Finally: General tips for financial management

1. Take your financial situation in your own hands and believe that you can improve it. Remember that YOU are in control, so don’t place your financial fate on external factors. 

2. Save even if it’s only a little bit every month. However low your income may be, there is usually some expenditure that can be done away with, allowing you to save and have some breathing room. 

3. To cut down on your expenses, try to give up some of your wants. You’ll be surprised by how much you can save by giving up that daily Teh Tarik or Starbucks Coffee!

4. Aim to be debt free. Debt gets in the way of freedom. Credit card debt is especially dangerous and should be avoided at all cost. 

There are no quick fixes to financial difficulties, but the process of managing it by identifying and cutting down your expenses, paying off debts, and saving for the future can be incredibly rewarding, no matter how bad your situation is. The key is to take the first step and go to the right place to seek help.

5. Budget to pay off all your loans, especially your mortgage, before you retire! It’s easier to pay off your mortgage first than to invest your money and pay later.

(Acknowledgement: Certain sections of this content were inspired by advice from Suze Orman.)