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Almost all of us have taken on debt. Taking debt can help build wealth or increase income over time. Examples of good debt include mortgages, student loans, and small business loans. But debt that becomes challenging to pay off poses a long-term challenge to your finances. According to economists, as of the first half of 2021, Malaysia’s household debts are still at a worrying trend. Here are ways to pay off debt fast without forfeiting your other important financial benchmarks such as a healthy emergency fund or retirement savings.
Pay off the smallest debts first
Being a young adult is a time to be independent, and that also entails financial independence. When young, you may have studied personal finance in school and your experience may be limited. But in the real world, things can get complicated. What we learn may not necessarily translate easily to reality. Here are 8 effective and practical finance tips for young adults.
Apply for a credit card
Apply once you have income. It can help you build a good credit score early and gain rewards. A healthy credit score is important because it can improve your chances with loan
We’ve all heard the conventional wisdom, “If you fail to plan, you are planning to fail”. In finance, your effort in planning will outweigh the problems that arise when failing to plan. Let’s take a look at 5 things you can do (even right now!) for a “greener” future.
Invest now because compound interest is the financial snowball that will make your life easier in the future. It is the interest on a deposit calculated based on both the initial principal and the accumulated interest from previous periods. Relatively safe and trusted investments include
We’ve all heard “save more, spend less” for a healthy wallet. There are obvious things that drain our wallets like rent or vacation, and then there are the little expenses. If the little expenses frequently go unnoticed, they will eventually cause a surprise when you check your bank balance.
Eating outside food too often
It can be difficult when Malaysian food is so good! However, we should try to fully utilise the hundreds of Ringgit spent on groceries. Use them for cooking. If dining out becomes a daily routine, even regular dine outs can quickly add up. With food
There is no shortage of advice on how to manage your finances. From online articles, newspapers and magazines, to radio and television programmes, social media, podcasts and videos, there are tons of resources available that provide guidance on financial management, along with new digital tools that can help. Even your family, friends and relatives are all eager to dispense their wisdom on this topic.
But while the tips and ideas are all useful, ultimately there are three we consider the golden rules of good financial management - the core basics which everyone should get right to