Regaining control of your finances in an uncontrollable environment
Covid-19 has hit the global economy on an unprecedented scale. Everyone from multi-billion dollar corporations to your neighbourhood nasi lemak aunty has seen their finances take a hit. Some of us have seen our incomes reduced or have even lost our jobs.
According to a survey conducted by the Department of Statistics Malaysia, most Malaysians do not have adequate savings (more than four months) for pandemic. No one expected this, so it’s not surprising that most of us are unprepared.
We’re creatures of habit and the MCO has forced us to change our lifestyles in the most drastic manner. We can no longer step out of our homes for a cup of coffee, and we’re learning how to be better cooks at home because that’s where we are, 24 hours a day. We’ve even learned how to carry out minor home repair and maintenance works on our own.
Our financial planning must take on a more sustainable approach. Exercising discipline has become second nature to us during this time, and we can actually take this a step further to help us plan our finances.
Get financially prepared for The New Normal.
Regaining control of your credit card debt
Malaysia has one of the highest household debt levels in the region, with the bulk of our salaries going into repaying loans and credit card debts. Credit cards incur a higher interest/actual management fee than car or home financing and will be detrimental to your budgeting. Now that you’re spending less, it’s the best time to settle that credit card debt.
Seeing that magical “zero” outstanding balance on your cards is going to give your motivation - and your budget - a major boost. Over time, you’ll get out of debt and even start to save!
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Restructuring and rescheduling your debt
If you really don’t have the means to pay off your cards, talk to your bank about restructuring and rescheduling your debt.
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Continue with your lifestyle changes
Continue with your lifestyle changes and continue to service your cards until the whole balance has been paid off.
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Enrol into the AKPK Debt Management Programme
If you need more help in managing your finances and are still earning a steady income, enrol into the AKPK Debt Management Programme. AKPK will help you come up with a suitable restructuring programme that will get you back on track.
Talk to us about your needs for the best solution, today.