Inflation and rising cost of living have made consumers more conscious of their spending.
In a time where over-consumption is on the rise, a growing number of Malaysians are embracing a lifestyle where they voluntarily trade down their items for something similar but less expensive.
Also known as trading down, this practice allows individuals to make conscious decisions that save both their time and money.
A study published by the International Journal of Applied Positive Psychology on minimalism and well-being noted that people living a low-consumption lifestyle "had positive effects on their mental and physical health".
"The benefits of minimalism and other low-consumption lifestyles enhances a person's competence by building life skills related to saving money, researching purchases and practising self-restraint," it says.
Communications officer, Qishin Tariq Albasrawy started this practice after he was introduced to minimalism in 2016 through Japanese organiser Marie Kondo's bestselling book, The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and Organizing.
Raised in a messy household, the 35-year-old realised his tendency to hoard things as he grew into adulthood and started changing this habit during the Covid-19 pandemic.
Qishin says minimalism and trading down has helped him save time and money. — QISHIN TARIQ ALBASRAWY
"I continued learning more about minimalism from other sources, and started to really appreciate it after realising that it’s more than just throwing things away, ” he says.
In 2023, Qishin sold his old Myvi when he realised that most of his spending went into car ownership and the responsibilities – petrol costs, road tax and license – that came with it."The tipping point was spending RM3,800 for the car's maintenance," he recalls.
"I just wanted to get the problem off my hands so I sold the car."
This approach encouraged the 35-year-old to use public transport to travel around the city as remote employment grew more common after the Covid-19 pandemic.
Aside from public transport, Qishin also taught himself to cycle and has since been using a folding bike as another alternative to move around the city.
"I have been using this bike to travel for about two years now," he shares. "It helps that I was already familiar with public transport, but there was a lot to re-learn during the transition from driving to using a bus and a bicycle to move around the city".
Taking the public transport to work is one of the things Cyrus does to save money. — Photos: Freepik
Administrative assistant Cyrus Cleo George, 23, echoes Qishin's sentiment that public transportation has helped him save money from petrol and car maintenance.
"I usually spend about RM200 on petrol every month," he shares. "Now, I only need to spend RM50 for the My50 Unlimited Travel Pass using my identity card when I'm taking the train to work."
In addition to using public transport, he also chooses to bring his own food from home rather than dining out at eateries near his workplace.
Known as meal prepping or meal prep, Cyrus implemented this practice when he started his first job as a barista two years ago.
"I used to spend about RM200 on food... it was only after I started working that I understood the value of money," he shares.
In addition to saving cash, Cyrus enjoys eating meals prepared at home because he believes that the dishes at fast food joints and restaurants are of poor quality while the healthier options are too costly.
"Meal prep is my preference as it allows me to control what goes into my body... I also don't have to spend so much on nutritional foods now."
Meal prepping is a cost effective approach to consuming nutritional foods.
Rachel Weber expresses a similar opinion when it comes to eating home cooked meals at work. To conserve money, the 34-year-old began meal planning and bringing leftovers to her workplace and this allowed her to be more intentional with her spending habits.
Today, Weber's prudent mindset has placed her in a better financial position. She now has savings to not only support herself but also to invest in opportunities like real estate that bring long term value to her life.
"Being thrifty with my spending habits has allowed me to avoid lifestyle creep – where expenses rise in tandem with income – and instead, focus on long-term financial security," she says.
Being prudent with money is also a lifestyle practice for Lim Chee Keong, 35, as he was raised by parents who were frugal with their expenses.
"I still remember watching my mother track every expense she made into her notebook," he recalls.Now, Lim 's thrifty fashion sense is a result of inheriting his parents' spending habits. "My mother always hunted for a good bargain whenever she goes shopping and that stuck with me as I grew older."
Keong believes that being frugal helped him become financially resilient. — LIM CHEE KEONG
Instead of spending loads of cash on luxury items, Lim chooses to trade down to less expensive options that align with his personal values, supporting sustainability while also saving money.
"The only items I bought with my own finances are my glasses, my wallet and shoes... most of my clothes and watches are hand-me-downs from my siblings and cousins," he says. Living with his parents all these years has allowed Lim to also put together a sufficient amount of savings for himself.
"I was able to graduate with a Master's degree in 2017, I also bought a house that same year, now I have a steady cash flow that helps me with the bills and mortgages," he adds.
Lim continues to be frugal with his spending although he has a reliable source of income by buying markdown groceries and getting lunch sets or promotional meals at restaurants.
Cyrus says meal prepping helps him eat healthy foods that sustain his energy during working hours. — CYRUS CLEO GEORGE
Changing perspectives
After years of trading down, Weber views money and material belongings differently than she did before.
Also an avid backpacker, she noticed that some cultures around the world do not place the same value on luxury or wealthy lifestyles.
"Growing up in a society where status is often tied to material possessions, it is easy to be a victim of societal judgement when you opt for something less valuable," she shares.
Weber says that although being frugal may not always align with society's ideas of success, it has offered her more opportunities to invest in things that matter to her.
"Ultimately, this practice has allowed me to break free from societal pressures and focus on building a life filled with quality, not vanity," she says.
By living within her means, Weber has managed to invest in meaningful travel opportunities, like to a trip to Everest Base Camp. — RACHEL WEBER
Furthermore, trading down enables people to live a clutter-free lifestyle in which they also attain some degree of mental clarity.
Qishin feels the same way. Minimalism and trading down, he says, has inspired him to treasure the little improvements this practice has brought to his life.
"After clearing out the things that I don't need from my house, I consider having more space a big win... tidying up is much easier and the absence of clutter also makes the area appear less glum," he says.
Apart from that, he is also thankful for the health benefits he gets from cycling around the city daily. "It’s satisfying every time I revisit a difficult hill or a scary stretch of road and I have more strength and confidence to tackle it,""Riding my bike around Kuala Lumpur has increased my appreciation for the city as well," he adds.
Cyrus concurs, saying that his practice of trading down has helped him become more aware of his surroundings."I now see the city from a whole new perspective when I'm taking the train to work," he says.
Moreover, he is also appreciative of being able to prepare meals at home because it allows him to use his savings as he pleases.
"Many Malaysians are still under the impression that bringing food from home means you're poor... I used to let that bother me," he says.
"Now, having money in the bank that can be used for anything at any time is a more satisfying experience for me," Cyrus continues.
"The most obvious advantage of trading down is a better quality of life," Lim says.
Long-term advantages of this approach include improved financial stability, a decrease in all forms of debt, and the capacity to make future investments.
"You are exchanging the finer things in life for monetary stability," he concludes.
