If you are smarter than this and try to walk away, the most you’d suffer is some verbal abuse. Oh and the jewelry? A piece of cheap brass that only looks like gold.

7. The helpful fortune teller

Ladies, imagine having a mysterious looking stranger coming up to you and telling you that there are two men who are madly in love with you. What would your reaction be? Most girls would fall for this scam as they get excited over the idea of being desired by two men and they cannot wait to find out who those men are. If these con artist fortune tellers ask for money upfront, that should be your red flag right there.

We’re not saying they are all fraud. Just be extra cautious when you’re traveling abroad that’s all..

8. Taxi drivers. Everywhere

Finally, just be extra vigilant of taxi drivers everywhere. They will scam you with all sorts of tricks, from broken meters to dried up fuel tank. Some taxi drivers may overcharge your rides after you’ve taken them. Some will say they do not have small change after you have given them a big note. So make sure you exercise caution when dealing with these cabbies. negotiate price before you get into the car. Have small change with you. And never allow another the driver to pick up additional passenger!

Some taxi drivers won’t even feel bad for dropping you off at the wrong place and still asks for his money.

The post Bookmark This Travel Scams Checklist Before Taking Your Next Trip appeared first on iBanding Making better decisions.

Travel risks aren’t something that cross our minds when we are busy planning for a business trip or a family vacation. But to the wise traveller, it is an inevitable subject.

So in our effort to educate the public, especially those aspiring wanderlusts out there about traveling smart, here’s an infographic we hope can help highlight several travel risks that you may not be aware of.

Types of travel risks you should consider when making your travel plans:

1. Flight troubles

Flight troubles can mean several things, which includes:

• overbooked flight
• flight delay
• missed departure
• flight cancellation

Flight delay and cancellation may occur due to several factors such as bad weather, airline glitches and technical issues. As a result, not only you could miss your connecting flight, important events at destination such as business meetings and weddings, paid tours etc, but also you could end up being stranded at an airport for hours, costing you more money on meals and even additional room charges in case of an overnight delay.

But what about all the money that you have paid on flight tickets, booked tours, hotel stays, and all the additional expenses caused by these setbacks? 

2. Luggage issues

Our checked luggage is exposed to all sorts of risk especially once handed over to the airlines, which includes:

• luggage delay
• theft
• risk of lost
• risk of damage due to mishandling

Sometimes luggage can be delayed up to days before they are found and delivered to us, in which case we should still count ourselves lucky as some luggage may disappear forever. But have you thought about what would happen to you at your holiday destination without all your packed clothes and belongings?

You will most likely end up having to spend money on additional clothes and basic necessities such as toothbrush and other toiletries. This will eat up into your vacation fund or savings.

The unexpected luggage trouble and additional cost incurred will more likely than not, result in a less than enthusiastic holiday spirit. 

3. Lost of personal belongings

Personal belonging can mean a lot of things, such as:

• a digital camera
• laptop
• mobile phone
• jewelries
• travel documents such as passport and visa

It is easy to lose sight of your belongings while you are engrossed with the beauty of the foreign lands. If one isn’t careful, one can easily neglect an important item, such as a camera and mobile phone. Not to mention the susceptibility of the inexperienced travellers falling prey to the seasoned scammers. These items don’t come cheap. And losing them means having to fork out hundreds if not thousands of ringgit for replacement.

Losing your passport could spell more trouble. Not having a passport with you means you are stranded in a country, not able to continue to the next destination, nor return to your home country.

You’re not only incurring more cost in getting your passport replaced, but also may end up paying more for accommodation for the extended stay while waiting for your new travel documents to be ready. 

4. Stolen money, credit cards and traveller’s checks

The inexperienced travellers are often taken advantage of by scammers and opportunists alike. Their vulnerability often lead to them to being victims of deceptive tactics when traveling abroad. This often result in them being robbed or scammed off their money in more subtler ways.

Not all hotel safe boxes are safe either. Especially if you’re staying in a dodgy 2 star accommodation in the back alley. There is no guarantee that your money will be there when you get back after a long day of sightseeing.

To continue your holiday after all your money is lost means having to borrow from sympathetic friends and living on a tight budget for the rest of your trip.

5. Trip cancellations

Sometimes things happen that is out of our control. Things that may cause us to cancel a scheduled trip, or even cutting short a holiday while we are already abroad. When such an event occurs, it is most unfortunate as most often than not, the deposits made are not recoverable.

Trip cancellation or curtailment could mean a loss of thousands of ringgit in money spent on flight tickets, accommodations, car rental, booked tours and excursions.

Not only your trip is affected, you’re losing tons of money to boot? 

6. Sickness and injuries

We’ve all come across news and stories of Malaysians stranded in foreign hospitals, unable to pay for the exorbitant hospital charges after receiving treatment for illnesses or injuries.

This risk should never be taken lightly as sickness and injury can happen to anyone, anywhere. While it may be a part of the daily life while at home, falling sick when you are abroad is a whole new ball game. Firstly, you are exposed to all sorts of new germs, bugs and unfamiliar environment, increasing your risk of falling ill. Secondly, do not expect to just walk in to a clinic and pay RM 50 for consultation and medicines.

Without the proper insurance coverage, you could exhaust all your life savings on these unexpected treatments. That is, if you even have any saving. 

Think ahead when planning for your trip

As a conclusion, we’d like to remind our readers to consider these travel risks when planning for your trip. Although these unfortunate events could happen to anyone, anywhere, there are ways to minimize their impacts. Aside from exercising all the safety precautions, you may want to consider travel insurance for its many benefits especially in covering for your financial losses from these mentioned risks.

To understand more about travel insurance, here is an article you may find useful:

Travel insurance – 7 Reasons Why it is a Necessity Not a Luxury

The post Travelling Abroad? 6 Travel Risks You May Not Be Aware Of appeared first on iBanding Making better decisions.

Travel plans change. When it happens, it is usually inevitable.

An emergency to you or an important member of the family, such as a death or illness, may require you to  postpone or even cancel your holiday plans.

The post Cancelling or Changing Your Trip Abroad? Is All Money Lost? appeared first on iBanding Making better decisions.

The post 5 Tips on How to Keep Your Personal Belongings Safe During Your Next Holiday appeared first on iBanding Making better decisions.

For instance, in 2016, Mohamad Sahar Mohd Noor, was slapped with a RM250,000 medical bill after suffering a stroke in London. While Malaysian student, Mohd Arif Gamar, had his family scrambling to raise RM35,000 after suffering a ruptured appendix while in Seoul. 

Although there isn’t much you can do to avoid from getting a stroke or appendicitis, you should still take all necessary precautions against the common cold, allergies or even a broken leg. You’ll need it, because the medical cost isn’t going to be like what you are used to in Malaysia. Don’t expect to pay RM 50 – 100 to treat the common cold. The treatment for a few stitches and antibiotics alone at the emergency room in the US and Canada for instance, can cost you over thousands of ringgit.

So if you are making plans to travel soon, here are some tips to help you avoid from getting sick.

Tips to help you avoid from falling sick while traveling:

1. Start from home

It is common that we look forward to the trip so much that we start foregoing our health days and weeks leading to the date. We stretch ourselves to the limit at work hoping to get as much done before the trip. Don’t! Make sure to get enough sleep and boost your immunity a month prior to your travels.

2. Get immunized

Check out WHO’s vaccination requirements and recommendations for the countries that you wish to travel. Should you require a vaccination, do it ahead of time. Some immunization has a side effect that can cause you to run a fever or leave you feeling nauseas. While some need up to 10 days before it can start to protect you. So plan well.

3. Be extra careful with what you eat and drink

Unless you have the immune system of a bull, why take the risk? Drink only bottled water (and plenty of it) and lay off the exotic street foods. There are plenty of other ways to have fun and be adventurous on your holidays, being sick from contaminated food and water is not one of them.

Tempting as they may seem, you may be exposing yourself to germs that can cause gastrointestinal infections from these foods.

4. Pack along a first aid kit 

This should go into your hand luggage so you have easy access to them during the flight. Things like paracetamol, hand sanitizer, mosquito repellent, anti-histamine and your favorite brand of minyak angin are some of the necessities you shouldn’t leave home (or hotel room) without.

5. Pack the right clothes and dress appropriately

Make sure you check what the destination’s climate and weather conditions are like so you can pack suitable clothes. Remember: Comfort first, style second. Catching a nasty cold because your stylish new leather jacket is too thin for the cold Swedish winter is no funny matter.

Alas, these are only precautions that can help you from falling sick, they are by no means a guarantee. Although you can bear with a minor flu during your travels, albeit it won’t be as much fun, a more serious ailment however, can completely ruin your vacation, and in some cases, leave your bank account dry.

This is why you should consider buying travel insurance, when you plan for your holidays. 

Sick while traveling? Here’s how travel insurance can help

1. Medical expenses

Scraped a knee or your allergies acting up during your holidays? Your medical expenses for treatment will be covered by your travel insurance. It will even cover the cost for surgical procedures that can go up to hundreds of thousands of ringgit, such as the cases of stroek and appendix rupture mentioned earlier in the article. That’s a huge load off your shoulders.

2. Hospital allowances

If you are admitted to a hospital needing care, travel insurance will pay you daily allowances that you can use to pay for whatever expenses that you may incur during your stay at the hospital. Such as the transportation cost your family may incur during their daily commute to visit you. This can ensure your peace of mind while getting the much needed rest for recovery instead of having to think about how to afford all the extra cost while lying on that hospital bed.

3. Follow-up treatments

After receiving the medical attention for whatever reason abroad, if you still require follow-up treatments when you are already back home, your travel insurance will pay for that cost too. People usually neglect the importance of follow-up check-ups and treatments to avoid the additional cost. In this case, it is all taken care of.

For instance, Tokio Marine’s travel insurance plan allocates up to RM30,000 for follow-up treatment.  With such coverage, one no longer needs to worry about missing these vital check-ups due to financial constraint.

4. Emergency medical evacuation and repatriation

Imagine having a heart attack while vacationing on a remote island. Getting to the nearest hospital may require more than just an ambulance on wheels. Travel insurance will cover the cost for transporting you to the nearest adequate medical facility which may involve a helicopter with the right equipment on board. And at times when it is deemed necessary for the patient to return home for care, known as medical emergency repatriation, travel insurance will cover that cost too.

Tokio Marine’s Travel Partner plan pays up to RM1,000,000 just for this.

Medical evacuation can rake up to hundreds and thousands of dollars.

5. Compassionate care

The last thing you want when you’re sick in a foreign country is being all alone. Travel insurance’s Compassionate Care takes care of that by offering a fixed amount of money so that someone can be there to take care of you. This money can help pay for their flight ticket as well as accommodation so you need not be alone.

Although getting sick is a part of everyday life, being abroad increases the risk as you are exposed to a whole new range of bugs and germs as well as unfamiliar climates and environment. So exercise precaution by:

1. Taking care of your health prior to your trip
2. Getting the right immunization
3. Being extra careful with what you eat and drink
4. Packing along a first aid kit
5. Pack the right clothes and dress appropriately

To take it a step further, protect yourself from the high medical treatment cost in a foreign country by purchasing travel insurance plan in advance. It can be a real life saver.

The post 5 Simple Hacks to Avoid Getting Sick During Your Next Vacation appeared first on iBanding Making better decisions.

The post Luggage Trouble? Tips On How To Deal With Lost, Delayed or Damaged Baggage appeared first on iBanding Making better decisions.

No one likes to spend the extra time sitting around at the airport, especially over reasons that are beyond one’s control, such as a flight delay. There are connecting flights to consider, special scheduled events such as weddings, important meetings with client, reunions, and funerals. All these onward travel plans might get out of whack and can ruin your trip no matter how careful you have been at scheduling it.

Although there is nothing much you can do to prevent flight delays, there are simple ways that can help you minimize their effects. So for frequent travelers as well as one time travelers, here are some tips you may want to take note of.

Tips to Beat Flight Delays

1. Plan for flight delays. Avoid booking tours or activities on the same day of your arrival. This is so you won’t be late or miss out on those activities entirely in case if your flight has been delayed.

2. When booking flights be sure to have enough time in between transits and stopovers. This help minimize the risk of missing your onward departure if the prior flight is delayed.

3. Plan for comfort. When you travel to locations with potential harsh weather conditions such as snow and typhoons, flights might be delayed and you may be stuck at the airport for quite some time. Wearing comfortable shoes and clothes can go a long way especially when the airport is the only place you can wander around in. Alternatively, check with your airline if they provide lounge access for you to rest and relax.

4. Grab some food or pack light snacks while waiting for your flight to resume.

Flight delay is not only an inconvenience but can be costly.

How travel insurance can help when you encounter a flight delay

Insurance companies provide travel insurance that you can buy to help you financially, when an unfortunate event happens during your travel. Flight delay or missed flights are some of the events that insurance companies cover.

1. Delay on departure 

What’s great about travel insurance is that it caters to travel inconveniences such as flight delays. Knowing that flight delays can sometimes be long and troublesome, insurance companies pay a reasonable amount of money for delay of departure, which can be used to pay for food at the airport or even a night at an airport hotel. At least you won’t have to worry about sleeping at the airport gates overnight.

2. Missed departure

Getting to the airport can sometimes be such an inconvenience. A traffic jam or a breakdown of the express train can stop you from reaching the airport on time for your flight. Some travel insurance will cover you for missed departure and pay you money that can be used for change of flight fee or a night at the hotel if you need it.

3. Delay of arrival

When your flight is delayed it means you will arrive later than expected at your destination. This is especially troublesome when you already have plans for the time when you arrive. You may miss your onward scheduled train ride or a scheduled boat ride, which you may have already paid a deposit for. Travel insurance will compensate you so that you can pay for the extra cost.

For example, Tokio Marine compensates you RM 200 to spend on anything that can help make your waiting time more pleasant.

Flight delays shouldn’t always have to be a negative experience. Travel insurance usually doesn’t cost you a lot compared to the extra cost that a flight delay can cause you. This is why having a travel insurance is a wise decision to make. Any expense that you may need to incur during flight delay situations is usually covered by your travel insurance.

This way you can spend some extra money to make the flight delay more convenient and you do not have to worry about spending too much of your travel budget because you will get it back from the insurance company.

The post How to Prepare for Flight Delays And How Insurance Can Help to Beat It appeared first on iBanding Making better decisions.

Now you may not be in such a dire state, but if you constantly find yourself being broke or having a hard time making ends meet, the sad reality is that you may need to do something about your financial situation right NOW, or face the same consequences.

No doubt, today’s high cost of living is a major concern not only among the millennials but also among the earlier generation, GenX. But take heed, there are ways to go about it and be in better control of your financial situation.

However, before we go into that and start asking how to better manage our money, perhaps it is wise to understand why we are currently in this state of dilemma.

Top reasons why Malaysians are broke:

1. Not having a proper budget

This really ought to be Money Management 101 that every Malaysian should learn in primary school. Not having a proper budget is the reason why people end up not knowing where their money goes to.

Budgeting your money means knowing how much is your income and planning for all your spending. Write down all the expenses that you will incur for the month and balance that with your income. This includes all your expenses such as rent, mortgage, insurance, utilities, subscriptions, food, petrol and toll.

After having done this, you’d be surprise to see that you really cannot afford that RM12 latte every day. Many tend to neglect this process in money management and end up running out of money before their next salary. So they turn to their credit cards instead to pay for their daily needs such as groceries and petrol.

Having a proper budget and strictly sticking to it ensures that you are constantly aware of how much you have left to spend and spending only on the necessities or what have been budgeted for.

DO: Monthly and daily budget.

2. Spending more than you earn

This is almost always the main reason why people are broke. Again, not having a proper budget, therefore not understanding how much you have to spend – is part of the reason. Another reason being not having any self-control!

We all wish to have that latest smartphone and fancy new handbag that all the cool celebrities are sporting. Many cannot afford them but they think they can simply because they can charge these items to their credit cards.

Here is a rule of thumb: If you cannot pay in cash, you cannot afford it.

Being able to afford something in cash means the cash that you have in excess of your monthly necessary expenditures. If you have to starve or default your utility or mortgage installment just to purchase that shiny new watch, YOU CANNOT AFFORD IT.

DO: Live below your means!

3. You have an expensive social life

Gone are the days where you can pay 5 ringgit for a plate of nasi ayam. These days you pay an average RM10 per meal. If you feel that this is already a burden on you, you probably cannot afford to binge on fancy cakes and smoothies at those hipster cafes every weekend. And you most definitely cannot afford to go for another round of happy hour with your colleagues every evening after work.

Think about it, do you really need to ingest these sugar-laden foods and drinks? Or down 2 pints of beer every evening just to distress after a long day? Or do you just want to have something new to post on your Instagram?

Some things just have to go. And maintaining an expensive social life you cannot afford should be at the top of that list.

DO: Practise self-control.

4. You lack financial goals

As children growing up, many of us were encouraged to have goals. Parents often tell their children to study hard to become doctors, lawyers and airline pilots. Sadly, not many parents tell their children that having solid financial goals are equally important.

So no wonder many of us are clueless when it comes to our own personal financial management. We live on a day-to-day basis, hoping that we have enough to last us until the next payday. No savings, no plans for retirement, no emergency funds, no insurance, no investment.

In fact, as reported by EPF Malaysia, over 50% of Malaysians have no financial assets. And 1 in every 3 Malaysians do not even have a savings account.

It is never too late to start planning for your future. Start saving, learn how to invest and have an emergency saving fund for rainy days. Medical insurance is extremely important so make sure you have that covered too!

DO: Start listing down your goals.

5. You are financially illiterate

If you are still reading, and have been able to relate to all the previous points, chances are you are financially illiterate.

No one expects you to memorize every word to Robert Kiyosaki’s Rich Dad Poor Dad. But if don’t even know how much expenses you incur on a monthly basis, or how much interest you are paying on your credit card late charges, you are in big trouble.

Being financially literate means having a sound understanding and skill to manage your personal finances efficiently. Aside from the ability to manage your daily spending and monthly expenditures, this also includes having the awareness to save and invest for the future.

DO: Start reading!

It is never too late to take control of your personal finances. If reading is not your thing, you can always seek the guidance of a professional financial advisor. Find a list of trusted advisors here. They are great at helping you plan for all of your short term and long term financial goals. Good luck!

Here’s another article you need to read! Find Out If You Are Saving Enough For Retirement

The post Top 5 Reasons Why Malaysians Are Broke appeared first on iBanding Making better decisions.

Easy financial plan we can all benefit from:

1. Ponder on your current situation, i.e. your road to personal budgeting begins

Welcome to personal budgeting 101. We will start from the top, which is to understand your current situation. It is time to reflect and think about how you have spent your year – financially. Have you been financially wise? Did you often make purchases you regretted later? Did you have any spending habit you wish to give up? Did you manage to save some money or is your bank account balance lower now than it was a year ago?

2. Know what you want to achieve, i.e. goal setting

Be realistic in your goal setting. If you earn $5,000 a month and has failed at all attempts to save, chances are your goal to save $ 30,000 by the end of the year would likely fail too. Especially if you are carrying a heavy credit card balance. Your goal is personal. You need to be honest with yourself and assess your lifestyle and spending habits. Set attainable goals. Such as:

• Clearing all credit card debts (Or if too much, clearing 75% or 50% of it)
• Clearing all credit card debts in 12, 9, 6 months etc
• Saving 15% of your income a month (Or save 5%, 10%, it’s still better than none. Remember: it has to be attainable!)
• Saving enough for the down payment of a car or home
• Save X amount by August for a trip to Gold Coast in December

Saving for a vacation can be a good short term goal.

3. Put pen to paper, i.e. write down those numbers

Take stock of your balances. Write down all relevant numbers, this include your total cash in hand, saving and checking accounts balances, credit card debts and other short term loans. Next identify your cash flow. How much you earn monthly and list down your monthly expenses. If you spend 10 ringgit everyday on a cup of latte, make sure to write that down too.

4. Now the planning begins

Once you have the numbers down, figure out what you can do to improve your financial situation to achieve your goals. If you have high interest credit card debts, CLEAR THAT OFF FIRST! This should be your Number One priority! Find out how much you have to pay off monthly so that you can be clear of it within 12 months (longest).

How long and how much you can pay off your credit card debts depends on how much of your income is left after your monthly expenses. Some trimming of expenses will be required and is highly recommended if you want to have a sounder financial position. You don’t need those expensive lattes everyday for instance. Take toll-less route to work or carpool maybe? You’d be surprised at how many co-workers would welcome such idea. Times are hard after all.

Make a weekly and monthly budget plan. Start by putting aside from your monthly income, the amount needed for fixed expenses. This includes utility bills, insurance, credit card debts and other loan installments. Then take out also the amount you plan to save and maybe some for your emergency fund. The balance is how much you can spend for the entire month. Divide the amount into 4 and you get your weekly allowance.

Keep track of daily expenses. Make use of smartphone apps, they can be a great tool to help you get organized.

5. Start tracking your expenses

Develop a strong weekly and month plan and track your expenses daily! This requires discipline. But with easy to use budget apps available on your smartphone, this task isn’t as daunting as it sounds. Take only the allocated amount needed for the day, with some extra in case of emergency and spend wisely. What I like doing, is to put whatever I have left in my purse at the end of the day into a tin box in my desk drawer. I get such thrill to find all that extra money in that box at the end of every month. Time to hit the cinema!

Making a budget is the most important thing you can do, because then you will be able to understand where your money is going and where you can afford to make cuts.” says Meg Favreau, senior editor, Wisebread.com. But it’s not just about making cuts. Having a budget will reveal how much excess you have thus helping you develop a better plan to achieve your goal(s). Apart from this, it also gives you a better control over your expenditure and spending habits.

The key is to have a solid plan and sticking to it. However this does not mean that you can not adjust the figures when it becomes necessary to do so. But always keep your end goals clear in your mind and never compromise on them. Be diligent, persistent and disciplined. Every little effort counts!

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