CA­REER COACH WHERE DID ALL MY MONEY GO?

IF YOU FIND YOUR­SELF SCRAP­ING THE BOT­TOM OF THE BAR­REL BE­FORE EV­ERY PAY­DAY, HERE’S HOW TO BREAK THE HABIT.

CLEO (Malaysia) - - GUY SPY -

Most of us in our early 20s avoid a heavy fi­nan­cial bur­den by liv­ing with our par­ents and shar­ing the fam­ily car. The bulk of your monthly salary is prob­a­bly spent on lunches with pals and buy­ing what­ever strikes your fancy. There’s noth­ing wrong with this. It’s your hard­earned cash and you should be free to spend it any way you want, right? Well, it can be­come a prob­lem if you’re liv­ing from pay cheque to pay cheque, as it can lead to debt.

It may seem pre­ma­ture to think about fall­ing into debt at this age but re­al­ity paints a dif­fer­ent pic­ture. Ac­cord­ing to the Fed­er­a­tion of Malaysian Con­sumers As­so­ci­a­tions (FOMCA), 47 per cent of young Malaysians are cur­rently in se­ri­ous debt, where pay­ments amount to 30 per cent or more of their gross in­come.

“If you don’t save and tend to spend more than what you earn, you’ll prob­a­bly end up in debt,” says Tan Huey Min, Gen­eral Man­ager of Credit Coun­selling

STATIS­TIC!

Sin­ga­pore. “And if the debts are too huge for you to man­age, this may lead to stress and cred­i­tors may also take col­lec­tions against you.”

SOURCE: OPENMINDSRESOURCES.COM

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