Topic 5 : Penny Pincher (The Benefit)

“Penny pincher” defines a people who would spend less on their money when it comes to buy their needs or their own basic necessity items. This habit actually is a noble attitude and should be fully practiced by the Malaysian community considering on the rising of market’s prices. Wasteful attitude while shopping should be handled properly to avoid the waste of money. Hence, appropriate measures need to be taken to instil austerity in society. In addition, there are some benefits that we can gain in our daily basis by being one of the “Penny Pincher”.

Picture 1: A basic illustration of money pincher.

First of all, it can prevent us from being bound by a prolonged debt burden. We would spend our money to buy something based on our own capabilities. If the debt is inevitable, make sure the debt does not affect the family's monthly expenses to buy food, clothing and clarify the applicable bills. This indirectly contributes on how careful planning should be done first. We should list down all the items that we want to buy. This prudent expenditure should be practiced in order to avoid any wastage of money and we must buy items according to our own needs instead of lust. In addition, credit card usage should also be avoided while shopping as it will increase the burden of debt obligations and over time consumers will have financial problems.

Picture 2: Debt burden

Next, for a college student like myself, this trait can educate all of the students to not spend our money arbitrarily but to save the balance for the future use. This is mentioned due to the cost of education for tertiary institutions has increased with the development of today's technology. In the meantime, frugal students will have the money to finance their studies in the future as well as depend on the education loan. With that being said, this habit will certainly create a sophisticated and progressive society as students have enough financial resources and of course for the brighter future guarantees.

Picture 3: Make a list on how to spend money.

Furhtermore, it can also foster self-reliance and increase our savings. This point is mentioned because we will not depend on one source to support our life. When we save on expenses, money that we saved and raised in financial institutions will increase. This savings is very useful when dealing with emergency situations. Strictly speaking, not just our fund raises money but the enjoyment of life is preserved. Also, we could use the money for travelling. The usage of money with brain could help us to travel to some of the places that we wanted to go when we were a little. It also enables us to make timely investments when opportunity knocks. We will not have any issues if we do have our own spare cash. In fact, we need to use our money wisely to be able to afford good things for ourselves. It helps us to live a better life without having to stress out when money runs out. This habit consequentially creates a sense of emotional and mental security that is essential in today's world. We need that assurance that we are safe financially to enable us to lead a normal life. Many people today suffer from tremendous stress if they have financial insecurity. It is one of the cause of rift between siblings and extended family when we are unable to meet our financial obligations.

Picture 4: Positive message about self reliance.

Finally, in the long run, I can conclude that “Penny Pincher” is one of the greatest attitude to be practiced as individuals. This habit is essential for each and every person to make their life a lot happier and healthier. We must always strive to make the habits of knowing how to use money wisely as our culture. Therefore, we have to be assured that this habit will certainly bring privilege to ourselves.