Are you finding it more difficult living on your own? Thinking of asking for help from your family?

 

More and more Malaysians are feeling the pinch, whether due to the pandemic or the rising cost of living. For some of you who are living on your own, finances are getting tighter by the day as you struggle to make ends meet.

No matter what the reason is, moving back in with your family is a viable option. After all, they are your family. Read more below on the things that you can save on by living with your family/parents!

#1: Rent

Rent is probably the biggest expense that you will save on by living with your family and sharing rent expenses. While living with parents is generally frowned upon in the West for adult children, this is not so in the East where families are comfortable living together with their adult children.

Living outside on your own today entails a big cost to your finances as renting is expensive especially for young adult workers.

According to data from I-Property, the median asking rent in Malaysia ranges from RM1,690 to RM1,900  depending on the type of property, while the latest data from the Department of Statistics Malaysia showed that the median Malaysian households earn about RM5,209 per month in 2020. This means that you will probably be spending about 32% to 36% of your monthly income on rent.

If you are living in the major states of Kuala Lumpur, Selangor, Johor, and Penang, the following breaks down how much of your income you can save for rent:

  1. Kuala Lumpur: 25% – 30%
  2. Selangor: 21% – 23%
  3. Penang: 25% – 26%
  4. Johor: 23% – 26%

The savings that you get from living with your family is huge, especially so if you are struggling during this pandemic. When you move back with your family, you are sacrificing some amount of privacy and space for yourself, but the tradeoff could be worth it if it could help save costs in the short run.

#1: Food and Beverages

If you have been living on your own before this, you would have either cook or ordered food. Cooking entails going out to buy the necessary groceries while ordering food would mean that you bear the cost of delivery by yourself.

Moving back in with your family enables you to save more on your cost and time for food. You are able to share the cost of groceries among your family, and reduce the time and effort of cooking if everyone works together or takes turns in cooking. Ordering food is much more economical too as everyone will share the cost of delivery.

There are also potentially some costs that you can save on associated with cooking such as pots and pans, cutleries, and tableware. After all, you would be using existing ones from your family.

On top of that, you would be able to spend quality time with your family eating at the same table for every meal. Your parents are getting on in age, so it’s best to spend as much time with them while you can.

#3: Internet

In today’s age, the internet has already become a necessity for everyone. Especially during the pandemic, it is essential for you to work from home and communicate with your colleagues and bosses. With restricted access to outdoor activities, most of your activities have shifted towards online entertainment in the form of TV shows, movies, videos, and video games.

Paying for internet service by yourself is expensive considering that it could cost you around RM100 to RM300 per month depending on the speed. Not to mention, you would also need to spend on the modem and Wifi router, which could be costly.

If you are moving back in with your family, you can share the cost of the internet among all your family members. An internet bill of RM200 could be just RM40 per month for you, leaving more financial space for you to spend on other necessities.

There is a tradeoff in the stability of the internet as your whole family will be using them at the same time. However, this shouldn’t affect your work or online activities significantly as most internet services now offer at least speeds of 50mbps which is sufficient.

#4: Childcare Expenses

This applies to you if you have children and your spouse is also working. If you have been living apart from your family before this, you would have to spend a significant amount on childcare services for your children.

Babysitting expenses after all are expensive ranging from RM800 to RM1,500 per child. It could save you some of the cost if you have parents or family members who are willing to help out.

However, you do need to discuss this delicately up front and perhaps begin with 2 or 3 days a week. Do still provide some form of equal compensation for their services to reduce any chance of resentment from them or jealousy from other relatives.

Your children will have extra care from adults you trust, your family gets to spend more time with each other, and you and your spouse can have more focus on work. It is a win-win situation for everyone.

#5: Transportation

Saving on transportation is not as obvious as you think it is. When you were living on your own, you would have to either invest in a car/motorcycle or take public transportation. Vehicle prices in Malaysia are not cheap and could cost you a significant portion of your income every month.

Moving back in with your family enables you to carpool with a family member. If your workplace is on the way as another family member, there is no need to invest in two cars respectively. Instead, you can carpool together and share the car.

Fuel cost is lower also as you will be buying groceries and going out together with your family in one car. You can also ask for help from your family to drop you off at places that you want to go or at the nearest LRT station to get to work. Correspondingly, you can do the same for them too.

#6: Laundry

Finally, you can save the cost of doing your laundry when you move back in with your family. Living on your own means that you either invested in a washing machine/dryer or went to the nearest laundromat. The first option involves putting up a significant portion of your money upfront and the second is expensive and time-consuming (you have to travel there).

Living with your family means that you will be able to share the use and cost of their washing machine and dryer. You can contribute a monthly payment and you would still have saved a lot compared to going to the laundromat every week.

Conclusion

With this pandemic, money is tight and job security is a concern for you. If you find living on your own increasingly difficult financially, you could consider moving back in with your family/parents to save on the expenses above in the short run by sharing these expenses with your family. It is no shame to ask for help in times of hardship.

 

Let us know in the comments below what else can you save on!

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