Beginners guide to managing your moolah

College is GREAT!

Making new friends, getting an education and having fun! Fat Mike had so much fun, he realised it too late and ended up writing this post as a warning to you all! Well, this is not a fun post: Read on if you are constantly broke by the end of each month.

Scenario 1: you’re down to your last 50 RM and you still have two weeks to go until mummy bails you out.

Scenario 2: you’re down to your last 20 RM and you still have two weeks to go until mummy scolds you for mismanaging your allowance.

Scenario 3: you’re just rich and you eat Dominos daily. You take selfies in front of the Rolls Royce when you are bored. Mummy has a yacht. This post is not for you. Read another post.

My first year in college was hell! True story! The following was my routine.

1. Rush to the ATM to check if the folks banked in my mula on the last Sunday of the month.
2. Withdraw all of the moola without hesitating.
3. Late night trip to Mickey Dees (McDonalds) with 10 friends and I buy all the burgers and ice cream they have.
4. Repeat step 3 and other weird late night trips to places I can’t remember for the next three weeks.
5. Last week of the month: check my dirty clothes for any loose notes or coins in my messy room so that I can buy instant noodles.
6. Blame my friends for letting me spend all my money recklessly.
7. Call my mum and tell her prices are going up. Squeal with joy after she says she will send more money.
8. Back to Step 1.

Last week of the month: check my dirty clothes for any loose notes or coins in my messy room so that I can buy instant noodles.

This was my life! I loved it! I deeply regret it. That is why I am here to play wise financial guru. Follow me (read on) if you want to find out how you can spend just RM100 a week. This is just the bare minimum if you are saving for a holiday, an expensive fancy phone or you just need to survive.

If you are lucky enough and don’t have to budget, then I told you already this post is not for you! 

Food / Housekeeping

Stop eating out! Simple! Eat at home: all three meals.

Since you are a student, you will tend to sleep very late. So let’s say two meals because we all know you have never had breakfast unless you were sick or you were trying to impress someone.

Your food and housekeeping expense should be around RM300 to RM350 (1 month). If you live with housemates/friends, share the cooking expenses and this will be reasonably cheaper. Most students in Malaysia live in pairs or threes so that will mean you fork out roughly RM 40 to RM 50 for food per week.

Now let’s talk about your personal expenses. This depends on your personal lifestyle but the cost can be estimated to be between RM150 and RM200. This includes your clothes, haircut, toiletries etc.

I know you have your trusted brand that you MUST use. You spend RM 5 more on the detergent you are used to. Sure, the name might look nicer but let’s face it; toilet paper is just toilet paper. It has one job and it does not need to affect your budget. This applies to most of your personal effects too.

So that’s about RM30 per week.

Telecommunication and Social Engagements

So now you have RM20 left to spare for the week. The good thing about Malaysia is that mobile packages are waaaaay cheap. You will probably spend roughly RM 20 for the whole month. You have Wi-Fi after all.

That equates to RM 5 a week.

You will be amazed at how much money you spent buying apps in a year so stay away from that. You don’t need that. You’d also be amazed at how much money you spent on lattes at Starbucks. Drink water.

It tastes boring? Add lemons. We have RM 15 left to burn. You can save this and go for a movie once or twice a month (you don’t need to go out every week.

You have assignments and your favourite series to watch).It’s more than enough. That’s it. Our RM 100 is done.

It might be very basic but out of the money you have from your allowance, set a spending limit (RM100 a week and stick to it)! I learnt the hard way. Split your budget accordingly and set a limit for each category. Thank me later! You will become disciplined and make you think twice before you purchase something. Goodbye to impulse buying! Your mama will be so proud!


  1. Haiqal Azry 7 years ago

    More money, means living life like a boss

  2. Nik Zainab 7 years ago

    I gotta save more moolah so I can travel more in Southeast Asia.

  3. Vinod Kumar 7 years ago

    Does it really work, I gotta try

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