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.
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
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.”