How to Save RM10,000 in a Year in Malaysia: Simple Budgeting Plan (2024)

Struggling to save money? You’re not alone! With rising living costs in Malaysia, saving RM10,000 might sound impossible. But what if you could do it with a simple, realistic budgeting plan?

In this guide, we’ll break down how to save RM10,000 in just 12 months using smart financial strategies that work for students, fresh grads, and working adults in Malaysia.

Why Saving Money is Hard in Malaysia?

Before we jump into the plan, let’s address why many Malaysians struggle to save money:

• High Cost of Living – Rent, food, and transportation eat up most of our salary.
• Low Salaries – Entry-level jobs pay around RM2,500-RM3,500, leaving little for savings.
• Lifestyle Inflation – More income often leads to higher spending on eating out, shopping, and travel.
• No Budgeting Habit – Most people don’t track their expenses.

But don’t worry – with the right budgeting strategies, you’ll be on your way to hitting RM10,000 savings in a year!

Step-by-Step: How to Save RM10,000 in a Year

Step 1: Break It Down – RM833 per Month

Saving RM10,000 might feel overwhelming, but it’s actually RM833 per month or RM27.40 per day. That’s like:

• Skipping one Starbucks drink per day
• Reducing one weekend night out per month
• Cooking at home three times per week instead of eating out

By making small daily changes, you can reach RM10,000 easily.

Step 2: Use the 50/30/20 Rule for Smart Budgeting

Budget Breakdown for a RM3,500 Salary:

Adjust your spending slightly, and you’ll reach RM10,000 faster!

Step 3: Reduce Monthly Expenses Without Feeling Broke

• Use cashback & reward apps – Pay with GrabPay, Boost, or ShopeePay to earn cashback.
• Cut unused subscriptions – Cancel Netflix, Spotify Premium, or gym memberships if you don’t use them.
• Buy groceries wisely – Shop at Lotus’s, NSK, or Mydin for cheaper prices.
• Use public transport – Save up to RM300/month by skipping Grab rides.
• Eat at home more often – Cooking saves RM500+ per month compared to eating out.

Small changes add up to big savings!

Step 4: Increase Your Income with Side Hustles

If you can’t save more, start earning more! Here are real side hustles Malaysians do:

• Freelancing – Earn RM1,000+ per month writing, designing, or programming.
• Shopee/Lazada selling – Sell digital products or trending items.
• TikTok & YouTube – Make money with viral content (RM500 – RM5,000/month).
• Affiliate marketing – Earn passive income promoting finance apps.
• Part-time driving – Grab, Foodpanda, and Lalamove can earn RM20–RM50/hour.

Even RM200 extra per month makes saving RM10,000 much easier!

Step 5: Automate Your Savings (So You Don’t Spend It!)

The secret to saving money? Make it automatic.

• Open a separate savings account (ASNB, Maybank, or Tabung Haji).
• Set an auto-transfer of RM833 every payday.
• Use fixed deposits & robo-advisors (Wahed Invest, StashAway) for better returns.

If you never see the money, you won’t spend it. Simple psychology!

Bonus: How to Save Even Faster!

• Join money-saving challenges – Try the 52-Week Challenge or No-Spend Week.
• Use round-up apps – BigPay & Touch ‘n Go automatically save small amounts.
• Sell unused items – Declutter and sell on Carousell or Facebook Marketplace.
• Look for promo codes & deals – Save on Shopee, Grab, and online shopping.

The key to saving RM10,000? Consistency. Stick to the plan, and you’ll hit your goal in just 12 months!

Final Thoughts – Can You Really Save RM10,000?

Yes! Anyone can do it by making small changes to their spending habits. Here’s the simple formula:

• Save RM833/month (or RM27/day)
• Budget using 50/30/20 Rule
• Cut unnecessary expenses & use cashback apps
• Find a side hustle to boost your savings
• Automate your savings & invest wisely

Start today, and by this time next year, you’ll have RM10,000 saved!

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