Drowning in debt or in a tight spot financially? Here are some tips to stay afloat

FINANCIAL struggles can be overwhelming, but taking proactive steps can help you regain control.

Many people hesitate to seek help, believing they can manage on their own, but waiting too long often makes the situation worse. Whether you're a small business owner looking for funding or an individual struggling with debt, there are several resources available to assist you.

The key is to take action early and make informed financial decisions to avoid long-term consequences.

SEEK GOVERNMENT AND BUSINESS AID

Supermodel-turned-entrepreneur and Humble Pie founder, Zahnita Wilson, highlighted that financial aid is available for small businesses through programs like i-PUSH.

This initiative provides RM10,000 in assistance to support entrepreneurs.

“If there’s anybody looking for funding, go ahead and Google i-PUSH. There are many government agencies offering financial aid to business owners,” she shared recently during a panel session at She Leads 6, Crowned in Confidence: Smart Money Moves to Thrive Financially.

Taking advantage of these resources can help businesses stay afloat during challenging times.

GET HELP FROM DEBT MANAGEMENT EXPERTS

Financial expert and founder of Ringgit Oh Ringgit, Suraya Zainudin emphasised the importance of seeking guidance from reputable organisations like Agensi Kaunseling dan Pengurusan Kredit (AKPK).

“You can approach them if you have problems paying off your installments or debt.

“The service is completely free,” she said.

She also warned against scammers who claim to offer debt relief services for a fee.

“Just go to their website at AKPK.org and get help from legitimate professionals,” she added.

ACKNOWLEDGE THE PSYCHOLIGCAL BARRIERS

Many individuals avoid facing their financial problems due to fear or embarrassment.

Suraya stressed that some people delay seeking help because they don’t want to feel like failures or disappoint their families.

“Debt is just money—it’s about management. But delaying action only makes things worse,” she said.

Instead of ignoring financial statements or avoiding the reality of mounting debt, individuals should take the first step by assessing their financial situation.

UNDERSTAND THE INFLUENCE OF MARKETING AND CONSUMER CULTURE

Suraya also pointed out that companies spend billions on marketing to influence consumer spending.

“When you open your phone, you’re bombarded with ads, pop-ups, and influencer promotions. You need to recognise this and consciously decide to focus on your financial goals,” she said.

One strategy to control spending is to uninstall shopping apps, unsubscribe from marketing emails, and limit exposure to advertisements.

TAKE CONTROL OF YOUR NUMBERS

The first step in overcoming financial difficulties is to know your numbers. Suraya encouraged people to list their debts, interest rates, and payment schedules.

“Write down everything—credit card balances, personal loans, interest rates—so you have a clear picture of where you stand,” she said.

Tracking expenses and budgeting can help individuals regain financial stability.

During the She Leads 6: Crowned in Confidence – Smart Money Moves to Thrive Financially event, Zahnita and Suraya led discussions on debt psychology, financial pitfalls, and stability strategies.

The event, held in conjunction with Sinar Daily’s first anniversary, empowered women with financial knowledge and confidence. Attendees also enjoyed a networking session, hi-tea, curated goodie bags, and a lucky draw featuring a flight ticket to Seoul.