Save Money With e-Wallets in This Cashless Society? Here's How.
Need some help with your finances? Here's why going digital with an e-wallet can help you save money as a student.
Updated 10 Oct 2019
Electronic wallets (or e-wallets) have been booming thick and fast, both locally and in the global scene. According to Bank Negara Malaysia (BNM)’s Payment Statistics, the adoption of digital payments or e-wallets has been encouraging. The upward trend in e-payment transactions is a clear indicator of its rising popularity.
Why is it garnering such popularity at such a fast pace?
Growing awareness and greater acceptance are just part of the equation. For students, the whole idea of digitalising money also provides them heightened security, convenience and speed compared to physical cash. Moreover, in Malaysia, we have a myriad of e-wallet providers ready at your service. (BNM has granted a total of 47 e-money licenses thus far.)
Want to know how you can monitor your ringgits and sens in today’s digital era? Better yet, save money with your e-wallet? We’ll break it down for you — all just a smartphone away.
#1. Track your expenses
Shocked to find out how unnaturally high your monthly expenditure is? Not sure where or what you’ve been spending on over the weekends?
E-wallets cover the very basics of personal finance by helping you keep track of every ringgit and sen you spend. This way, you don't have to manually log your transactions in a notebook or an app each time you purchase, as all the work is done for you automatically.
So, bid adieu to wracking your brain trying to remember what happened to those stray few ringgits, and say hello to fuss-free (and smart) expense tracking!
#2. Control your spending
E-wallets usually act like a debit card, which means the amount of money you have preloaded is determined by you.
Reign in your spending by topping up your e-wallet with an amount limit based on your monthly budget. This is particularly great for discretionary spending such as shopping and eating out. If you've spent it all before the month ends, do not cave in by topping up with more cash. Instead, acknowledge that you’ve hit your budget limit and start reducing your indulgences.
This way, you get to plan, spend and save — wisely.
#3. Enjoy discounts and cashback
Who doesn't love discounts and saving your hard-earned cash in general? To get the ball rolling on getting users aboard, e-wallets offer plenty of discounts and cashback offers.
From earning points and rebates to shaking your phone to win some cash back, e-wallets are all fun and games in the discounts arena! All in all, consumers benefit the most whenever there is competition in the market. Major players like Boost, GrabPay and Lazada Wallet offer attractive cashback and discounts that can get very tempting to say no to.
So, remember to keep an eye on your notifications to see if your chosen e-wallet is offering discounts, because you get to save while spending at the same time!
#4. Never miss a payment
With your hectic and erratic schedules to juggle, not forgetting the massive number of assignment deadlines to meet, it is possible to miss the “Please Pay Before” date on your monthly bills. You may even mix up the dates on which bills are due. You’re not alone.
A mobile wallet can be your saviour in such times. Set up autopay and the app will automatically pay your bills on the specified date. This lets you go about your days hassle-free, keeping you safe from any late payment charges or penalty!
#5. Lost or stolen cards no more
Imagine waiting in line at the cashier in your favourite store — all ready to pay — only to realise your wallet is nowhere within reach as you rummage through your bag. Yikes, where has it gone?
Here comes the dreadful realisation — someone must have pinched your wallet while you were in the bus. And that means everything inside it is now gone! If this is not the worst day ever, we don’t know what is.
The last thing you’d want is to receive notifications on your phone, informing you some unfamiliar transactions have been charged to your debit card. With e-wallets, you can shop in peace as you aren't at risk of losing your card. All you need is your phone, your preferred e-wallet app and you're done!
Aren't e-wallets a gift from the financial gods? Once you've converted to the e-wallet life, you'll never want to turn back. So start saving money and adopting better financial habits now as a student by using e-wallets.