4 e-Wallet Tips to Save Money as a Student
As a student that is still dependent on monthly allowances from my parents, I am required to save a portion of my money and be strategic on my expenses in order to avoid the “broke student” label.
I am not an impulsive shopper or a reckless spender, but it is increasingly difficult to save money when prices in Kuala Lumpur (KL) seem to be on the rise. The brutal truth is that RM100 is barely enough to cover my expenses in a week.
From transportation fares to school supplies, the cost of being a resident in the main city of Malaysia can be challenging on a day-to-day basis when you are a full-time student. There are days I would have to skip a meal or reject a social invite to prevent my funds for the month to drastically drop.
However, I have recently become better at conserving my money without compromising all my needs or wants. Yes, I have found a way to save and get more without taking up a part-time job or asking my parents for an increase in my monthly allowances.
The answer is...E-wallets! I am going to list a number of reasons paired with examples on how it has benefited me.
I can easily track my expenses
The first and most obvious rule of avoiding the title of “broke student” is to make a budget and stick to it! This means you have to be aware of where your money is going and ask yourself, “is it really worth it?”, chances are your money is being injected into things that only provide short-lived gratification but long-term financial effects.
Now you might be wondering why you still have to do this when I said e-wallets will enable you to save more and get more - I will get to that shortly - but for now, this is an essential step!
Most e-wallets come with an extensive and user-friendly transaction history that will allow you to easily understand your spending habits. For example, I take note of all my e-wallet expenses through the transaction history on GrabPay. It also sends me a monthly summary of my total spendings via email.
This allows me to see how much I am spending on transportation, food deliveries, fund transfers and so much more. With this insight, I am able to evaluate which area requires more significance over the other and cut down on areas that I can live without. For example, it is necessary for me to put money into Grab’s taxi services as that is my only mode of transport to get to the MRT, which gets me to school. As such, I will reserve food deliveries for the weekends only.
I get to enjoy a variety of cashbacks and discounts
Okay, this is part you have been waiting for, it is the highlight of making e-wallets a part of my day-to-day spending! For every transaction I make using an e-wallet, I will get rewarded in points or cashbacks that will either offset my next purchase or give me the chance to claim certain rewards such as free rides or discounted food deliveries.
For example, all the points I have accumulated on GrabPay known as GrabRewards points, can be used to give me a massive discount on food deliveries on the weekend! GrabPay comes with a loyalty programme that motivates users to stay with the app through various reward schemes such as getting a FREE premium Spotify account for three months when you are a Gold or Platinum member.
I also utilize Boost for this particular reason, it allows me to gain (literally) shake for cashbacks after every transaction, it is highly recognised for providing rebates, cashbacks and points after each payment you make. I have also used the points I earned on Boost to redeem gifts and vouchers from Boost’s rewards catalogue.
Another plus point of using Boost is that I get RM4 cashback on game credits, this is applicable to Boost Tournament, the Playstation Store and Razer Gold!
I do not have to worry about losing my wallet or identification card
I once lost my wallet, it not only contained cash but it also carried my identification card (IC), debit card and student card. My heart sank to my stomach when I had to fork out the cash to pay for my losses. It costs RM100 to replace an IC itself (the cost will be higher if it is not your first time losing it).
This is the type of event that will heavily burn a hole in any student’s pockets. With e-wallets, I no longer have to worry or face such misfortune. I only need my phone to make transactions, and it is much easier to lose a wallet than a phone because my phone is frequently in my hands.
In the event that I do lose my phone (touchwood on that), my e-wallet is protected with pin-codes and fingerprint security, this will prevent unauthorised payments from occurring. I can also contact my e-wallet service provider to temporarily freeze my account too.
Use different e-wallets for more benefits
Every e-wallet comes with its own unique set of benefits and functions. To reap the most benefits, I have downloaded multiple e-wallets (for free). This also makes it easy for me to divide and compartmentalise all my expenses.
For example, I use Boost for in-store purchases, GrabPay for transportation services and PayPal to shop online. Each e-wallet serves as a micro-savings account that brings different opportunities in the form of cashbacks, rewards, gifts, vouchers, points, deals and so much more on a monthly basis!
I have also utilised eWhallet’s e-wallet comparison tool to discover which app will give me the best money-saving deals in a particular time.
So there you have it, these are some of the ways I have kept myself somewhat steady in the money department as a student. I hope you have found it helpful, if you wish to learn more e-wallet hacks, click here. And if you haven’t yet, consider redeeming your RM150 eBelia credit that is available to students aged 18 to 20 year old before July 22. You can refer to our how-to guide to help you redeem your eBelia.