Manage your finances – THE STAR

Categories

OPTING to not buy a brand new car and going for a cheaper model at a used car lot could mean the difference between having savings in the bank, and going into debt, for some fresh graduates. A second-hand RM5,000 car may not be something to show off to friends, but according to financial counsellors it’s also a no-strings attached purchase which could save you years of paying off loans. This was one of the tips given at the Credit Counselling and Debt Management Agency’s (AKPK) financial education workshop for youths recently. AKPK is a unit formed by Bank Negara Malaysia to help educate the public about sound financial management. AKPK’s Power! workshop aims to provide youths between 18 and 30 with the financial knowledge to sustain a comfortable lifestyle within their means, without incurring a mountain of debt.

 

Learn how to manage your finances better. “The aim of this workshop is to provide the participants with basic information, such as how to manage their day-to-day finances and apply for loans. “The Power! workshops are more focused on the youths who are stepping into the working world, and wish to prepare their finances in order to live within their means,” said AKPK general manager of operations Azman Hasim.

 

Farhana Poniman, 22, a university student, says that with the recent price hikes on everyday items, just going out into the world with a paycheck is not enough. It is important that they be instilled with the knowledge on how to properly manage money. In order to introduce the workshops to the public, AKPK will be hosting several road shows nationwide.

 

During a recent roadshow held in Kuala Lumpur recently, senior AKPK counsellor Mohd Adnan Anan said that the Power! workshop will be unique because the financial management lessons are not from textbooks but compiled from real life situations in Malaysia. Participants will also be provided with a book that covers the basics of good financing – from how to manage the flow of your money, and how to apply for car and housing loans. At the end of a workshop, participants will be given certificates of attendance which could hopefully be used as proof that the borrowers have been given sufficient knowledge and advice. Hopefully, the banks will then have more confidence in approving their loans.

 

With the unemployment rate in the country hitting the 100,000 mark, and 140,000 Malaysians in debt, youths will be in need of financial counselling when they take that first step into the real world. The Power! workshops will be held at the AKPK headquarters in KL on Wednesdays and Saturdays, from 9.30am till 1.30pm. It’ll also be held in six locations nationwide once a week from today.

 

For more information, go to www.akpk.org.my or www.speaksens.com.my, or call 1800-­‐88-­‐2575.