Welcome back! Have you written down the 3 most important things that money will give you the ability to do or to not do? Because today you’re going to start the journey of making those things possible..

Something that many people think of when they think about money is trying to make more. Yes, it’s an important part, but it requires far more work. But before we look at that, it’s more important AND much easier to look at what you’re spending on.

There are two main types of spending – there’s spending on things that are nice to have, that add some more colour into your days, and then there is spending on the essentials. Yes, it can be nice to eat sushi, but it’s essential that you eat.

We will only look at your essentials in this program because those are things that you might not care as much about when compared to your nice to haves. So with every ringgit we save here, we can spend it on making those 3 things you wrote down a reality.

With every ringgit we save on things we might not care about, we can spend it on making those 3 things you wrote down a reality

So let’s get to it!

Today we will look at two of the essentials: your phone plan and your broadband plan.

I can almost guarantee that you are paying at least RM100 more than what you need to each month and if you’re able to get that money back, then you would’ve instantly created at least RM 1200 each year.

Your phone plan

So let’s look at the phone first. What do you do on your phone? Do you call people? Do you use SMS? Do you watch Netflix? Youtube? Spotify? Or do you play games?

Chances are you probably don’t call or SMS people. Instead, you probably use whatsapp or messenger to do that. The rest of the time, you probably only use data.

So that’s probably all you need. And if it is, what does your cell plan offer? Chances are, you have a bunch of bonuses or features that are of minimal value to you.

If you can really do everything you need through data, then you can look at UMobile’s GX30 plan. For RM 30, you will get UNLIMITED DATA. Think about it. All the Netflix, Youtube, Spotify, gaming you want. Just for RM 30.

In fact, I’m using something similar myself. I don’t need so much data so I am still on UMobile’s UMI30 plan (also costs RM30 / month) which gives me 7.5GB of data (along with unlimited music streaming). I keep this one because I can connect my laptop to it whenever I need internet.

Which leads to the next part: broadband internet (AKA home internet).

Broadband internet

This one I definitely know you’re currently overpaying. And the only reason I know is because the broadband companies have recently released much cheaper plans that by itself could be saving you more than RM 100 a month!

When it comes to broadband internet, there are two things to think about: speed and data quota. A certain speed is important to watch movies and to play games without freezing. The general rule of thumb is you need 5mbs to watch Netflix with no issues. So if you have 3 different Netflix accounts going on at once in the house, you will need 15mbs.

When it comes to data quota, each hour of video will take about 3GB of data. So if you watch 3 hours of Netflix everyday, you will spend 9GB of data.

Now that you know this, you can see that all this talk about 100mbs or 500mbs of internet speed really doesn’t matter. It’s not like you can watch your movie at 20x the speed (nor would you want to).

That said, the internet plan that you should look into is MaxisOne Home Fibre: 30mbs, unlimtied data quota for RM 89.

So now that you know the best plans for your mobile and broadband, add up how much you would save if you made the switch. How much is that each year? More than RM 1200 right?

But more importantly, remember to think about what you actually need instead of being told by the company. This isn’t only true for phone plans and broadband plans, but for other things such as a car, a home, a subscription package etc.

We’ve made some progress in making those 3 things possible and we’re only getting started. There are still some huge money to claim back. We’ll get to the next one tomorrow.

Your Tasks

  • Think about what you actually do on your phone
  • Look at what you’re paying for – are there things that you don’t need?
  • Look at phone plans that might be closer to providing you what you actually use
  • Do the same thing for your broadband plan
  • Write down how much you save if you were to make the switch
  • If you want, share with the Facebook group how much you would be able to save if you made the switch

If you don’t know what you actually need, companies will sell you what they want you to believe is needed

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