Businesses facing the business drop, individuals feeling the monetary pinch.

What could be worse than facing recession in our lives? Skyrocketing inflation rates? This time, it’s going regional. Not limited from Perlis to Sarawak, but also from your in-laws to your youngest brother’s wallet size.

What’s worse than recession? Divorce, some would say. Fortunately enough for us, many of us were brought up in a community where we put family always first – Through thick and thin, we prioritize our family members and love them in health and life.

What’s unfortunate is monetary circumstances around us that fluctuates every now and then – And when groups of people make bad decisions or someone got greedy, it’ll have adverse effect on the economy, especially if the big player is flawed. How do you save your butt during recession period, you may ask. MHL is already aware of the country’s economic situation some time ago; and although our political leaders are always ensuring us that Malaysia’s economy won’t fail, you’ll never know what will happen tomorrow.

Do yourself a favor; follow these Recession-First-Aid and you’ll be laughing your way to the bank.

  1. Pile up that Egg Nest or save up for rainy days.

    Saving goes a long way, and you should never doubt its power. Pick up your Egg Nest (family savings pot) and put some money in it. You’ll never know when you need that extra cash.

    The WORST thing you can do during recession: BORROWING money; either from financial institutions (no Ah-Long ah), friends or family members.

  2. Potong your SPENDINGS and tweak your lifestyle.

    Changing your lifestyle isn’t going to work. Instead, you can tweak them to feel comfortable. Cut off your spendings – Credit cards, phone bills, electricity, water, petrol consumption, eating habits, household purchases and so forth. Instead, why don’t you add these little sums of money into your Egg Nest?

    The WORST thing you can do during recession: Making huge purchases, or failing to pay off high interest bills (Psssttt… your credit card lah..)

  3. Revise your investments – Personal and Business

    One of the greatest assets (if you do it well) in your personal finance is your investment. Making a bad mistake at the point of recession should be avoided altogether. If you think you need to play the “Wait-and-See” technique on stock markets, then do so. Consult your broker.

    The WORST thing you can do during recession: Putting yourself at risk by buying up cheaper stocks at large volumes.

  4. Create a budget and MAKE IT WORK.

    Eh, if you’re too lazy to create a budget during tough times, at least have your spouse do it for you. If you don’t have financial planning over the course of the recession period, you may just end up in hordes of debts – Too much to pay, too little money to work it.

    The WORST thing you can do during recession: Bad financial planning, and un-prioritizing your survival in the near future. Getting married with full props and expensive dinners.

  5. Revise tax-deductible purchasing.

    Over the year of spending oh-too-much, reducing your taxes per annum could help you save up more on those little spendings you have. Work with your partner and see if any of your purchases over the course of that recession year could be dubbed in as tax-deductible. It helps, trust us.

    The WORST thing you can do during recession: Throwing away receipts, not keeping invoices and not documenting your purchases over the course of the year. Seek tax counsel if you’re not sure of what’s tax deductible.

  6. SELL items you don’t need, want or just go green.

    Honestly speaking, this is the time to sell your goods. If you need that extra cash, don’t pawn your items – Sell them smartly. If sense recession is coming and you do not have enough time to stock up on emergency funds, sell unneeded or unwanted items. We were just joking about going green, but you can also do that – It saves you cash at the expense of luxury living.

    The WORST thing you can do during recession: Panic and pawn unnecessary items. Seriously, you don’t need to. A backyard sale could go a long way. This is the time when your neighbourhood alliances and relationships come into play.

Did we give you enough, or should we still stuff in a few more ways? MHL believes it’ll take more time than ever to just complete these 6.

The mortgage and financial consulting services are offered to you FREE of charge without any obligations. Kindly contact us or email to if you need any enquiry. Thank You.

About the author

Malaysia Loan

Leave a Comment

Please note: comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.

Error, no Ad ID set! Check your syntax!


Loan Calculator Mortgage Calculator