BY: CHRISTOPHER FERNANDEZ

The Malaysian economy is sputtering, and by gauging and assessing the growing number of bankruptcies in the country, it is easily evident that most people do not know or have poor money management skills.

Even those in the higher income group, and not necessarily low wage earners, face the issue of not being able to manage their finances, and the simple reason for this is that their spending exceeds whatever they earn.

This brings us to a pertinent question which each and everyone of us must ask ourselves, which is, am I a slave or master of money? In order for us to know how to manage our money better there is a need to be strictly honest in answering this question.

Let’s not beat around the bush, this is a highly monetised world and getting increasingly materialistic and a person can be excused and it is perfectly understandable if there is a need by us to also enjoy what others possess.

In the process, control is lost over spending by giving in to our cravings and desires and this is why it is necessary to exercise strict financial control, restrain and discipline over our money and not let it control us.

It is important not to be a slave to money but to be the master of money in order for us to have peace of mind and peace of heart in our lives and to be at comfort and ease with ourselves by having total control over our finances.

-THE MALAYSIA VOICE

** The views expressed on this opinion is of the writer and not the publisher