Spend within your means. A simple concept but can be the hardest to execute sometimes, depending on your financial literacy.
A 26-year-old Malaysian youth, Mohamad recently bought himself a car worth more than RM100,000. While he has no issues with the monthly loan (so far), he admitted that it has been tough for him to keep up with other commitments.
In a report by Harian Metro, Mohamad, who works in the private sector makes only RM4,000 a month and so far, he can keep up with the car loan BUT not other commitments. It has been draining his wallet and he is starting to feel the pain of regret for buying the car.
For illustration purposes only
Mohamad regrets his decision even more after admitting that the car is more of his wants and not a necessity as he could’ve opted for a cheaper ride.
“I thought after buying this car, I could show off to my friends. Now, I’m having a hard time paying other bills.”
The man from Kelantan who works in KL said that his RM4,000 monthly salary is barely enough for him to survive in Klang Valley.
“I thought I could make it with the car but it’s really difficult. I still have to deal with my house rental fee, parking, insurance, toll and food.”
For illustration purposes only
There’s just TOO MUCH on his plate and it’s spilling, because those are not his only commitments.
“Don’t forget the hidden costs. I still have to pay my car insurance, maintenance fee and road tax, which are pricy. My salary is actually not enough for me to use.”
To make matters worse, Mohamad has to resort to signing up for credit cards to support my current debts. Fortunately, it’s not too late for Mohamad to get back on track.
“This is a bad move. I have to restructure my debts.”
We wish Mohamad nothing but the best. Times are tough, and it’s wise to keep track of the flow of your finances and decide on your needs vs wants.
Also read: “I didn’t borrow money from anyone!” – M’sian Gets Her Car Wrongly Splashed With Red Paint
