Description of Invention
The Malaysian Department of Insolvency's reported there were 5,695 bankrupts cases in 2022 and 6,554 cases in 2021 (Bankruptcy Statistic, 2023). More than 50 percent from the cases declared involving Malays that representing majority Muslims population in Malaysia. Islam promotes a sense of savings for future, hence, prohibit its people to spend beyond their capability. Previous research works reviewed mental accounting as a method to monitor the income and expenses in controlling spending behaviour. Mental accounting approach encourages people to divide and group financial activities into different accounts. In addition, this relationship can be strengthened by wasatiyyah or moderation.