{"id":18761,"date":"2023-07-04T15:00:38","date_gmt":"2023-07-04T07:00:38","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=18761"},"modified":"2024-02-08T18:01:02","modified_gmt":"2024-02-08T10:01:02","slug":"9-lifestyle-adjustments-to-survive-the-weakening-ringgit","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/9-lifestyle-adjustments-to-survive-the-weakening-ringgit","title":{"rendered":"9 Lifestyle Adjustments To Survive The Weakening Ringgit"},"content":{"rendered":"

It is no big secret that the Ringgit is not doing so hot right now. <\/span>At the time of writing, the Ringgit is trading at a particularly harsh low of 1 USD to 4.66 MYR; not too far off from the lowest it has ever been.<\/span><\/p>\n

Things may look bleak due to the choppy economies that seem to impact emerging markets like Malaysia, resulting in the continuous slide of our currency.<\/span><\/p>\n

There are<\/span> many factors<\/span><\/a> that caused the declining Ringgit, and most of it is beyond our direct control. <\/span>Some experts<\/span><\/a> even noted that much of Malaysia\u2019s economic woes are due to foreign nations raising interest rates to combat inflation pressure. Safe to say, the current economic outlook certainly looks gloomy for Malaysians.<\/span><\/p>\n

So how do we combat this? We certainly can\u2019t control global (or even local) economies right now.<\/span><\/p>\n

Increasing one\u2019s income is definitely one way to deal with the current currency crisis and the rising cost of living, but there are other lifestyle adjustments to bring down our costs that we can all make to manage our finances better.<\/span><\/p>\n

Here are 9 lifestyle changes that you may consider making to survive the weak Ringgit:<\/span><\/p>\n

<\/span>1.\u00a0Forget vacations abroad<\/b><\/span><\/h2>\n

If you are planning for a holiday in the UK or even to Singapore, you may want to recalculate your vacation budget as RM1 is only worth \u00a30.20 and SG$0.29, at the time of writing.<\/span><\/p>\n

A SG$5 plate of chicken rice at a hawker centre in Singapore would easily cost over RM17!<\/span><\/p>\n

In other words, forget going anywhere outside of Malaysia. If you really need to rest and relax somewhere outside of the hustle and bustle of KL, consider nearer destinations within the country.\u00a0 You can also try a <\/span>staycation weekend getaway<\/span><\/a>. That way, you will stay safe and your wallet will thank you for it!<\/span><\/p>\n

Read More: Long Weekend Travel Guide For Malaysian<\/b><\/a><\/p>\n

<\/span>2.\u00a0Buy local products<\/b><\/span><\/h2>\n

This is a no brainer. You will immediately see the impact of the weakening Ringgit when you buy imported products, because like the rest of the world, Malaysia trades mostly in US dollars. When the Ringgit slides against USD, you will find yourself paying more.<\/span><\/p>\n

If you like to buy imported fruits like blueberries, kiwis or avocados, consider changing to something local like papayas and bananas. A few Ringgit here and there, can add up to a lot at the end of every month.<\/span><\/p>\n

Bigger ticket items like a phone, may have to be substituted for cheaper alternatives. <\/span>The latest model of the new iPhone 14 costs over RM5K while an iPhone 13 is under RM3K.<\/span><\/p>\n

A word of advice? Phones that were released the year before can be just as good as the latest model with minimal upgrades.<\/span><\/p>\n

Read More: Getting The New iPhone? Here\u2019s What You Should NOT Do!<\/b><\/a><\/p>\n