"Individuals, especially salaried workers, tend to overspend because of a desire to purchase all and sundry, without thinking of tomorrow. They feel safe and comfortable because every month, they know they will receive their monthly salary.
"Most worrying is, when they own more than one credit card because they were easily tempted to purchase luxury and branded goods," he told Bernama in a recent interview.
Zulsaidi noted that another cause leading some to be in debt was the high medical cost and loss of jobs.
What steps should one take in prudent expense management?
He recommended that everyone use the 'envelope system' to help manage their financial expenses in more consistent manner.
"The 'envelope system' helps in sifting the salary money, accordingly, such as for shopping, travel, entertainment or when in an emergency situation.
KNAZ HS NNA GR