The proverb ‘Cut your coat according to your cloth’ reflects how one should lead his or her life the way he or she can afford to.
But unfortunately, not many Malaysians live by this. In fact, 16 people declared bankruptcy every day in 2022.
An anonymous Facebook user recently took to the Facebook group, Muflis Bankrupt di Malaysia to share how he got himself into debt in hopes of it becoming a lesson to others.
The user explains that he initially felt a bit wealthy having taken home a salary of RM5,000 as a fresh graduate. And it didn’t take him long before he purchased a rather luxurious car which entailed him forking out RM1,200 for the monthly payments.
“This wasn’t a big issue because I’m single and only responsible for my parents. Whenever I visited my hometown, I would generously spend it on my parents which made my heart feel at peace.”
But he then developed a desire to own a credit card and ended with two credit cards, each with a RM6,000 limit. And that’s when everything went downhill, according to the user.
“Every time my salary came in, after deducting commitments, I was left with only RM100 for food and expenses for the whole month. I felt lost and didn’t know what to do,” shared the user.
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The user explained that he discovered the Muflis Bankrupt di Malaysia Facebook group two months ago and began learning from experienced Facebook members. He then turned to e-hailing as an extra source of income.
“No matter how much I earned in a day, I didn’t mind as long as it covered the car’s fuel and there was extra to purchase eggs to eat with rice and most importantly, to pay off my debts.
“Even if I earned only RM5, I would set it aside to pay off my debts.”
Through hard work and determination, the user shared that he managed to pay his RM20,000 credit card debt and has now closed both cards. He also shared that he currently owes more than RM100,000 for his car loan.
“So, this month’s salary will be enough for me, just like when I first started working. I won’t need any part-time jobs anymore, and I’ll have plenty of time to relax.”
It’s important to be aware of one’s finances and it’s best to start at a young age.
