Few days ago, I found Bank Islam's personal loan leaflet/brochure offers for gov. servant. It charges 4.06% interest. Its cheaper than for those who are working for private sector. Then it came across my mind. If I were given the chance to have it, would I go for it?
Then I found another brochure for non-govt servants from a different bank. It charges double. 8.88% interest. That I need to self calculate as it doesn't appear clearly on the brochure. My imagination stopped there.
I have lots of debts to clear out. New debts can only come in once the old debts become manageable. Again, I'm just sharing few tips that I found useful and can be applied based on our average income.
1. Budget Plan
You see this everywhere. It is easy to create one, but its not easy maintaining it. Budget plan creates the insecure feelings of not having money at the end of the month, at the very beginning of the month. Your eggs need to be put at different baskets: Bills, Investments, Groceries. This way, there will be no basket left out empty.
2. Smallest Debts Go First
I found this tip from an article. Some would disagree. However, there's a good point to clear out smaller debts by shorten out the installment period, and pay more than the installment. Smaller debts' interest will grow and it can become unmanageable if we overlooked it.
3. Apply Mathematics In Your Shopping Spree
We just have to do it. We may be using some of these words while spending: bukannya selalu, baik ambik nanti kang dah takde menyesal, murah la ni... Those words can only be used once in a month at certain bargains. It can be poisonous if used wrecklessly.
Bank loan installment with 8.88% Interest Charge