Session 3 : Attittude
Conference Report
PICC 2008
Khairul Khalid, Nurul Fakiha Aini, B. Kapilan, Choy Qian Mun, Azril Hanafi
Topic: ‘You and your money! Stay free from debts and start on the right path.’
By Madam Koid Swee Lian (Director of Consumer and Market Conduct, Bank Negara
Contents
Regular question out from mind
- How to manage your money?
- Have control over personal finance?
- Being able to provide a comfortable life?
- Have enough saving for the raining days?
- Have a happy family?
- Have enough time to spend with your family?
- Stay healthy?
- Have money problem?
- Many people failed:
- Unaware the flow of money
- Lack Control
- Incur new debts to pay old debt
- Habitually live on credit
- Use saving to sustain daily needs
- Unable to save at all
- Are you ready to manage your personal finance?
- Do you dream of your future?
- Do you want to live or be alive?
Money makes the world go round.
Based on your current attitude towards finance, do you think that you can lead a comfort life?
Layman always say:
- Not cool to talk about managing money!
- Spent whatever we get.
- Why we need to manage money?
- Money is limited
- Careless vs. prudent spending
- Assets can increase in value
- Money can make money
- Can lead into problem if we fail to manage money
4 simple steps in managing money
- Evaluate your income
- Plan and budget
- Trace your money
- Evaluate your behaviour
Basic component:
- Income and expenditure
- Saving and investment
- Credit management
Evaluate your income and lifestyle
- Keep life simple
- Plan your goal in life
- Material things –Boost self esteem?
- Income – Saving = Expenditure
- Save at least 10% of the income
- Start saving early
- Plan expenditure
- Keep your money safe
- Manage your debt
- Plan and budget
- Outline your plans and budgets for your planned activities
- Plan your expenditure, saving and investmen
- Trace your money
- Lend to other? Why?
- Did you save?
- Was your income being used to repay somebody else debt?
- Are you continuously repaying credit card?
- Evaluate your lifestyle
- Save and invest your money in legal institution
- Avoid unnecessary withdrawal
- Avoid dubious investment
You are managing your money well if:
- Save money in secure institution
- Withdraw money only when necessary
- Saving for emergency
- Spend according to prepared budget
- Prioritize, budget and control your spending
- Avoid purchasing on credit
- Get best value for your money
Consumer Market and Conduct Department
- Consumer have a basic right to fair treatment
- Avenue to redress
- Adequate information
- Sound financial management
- Proper advise
- Honest and ethical
Avenue for assistance:
- BNM telelink
- fmb.org.my
- akpk.org.my
- smeinfo.com.my
Conclusion:
Financial Management are essential tools for financial and economic well-being
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