Curtin Malaysia lecturers give public talk on importance of savings

Miri – 13 June 2023 – Two experts in accounting and finance from Curtin University Malaysia (Curtin Malaysia) gave a public talk on the importance of saving for individuals and households at Pustaka Negeri Sarawak, Miri (Pustaka Miri) recently.

The talk, titled ‘A Penny Saved is Worth Two Pennies Earned: An Overview of the Importance of Savings’, was presented by the Head of the Department of Accounting, Finance and Economics at Curtin Malaysia’s Faculty of Business, Dr. Dhanuskodi Rengasamy, and lecturer and research cluster leader Dr. Abba Ya’u Roni.

The talk was organised by Curtin Malaysia’s School of Pre-U and Continuing Education (SPACE) as part of its ongoing Skills Development Public Talk Series in collaboration with the Community Engagement Service Division of Pustaka Miri, and was attended by over 20 members of the public.

During the session, the two experts shared their insights and experience on why saving is crucial for achieving financial stability, building wealth and reaching long-term financial goals.

They also discussed the common mistakes people make when it comes to saving and provided practical tips on how to save effectively, including budgeting, setting financial goals, and creating a personal financial plan.

Dr. Abba shared how saving is important to both individuals and countries. While individuals need to save money for retirement, vacations, purchases, emergencies, and so on, countries need to save for economic growth, job creation, reducing national debt, and tackling inflation.

Dr. Dhanuskodi focused on the ‘Kakeibo method’, a Japanese budgeting system that involves people manually tracking their spending to give them control of their money. Kakeibo uses the reflective practice of journaling to make people more aware of their spending habits and help them to uncover areas where they can save.

He gave examples of how the method can be implemented in one’s day-to-day life, highlighting the method’s five steps which include calculation of monthly income, estimating savings goals, classifying and calculating expenses, calculating real savings, and reflecting and reviewing. The expenses are further classified into four categories: needs, wants, culture, and unexpected.

Dr. Abba, who has published extensively on corporate finance and financial management, said the talk was aimed at empowering individuals and households with the knowledge and tools they need to take control of their financial future.

“Saving money can have a transformative impact on an individual’s long-term financial stability and wellbeing. It is important that people know how to save and invest effectively to reach their financial goals,” said Dr. Abba.

Dr. Dhanuskodi, whose research focuses on accounting, auditing, financial reporting, corporate governance, and banking, echoed this sentiment, adding that the talk was especially beneficial for young adults and newlyweds who are just starting to navigate their financial journey.

“We hope the talk inspired and educated those who attended to take charge of their finances and make the most of their money, no matter what their income or financial situation,” said Dr. Dhanuskodi.

Also present at the talk was Assistant Domestic Student Recruitment Manager Samson Philip who briefed the attendees on pursuing higher education at Curtin Malaysia, and the wide range of courses it offers, including the Bachelor of Commerce courses in accounting and finance. He also elaborated about pre-university and postgraduate courses at Curtin Malaysia, in addition to its entry pathways and scholarships.

For more information on Curtin Malaysia, visit www.curtin.edu.my or look for Curtin Malaysia on Facebook, Twitter, Instagram, YouTube, LinkedIn or TikTok.

Dr Abba Ya’u Roni highlighting the importance of saving

Dr Dhanuskodi Rengasamy talking about the Kakeibo Method