Spend within your means. It's a simple concept but often difficult to execute, especially depending on your financial literacy.

A 26-year-old Malaysian named Mohamad recently purchased a car worth over RM100,000. Although he has managed to keep up with the monthly loan payments so far, he admits that it has been challenging to meet his other financial commitments.

In a report by Harian Metro, Mohamad, who works in the private sector and earns RM4,000 a month, revealed that while he can manage the car loan payments, he is struggling with other expenses. This financial strain has left him regretting his decision to buy the car.

Mohamad now realizes that the car was more of a want than a necessity, as he could have opted for a more affordable vehicle. He confessed, "I thought after buying this car, I could show off to my friends. Now, I’m having a hard time paying other bills."

Living in Kuala Lumpur on a RM4,000 monthly salary, Mohamad finds it increasingly difficult to cover his living expenses in the Klang Valley. "I thought I could manage with the car, but it’s really difficult. I still have to deal with my house rental fee, parking, insurance, toll, and food."

His financial burdens are extensive, and he's struggling to manage them all. "Don't forget the hidden costs. I still have to pay for car insurance, maintenance fees, and road tax, which are expensive. My salary is actually not enough for me to sustain."

To make matters worse, Mohamad has resorted to signing up for credit cards to support his current debts. Fortunately, he recognizes the need to get back on track.

"This was a bad move. I have to restructure my debts," he admitted.