With the vaccine on the way for Covid-19, are you thinking about the expenses you would have to incur when life gets back to normal?

It has been a tough 2020, and 2021 has been little different so far. However, with the light at the end of the tunnel in sight, you should be thinking about getting ready to resume your normal life with the gradual rollout of the vaccination program.

Learn more about what are the type of expenses you would need to prepare for when conditions go back to normal.

Expense #1: Vehicle Servicing and Maintenance

Working from home did have its benefits. You didn’t need to spend time in traffic jams getting to the office, and thus, did not really use your car or motorbike.

However, with the gradual vaccination program, life will revert back to normal for most of you and there is a need to bring your vehicles for servicing and maintenance.

There is a high chance that many have delayed taking their vehicles in for servicing during the movement control restrictions period, and thus have been left unused for long periods of time.

The risk of some parts of the vehicles being defective is higher and you would need to take precautions in ensuring that your vehicle is working normally.

Bring your vehicle to the nearest service centre and check up on everything. Safety is your number one priority.

Expense #2: Parking Fees

As you didn’t really go to many places during the MCO period, there wasn’t really any need to park your car anywhere. Even if you did, it was just for a little while to take away food or buy groceries.

As the vaccinations are rolled out to more Malaysians, most companies and businesses will increasingly welcome their entire staff back to their offices. You will most likely spend more time being out of your home conducting your normal activities too.

There will be a need to spend more on parking fees and it is important that you do not underestimate this expense.

After all, parking fees per month could range from RM100 to RM500 depending on location of offices, and you would need to pay parking fees for almost everywhere you go.

You could easily rack up a significant amount of expense on parking fees if you spend a lot of time outside.

Expense #3: Petrol and Toll

Because of the inter-district and inter-state restrictions (and with many of us working from home), you would not have travelled to many places prior to the vaccine roll-out.

Hence, your petrol and toll expenses were low during these period. Furthermore, petrol prices were relatively low, with the lowest price being RM1.25 per litre in May 2020.

However, it is very likely that you will be spending much more on petrol when the movement control restrictions are relaxed and the economy starts to recover back to normal. Currently as of March 2021, it has already increased to RM2.05 per litre and is expected to further increase with global oil prices also increasing.

It is quite common that you probably spend upwards to about RM400 to RM600 a month on petrol and toll, going to and fro from work and also to school if you have children.

Start early and plan your petrol and toll expenses now for the days ahead.

Expense #4: Beauty Products

Going back to the office means that you would be using more beauty products as part of your grooming regime to present yourself better at your workplace. Beauty products are wide-ranging including skincare, haircare, beauty tools, fragrances, and cosmetics.

This expense applies to both men and women, as men are also increasingly spending more on cologne and facial products as attention to grooming picks up. The men’s personal care market is expected to grow from $47.5bn in 2019 to about $75.7bn by 2027.

However, women typically spend much more on these products and these expenses could rack up quite significantly considering that you use them on a daily basis.

Expense #5: New Clothes and Accessories

When was the last time you put on your formal clothes? Probably very rare considering that most of you have been mainly working from home. Most of them are probably collecting dust in your wardrobe.

With most offices gradually opening back up after vaccinations, you would most probably have to spend some money in updating your wardrobe. Or, maybe buying new clothes that fit you better if you have experienced weight change in the past year.

You would want to make a good impression at the office after a long time working from home so it is important to have clothes that are well-fitting.

Expense #6: School Accessories For Your Children

With schools gradually opening up also, you would need to spend on your children’s accessories for going back to school.

These include but are not limited to :

  • School Uniforms
  • Stationaries
  • School bag
  • School shoes
  • Other miscellaneous items

You would also need to take note of some of the hidden costs of education such as transportation cost and time, and tuition classes.

With those costs in mind, you can apply some of the cost-savings tips for your children’s education to reduce your total expenses.

Expense #7: Leisurely Activities

Remember when you were able to go to the gym or ply badminton with your mates? With the gradual opening up of businesses, you can slowly go back to doing some of your favorite leisurely activities outside.

However, you might have forgotten just how costly they are considering that you have not been doing them for quite some time. For example, a gym membership might cost upwards to RM300 per month, totaling about RM3,600 every year.

You will also be meeting up more with your friends and other people for things like makan-makan, bowling, snooker, or just regular yumcha at the mamak. All those will ultimately cost money to you.

There will be more going-out and expensive meals when it comes to special occasions, as you can now dine in at your favorite restaurants. Vacations and road trips in Malaysia and other countries will be possible in the near future.

Take a look at your finances now to budget for all these expenses, and set your financial priorities right.

Conclusion

With the vaccination program underway now, you will be going back to life before Covid-19 soon and it’s important to consider these expenses that you probably will encounter. Start budgeting now and plan your expenses wisely.

 

Are there any expenses that you probably have to incur when going back to normal life? Let us know in the comments below!

 

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