Tracking expenses and practicing financial literacy promote financial discipline, prioritising spending, and cultivating saving habits. Informed choices aid in achieving short-term and long-term financial goals. To help Malaysians to do so, the Employee’s Provident Fund (EPF) launched a free app.
The Star reports that the EPF unveiled the Belanjawanku mobile app, enabling users to conveniently track their expenses online. Alongside the app launch, EPF also introduced the expenditure guide for 2022/2023.
The Belanjawanku app not only allows users to monitor their expenses but also provides easy access to the expenditure guide. This comprehensive guide outlines the minimum expenses for different household categories and offers recommendations for allocating funds towards necessities, optional spending, and personal savings. It caters to 11 cities across the country.
EPF chairman, Tan Sri Ahmad Badri Mohd Zahir, highlighted the importance of the initiative, citing statistics from the National Financial Literacy Strategy 2019-2023 by Financial Education Network and the Financial Capability and Inclusion Demand Side Survey 2021 by Bank Negara Malaysia. He noted that 76% of Malaysians have a budget but struggle to adhere to it, while 47% find it challenging to set aside RM1,000 for emergencies.
The collaboration between EPF and Universiti Malaya’s Social Wellbeing Research Centre (SWRC) aims to enhance Malaysians’ financial management skills. The Belanjawanku guide serves as a tool for individuals to become more financially savvy.
You can download this free app on Apple App Store, Google Play Store, and Huawei App Gallery.
