How to Manage Your Finances

Financial Planning

Bank Negara’s Agensi Kaunselling dan Pengurusan Kredit (AKPK) provides a variety of services designed to help individuals to better manage their finances. The agency has sought the assistance of Ipoh Echo to promote its services. In this issue of Ipoh Echo we will highlight one story of people who had gained from AKPK’s guidance and the agency’s tips on spending wisely and responsibly. Incidentally, the agency’s services are provided free-of-charge.

Success Story (#1)

Losing an income suddenly can be a real shocker and can leave one in shambles. Worse if there is no buffer fund to sustain oneself during that unwanted transition. Baharom (not his real name) was one unfortunate individual who was caught in the maelstrom. He did odd jobs but it was not enough to sustain himself.

Baharom lost his well-paying job in 2001 and was hounded by his bank as he could not afford to pay his housing loan commitment. It came to a point where his house was about to be auctioned by the bank not once but twice. However, there were no potential buyers. He was at a loss as to how to save his home.

He spent six months negotiating with his bank to restructure his loan. However, the bank refused his fervent requests. Eventually, Baharom gave up as he had no choice but to face the third auction by the bank. (Note: The ceiling price of the house will be lowered to attract potential buyers.)

Talking to his employer one day, Baharom was advised to seek AKPK’s help. At first he was unsure if AKPK could help him. After some coaxing from his wife, he made the trip from his remote town to the city where the agency was located.

Baharom, according to the counsellor, faced countless sleepless nights. Surely money can make or break relationships. He was thankful that his family had remained intact despite the hardships he faced.

Following negotiations between AKPK and the bank, after Baharom signed up for the Debt Management Programme, the bank agreed to postpone the auction as a payment term was agreed upon.

Baharom may still be paying his housing loan installments but at least he still has a house he can call his own. He is also lucky for having his working son help him by way of a 25% monthly contribution to the monthly instalment.

The moral of this story is to encourage you to have an emergency buffer fund. Remember, it is never too late to begin allocating your salary for savings.


AKPK Ipoh Branch
Unit B-2-1 Greentown Square
Jalan Dato’ Seri Ahmad Said
30450 Ipoh.
Tel: 605 242 8319
Fax: 605 242 8452
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