When it makes financial sense to get a maid

HIRING a maid in Malaysia is no longer a luxury exclusive only to the rich.

Economic progress over the past three decades has brought with it improvement in the living standards of the country's general population; and now, many households in Malaysia could well afford to get a maid to do their domestic chores for them.

The availability of part-time maid services in the country has also served to make hiring domestic help an affordable comfort to many Malaysians, including those from the not-so-affluent class.

But in a society where frugality and diligence to do own household chores are a highly regarded virtue, paying someone else to do something that one could easily do oneself could be frowned upon by some of the more conservative individuals as unnecessary spending, or even worse, laziness.

Speaking to financial experts, StarBizWeek finds out that it is indeed hard to justify whether hiring a maid is a wise spending or not.

Now, it is understandable that some Malaysians have to spend money on hiring domestic help out of necessity. This is especially so for households with young children or old folks, as most Malaysians are finding themselves increasingly busy trying to make a living that they have increasingly less time for housekeeping and to take care of their young or old ones at home.

But to some, hiring a maid could be just another discretionary spending item.

At the end of the day, it really depends on the circumstances and the preferences of the individuals or households, explains Carol Yip, a certified financial coach and founder of Abacus Advisory Sdn Bhd.

If one really needs help, one should just hire help it is as simple as that and there's nothing wrong with that, she says.

But what's important, as most financial advisors point out, is that when one spends on a particular discretionary item, one has to be more careful in one's spending on other indulgences and non-necessities in order to manage one's finances well. The basic principle of not spending more than what one earns, they say, remains the crucial guideline for sound financial management.

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When it makes financial sense to get a maid