In the government’s bid to inculcate financial education among Malaysians from young, Bank Negara Malaysia (BNM) and the Ministry of Education are collaborating to incorporate financial management education into the school curriculum in stages from next year.
“Part of the financial education elements have been introduced this year in Bahasa Malaysia and Maths subjects, ahead of the targeted date,” Abu Hassan Alshari Yahaya, assistant governor of BNM said during the launch of the Financial Literacy Month.
To Instill Financial Education
Alshari Yahaya said financial education needed to be inculcated continuously from a young age to adulthood to help instill discipline and increase their financial management skills.
The curriculum would cover money management, planning, savings and investments, credit and debt management and insurance.
According to Alshari Yahaya, there was a 10% increase in the number of consumers going to BNM for financial advice and information between January and August this year, compared to the same period last year.
As a strong advocate of financial education regardless of age, iMoney has been working towards the same goal by providing sound and useful financial advice to consumers to make the most of their money.
“We believe by providing everyone the right and easy to understand information, will help them manage their finances better,” said Lee Ching Wei, co-founder of iMoney.
“Do your homework. If you are getting a home loan, find out what is available in the market currently and compare them to get the best rate,” he added.
Fomca’s research arm Consumer Research and Resource Centre found in a survey that many young Malaysians were living beyond their means.
“Their personal debts were too high and they had too little savings,” Fomca president Datuk Dr N. Marimuthu said.
To give Malaysian a helpful boost towards the right financial direction, iMoney provides online calculators and tools to compare various types of loans and credit cards available in Malaysia. Application for these products can be done on the site, with no charges incurred by the consumer.
A study published in the Journal of Marketing Research finds that people are more likely to feel guilty about finishing ten small bags of popcorn than one big tub of it – even if the quantity of popcorn in those ten bags is the same as the giant tub.
In order for people to be more aware of how much they spend, partitioning the money into smaller parts can encourage better self-restraint when it comes to spending.
Follow these steps to help guide you on how to set up these partitions you need in your finances:
1. Monthly financial commitments
This will make up your monthly loan commitments and recurring bills, such as car loan, house loan, phone, Internet, and other utility bills. If possible, set up a standing instruction with your bank to pay these bills automatically every month.
2. Emergency fund
A contingency or emergency fund is important for unfortunate instances, such as job loss, health problems, etc. The general rule of thumb for contingency fund is to save at least three months’ worth of income. Set aside money each month to ensure you have this fund ready as soon as possible.
3. Financial goals
Set a plan to achieve your financial goals. If you are planning to save to buy a house, be clear of how much you need to save and by when.
4. Other expenditures
Now that you have your monthly obligations and savings sorted, you’re free to use what’s left for your meals, groceries and entertainment. If you partition your remaining money into categories, such as transport (petrol, toll, parking, or bus fares), food, and entertainment, you can monitor how much you are spending in each category and where you can cut back to better manage your finances.
Surely, there’s an app for this.
Like many things in life, there’s an app for this. There are some great apps and sites that will help you manage and partition your finances like Toshl Finance.
Are you sick of the creaking floorboard and the rickety stairs in your house? Perhaps it is not the time to throw in the towel yet. With renovation loan offered by most banks and financial institutions, it may be a good idea to stay put at your home.
Making improvements such as adding a room, a new porch or even stairs could make a huge difference, not only in how much you enjoy your home, but in its value as well. So if you are happy with where you live, don’t move… improve!
Here are some of things you need to consider before getting the renovation loan for your dream home.
The reason
It’s time to properly refurnish your home or you have just bought a new home and it needs an update to fit your family. Whichever scenario it is, the loan can help replace that roof, windows or bathroom. Once you are convinced that you absolutely need the loan, it’s time to shop for one.
Shopping for banks
Before you begin your selection process, get some quotations to gauge how much money you need for the improvement work. After determining the amount you need, start looking around for the best loan packages available. Use website like www.imoney.my to see what’s currently in the market and weigh the pros and cons.
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And the alternatives?
Other than renovation loan, you can also consider personal loan or refinancing your existing home to get the cash needed for the refurbishment. The bank of your existing home loan may be open to restructuring your home loan with better interest rates, subject to conditions. Always talk to your agent to discuss options.
The requirements
Like any other loans, you need to have a good financial standing and credit history to get approvals. Ensure you have a clean slate before applying for any loans and your financial situation allows a loan of the amount needed.
The bank
Choose the bank not just based on the terms and conditions but also on the services provided. You will be dealing with the bank frequently once your loan is in effect, it is prudent to choose the bank that is able to best cater to your needs.
sumber:https://www.imoney.my/articles/personal-finance-education
https://www.imoney.my/articles/partitions-you-need-in-your-finances
https://www.imoney.my/articles/loan-for-home-improvement
