SHAH ALAM, April 5 — Malaysians must adopt five key habits to save money, including reducing excessive spending and turning liabilities into income generators, amid economic uncertainties resulting from the West Asia conflict, said financial expert Azizul Azli Ahmad.
He told Sinar Ahad that in a crisis, consumers must prioritise restructuring their finances, especially when it concerns substantial obligations like house and vehicle loan instalments.
“Many are overly preoccupied with cutting minor costs like dining out, while still having significant commitments beyond their means.
“For example, our car payment is between RM1,500 and RM1,800 per month, while house (payments) reach RM3,000 to RM8,000 per month. This doesn’t match the amount of savings.
“If necessary, restructure your loans, reduce your commitments, or release burdensome assets to ensure healthier cash flow,” Azizul added.
He also suggested turning liabilities into income-generating assets.
“For example, houses could become room rentals, rarely used cars can be used for e-hailing or rented out.
“Avoid making new commitments, (but) change your social environment to more positive groups, and set up easily accessible resources for emergencies,” Azizul said.
