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MY - EN

Managing Money When You’re Just Starting Work 

 

Secure your main job and explore side income opportunities. Upskilling is another powerful way to boost your earning potential.

 

Set a realistic budget by tracking your monthly income and dividing expenses into essentials and non-essentials — like bills, groceries, transport, and entertainment. 

 

If you want to invest for a brighter future for your family, you can start with something simple — like a retirement account. It also helps to stay updated on the latest news about investments and the economy.

 

Credit cards and personal loans should be handled with care. Avoid overspending and always pay off your debts on time to protect your credit score. For example, a housing loan is considered good debt, while taking out a loan for an extravagant wedding is typically seen as bad debt. 

 

Know what you’re working towards — from emergency funds to travel or big purchases. Planning ahead helps you make better financial decisions.

The Impact of Managing (or Mismanaging) Your Money: Farid and Adam

Farid Has a High Debt Burden

 

Life Stage: 26 years old, Early Career

Monthly Income: RM3,000

Spending: RM3,000 (Spent with credit cards)

 

Transport: RM770

Rent: RM700

Utilities: RM150

Groceries: RM900

Leisure & Dining Out: RM1,800

Other (Personal Needs): RM1,380

Emergency Savings: RM300

 

If you miss your bill or loan payments each month, you could be charged late fees. You might also end up being blacklisted by the Central Credit Reference Information System (CCRIS).

This increases your risk of being declared bankrupt — your assets could be frozen, and you may even be barred from leaving the country.

Adam Does Not Have Emergency Savings

 

Life Stage: 24 years old, Just Graduated

Monthly Income: RM2,500

Spending: RM2,500

 

Transport: RM770

Rent: RM600

Utilities: RM100

Groceries: RM600

Leisure & Dining Out: RM300

Other (Personal Needs): RM130

Emergency Savings: RM0

 

An emergency fund is important because it helps you deal with unexpected situations — like car repairs or medical bills. It also keeps you from falling into debt or relying too much on others.

Start by figuring out how much you need, then build up your savings bit by bit. It’s also a good idea to keep your emergency fund in a savings or fixed deposit account so it’s accesible when needed.

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