Disclaimer: In Real Life is a platform for everyday people to share their experiences and voices. All articles are personal stories and do not necessarily echo In Real Life’s sentiments.
The Ringgit has reached an all-time high of 4.78 against the US Dollar this year, the highest it’s been to date in 2023.
Rather than give in to the doom and gloom, many Malaysians have simply taken this as a sign to ramp up their efforts to start a side hustle, move to Singapore, or become a full-time freelancer.
IRL interviewed 5 Malaysians, and here is how they plan to overcome our depreciating Ringgit:
1. “I’m saving up with side hustles,” says Hani, 24
Hani is a fresh grad who works as a video editor at a local KL advertising agency. Due to inflation, her current job increased her monthly fixed expenses.
To fix that, she has been taking public transport rather than driving to work. With the Myrapid MY50 pass that costs only RM50 for 30 days, she was able to reduce her transportation cost from RM350 to RM150 a month.
“I’ve been able to break even on my finances this way, but I definitely feel stressed about the ringgit depreciating. It makes me wonder if, 10 years from now, could I even afford a house for myself? Or am I going to live with my parents forever?”
Hani occasionally picks up freelance video editing jobs that range between RM150 – 800 per project. The projects don’t come by frequently, but when it does she jumps on the opportunity.
“I’ve been saving up with these side hustles, because otherwise, my bank account would be slowly bleeding every month. I know that in the long run, I need to apply for higher paying jobs, but right now, all I can think of is how to survive month to month,” added Hani.
2. “I’m applying for jobs in Singapore,” says Mindy, 28
Mindy, a procurement officer in Subang, says she is actively applying for jobs in Singapore as a procurement officer.
Despite feeling comfortable in her current role, Mindy worries that in just a few years, her salary will not be enough to keep pace with inflation.
“The only way to get a higher pay in Malaysia is going for a managerial position, but there are only so few positions available,” she explained.
The next best alternative would be to obtain a job role in Singapore that matches her current pay in SGD. “Many people in my company are already doing this because we are not getting bonuses/raises this year. We cannot continue if this keeps up,” she added.
Living with aging parents, Mindy wants to secure a higher paying job so that she can better take care of them in their old age.
“I would rather stay in KL where all my family and friends are, but moving to Sg seems to be the only choice if I want to secure a better future,” says Mindy.
3. “I’m worried about all the people applying to Singapore,” says Kit Seng, 35
Kit Seng, a civil engineer who has been working in Singapore for 8 years, says that more Malaysians moving to Singapore gives him more anxiety:
“More and more Malaysians are flocking into Singapore beyond the usual Johor crowd. That means there will be more competition for job positions,” shared Kit Seng.
Kit Seng started out in Singapore as a humble technician and slowly rose through the ranks. He says it took him years of blood, sweat, and tears to achieve the title of engineer and get his PR.
In Singapore, foreign workers can get a work permit but you have to apply to renew them every year. This means that once you get a job, it doesn’t mean your position is secure.
“To be completely honest, for people like me who don’t have a higher education qualification, we definitely feel insecure that we will be replaced by fresh grads,” he expressed.
Another side effect of all the migration is the cost of living in Johor Bahru rising even more, observed Kit Seng.
“Nowadays, living in JB is so expensive. There are so many Malaysians who come to work in SG but go back to spend in Johor,” he added.
For Kit Seng, the way he plans to keep his job at his company is, “to work harder than everybody else” – like many Malaysians do. However, he admits this has led to burnout a few times earlier this year already.
“If you’re thinking of coming to work in Singapore, just be aware that the grass isn’t always greener on the other side,” warned Kit Seng.
4. “I’ve got 4 freelance jobs and I’m getting a 5th,” shared Edam, 42
After being retrenched, Edam has found it challenging to find jobs that pay the same as his last position, a senior role in a large MNC.
While searching for a full-time role, he started driving for Grabcar to keep afloat, but soon found it wasn’t enough for his monthly commitments.
That’s when he started working for all the others too: Grab, Foodpanda, Lalamove, and Gogetter.
“Which side income am I NOT doing?!” he joked.
IRL asked Edam: How much do all these side hustles pay at the end of the month?
“Grab pays about RM50 a day after costs for about 4 hours of driving. Monthly speaking, that’s about RM1500 a month for 120 hours of work.”
“Foodpanda pays me a lot less, about RM 300 a month. That’s because I only take larger orders, like for parties, and so on.”
“With Lalamove, I can make about RM1000 for about 40 hours a month. Go getters nets me about the same as Lalamove.”
All told, Edam gets by on RM3800 a month. He says that rather than focus on overseas conflicts, the government should worry about their own rakyat first and foremost.
At the moment, in addition to applying for jobs both local and overseas, Edam is looking for a 5th side hustle from freelance job sites such as Upwork.
5. “I’ve quit my job and became a full-time streamer,” shared Zus, 30.
The depreciating ringgit is something which Zus says he used to be concerned about, but not any more.
“Now that my income stream isn’t tied to the strength of the Ringgit, I feel more optimistic about my long-term financial future,” he shared with IRL, over a coffee.
As a full-time streamer, Zus currently lives in the living room of his parents’ house. He has 3 Nintendo switch consoles, 2 PC rigs, and a PS5 all laid out and humming with activity.
Over the last 7 years, Zus had slowly accumulated all this tech while working as a software developer. Last year, he decided to quit his job to focus on becoming a full-time video game streamer.
“I decided it was the right time, because I had a few years in savings, and already have all the equipment I need to start,” he shared.
Zus runs all 3 consoles on games like Pokemon, Legend of Zelda, and streams them 24/7 on his 2 powerful PCs. After 6 months of trial and error, he’s learnt what his audience likes and fine-tunes his content to give them what they want.
While the amount Zus earns is, he admits, “A fraction of what I used to earn as a software developer,” he aims for streaming to become a form of passive income for him in the long run.
He shares that once he’s gotten this income stream set up and running automatically, he’ll go back to searching for software development jobs.
Zus says: “In software development, the unpredictability of the job market means that your job is not secure. So you need to have your own passive income to get you through the tough times ahead.”
How are you dealing with the depreciating Ringgit?
Share your tips in the comments.
Submit your story or email us at hello@inreallife.my and you may be featured on In Real Life Malaysia.
Read also: How I Got Laid Off Twice and How It Influenced My Personal Finances
How I Got Laid Off Twice & How It Influenced My Personal Finances
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