Couple Left With RM550 A Month After Buying Proton X70 And Perodua Bezza
The story came to light when the wife, a teacher, shared their plight on social media, revealing the burden that car installments can impose on households.
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A sad story recently unfolded on social media that serves as a cautionary tale for many middle-income families across Malaysia.
A female teacher and her police officer husband have found themselves in dire financial straits after purchasing a Proton X70 SUV.
With a combined monthly income reduced to a mere RM550 due to various loan repayments, the couple’s struggle has sparked a wider conversation about the financial pressures of car ownership in Malaysia.
The teacher, who has been in her profession for two years and is in grade 41, and her husband, a constable of the police force, have three children and no home ownership.
For context, the starting salary for a grade 41 civil servant is RM2,289 and RM1,441 for a police constable.
They possess two cars – the Proton X70 and a Bezza sedan. After servicing various loans, they have an alarmingly low amount of money to cover their monthly expenses.
Driving Debates: The Financial Struggles Behind Car Instalments
The woman’s heartfelt post on social media has attracted significant attention.
With the viral post, netizens’ response to the family’s predicament was swift and substantial.
One response from a netizen suggested practical steps: selling the SUV, cutting unnecessary spending, and looking for additional sources of income.
The suggestion resonates with many Malaysians who are overburdened by car loans.
This incident has also led to a wider debate on whether Malaysians generally struggle financially due to car instalments.
While no comprehensive study directly correlates financial struggles with car payments, data from the Malaysia Automotive Association (MAA) indicates a high number of registered vehicles relative to population size.
Anecdotal evidence suggests that car ownership, often seen as a status symbol in Malaysia, can lead to significant financial strain for middle-income earners.
Budaya "biar papa asal bergaya" ni makin berleluasa.
— Ùˆ (@wadisini) October 17, 2023
Esok dah kerja, sibuk nak flex logo kereta, vacay ke mana, handbag brand apa.
Dalam tak sedar, jadi mangsa kapitalis. Lepas tu kerja duk gali lubang untuk tutup lubang.
Sedih. https://t.co/aRlCt8oNKP
A Journey to Prudent Money Management
The significance of financial planning and living within one’s means is a critical issue for many Malaysians, as highlighted by the teacher’s situation.
It is a strong reminder of the need for prudent financial management, especially in a society where buying in instalments and utilizing easy payment options are prevalent.
Saw atome sticker at starbucks. I thought untuk buat installment tumbler je, air pun bisa 😭😭😭 https://t.co/LcfkkfnMwf
— Juan (@javthesuperman) February 23, 2023
This underscores the importance of elevating the financial well-being of households and businesses.
It directly impacts individuals’ ability to meet financial obligations, withstand income fluctuations, achieve future financial objectives, and make informed financial decisions to enhance their overall quality of life.
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