Youngsters finding it hard to save money every month

GEORGE TOWN: Beauty consultant Stella Ree said it was “normal” for those who just started working to not be able to save money every month.

“It is not easy to save part of one’s salary each month as expenses tend to pile up, especially if one has a housing or car loan.

“I have been lucky that I do not have to make any car payment and I currently live with my family.

“I would like to buy a house but it is a huge commitment. I will wait a while,” said the 28-year-old.

Ree said although her car had been fully paid for, she still needed to make sure it was regularly serviced.

“I make sure to save a quarter of my salary each month before I spend on anything else.

“I spend about RM500 to RM600 a month on food and recently signed up for a health insurance plan which is an added expense,” she added.

Pharmacist R. Swetha said she spent most of her salary on her car and housing loans.

“I bought my car a few years ago, and still have another four years left on the loan. My family bought a house last year and I share the loan payment with my brother.

“I usually eat at home most of the time, so my food bill is limited to about RM300 a month,” she said.

On Facebook, Malaysians said the survey by the Debt Management and Counselling Agency (AKPK) showed poor saving culture and financial management on the part of the people.

They said the revelation was not surprising as many opt to go on holidays and buy the latest gadgets, and enjoy expensive meals instead of prioritising their necessities.

“It’s not how much you make, it’s how much you save,” said Frankie Lai.

“Cut down on the number of children if you cannot afford to feed, clothe and educate them,” said Anna Chow.