A survey by Bank Negara Malaysia (BNM), which was reported by FMT, found that most Malaysians would run out of funds in under a week, should they lose their source of income. According to BNM deputy governor Shaik Abdul Rasheed Abdul Ghaffour, more than 75% of those surveyed said it would be a challenge to even raise RM1,000 of immediate cash for emergencies.
It’s never too late to start saving if you haven’t done so already… And you don’t have to be a financial expert to get started. The key is to learn how to manage your money better, make wise spending decisions, and know what motivates you the most when it comes to saving.
Check out our money management tips on BBazaar to get started!
Now, do you have excess coins lying around the house? You might want to collect all of them and keep them safe in a jar or a coin purse. Don’t let your coins go to waste! There are quite a few things you can do with your coins. See if you’re interested in any of the following, and remember to save some of them:
1. Donate your coins
If you’ve got a jar full of coins (or more), take some or all of them to the nearest donation boxes you can find. You can find such boxes easily at your local mall, religious institution, or community center. While you’re feeling all generous, you’re well advised to avoid donating your coins to street beggars, as they’re likely to be part of a crime syndicate.
2. Organize your coins for your kids
Having lots of excess coins could be the perfect opportunity for you to teach your kids how to budget and spend accordingly. For those with school-age children, you can give them a number of coins as lunch money, set a budget for them, and ask them to save the balance. Start a fun competition with your kids. For example, whoever’s coin jar is the fullest at the end of the month would get rewarded.
You can also save all the coins for your children’s education funds. According to NST Online, many Malaysians are not saving enough for their children’s education. Many Malaysian youths had to forget their dreams due to the escalating costs of higher education. So, secure your child’s future!
3. Bring your coins when you’re out shopping
Your coins could come in handy when you’re out shopping, particularly for smaller transactions like getting a drink from a vending machine or even entering a public toilet, which could cost somewhere between 20 cents to RM1. You’ll also need coins when you’re at a laundry service or paying for bus fares and parking meters.
4. Start a small food business on the street
Becoming a small food vendor, like selling nasi lemak, pisang goreng or kuih-muih requires little capital. Your excess coins could be used to buy ingredients or as small changes for your customers. Save on rent by selling in front of your house. Just remember to obtain a business license and location permit.
5. Deposit your coins at a Coin Deposit Machine
Image source: Jasni/Shutterstock.com
If you don’t want to use your excess coins, deposit them at the nearest Coin Deposit Machine (CoDM) into your bank account. The machines can be found at participating financial institutions, hypermarkets, and Tabung Haji branches throughout the country.
The automated, self-service coin machine enables you to deposit your coins without any charges. Here’s the basic guide on how to use the machine:
1. Place your coins in the machine
The only acceptable coins are Malaysian (5 cents, 10 cents, 20 cents, and 50 cents), whether they’re old or new. Simply place your coins in the machine. There’s no need to separate each of them as the machine will do it.
2. Press button ‘A’ to get started
To get started, press button ‘A’. Your coins will be processed in the machine. Once the machine stops, check at the bottom for coins that are not accepted. Try depositing your coins again by pressing the same button.
3. Press button ‘B’ to get receipts
When you’re done, the machine will produce two copies of receipts: one for you and another for the bank. Fill in your details (full name, account number, and phone number). The receipts are only valid for one day, so make sure to deposit your coins during business hours on a weekday, or you may lose your coins.
4. Go to the customer service counter
Give the receipts to the customer service counter. You’ll be given a form to fill out.
5. Submit the form back at the counter
Return the form back at the counter. For coins deposited before 4pm, you’ll receive credit in your account on the same day.
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