Hi Master Sifus,

I would like to seek your advice on my future plan.
I have extra 500 savings every month.
I would be finishing my car loan early next year where it would give me extra of RM580. ( total monthly savings = RM 1080)

I currently have a ASB loan of 100k which is paid with the dividen earned ( about RM7200 annually ).
Should I increase my ASB loan to max 200k( another 600/mth) or purchase an apartment for investment?

I have no experience in property investment but since I would have extra funds for investment, I have already shortlisted a few
apartments that will cost me around RM 800 to service the loan.

Other than this, I also have a takaful savings plan, >10k in mutual funds.


Thanks in advance

Hi guys,

Currently i need some advised for my personal expenses every month.

Total salary after epf and tax is rm3300

Car loan - rm930
Personal loan - rm350
Utilities bill - rm250
Cc - Rm400
Mobile bill - rm150
Fuel - rm250
Food - rm250
Outside loan (previously have a business but not workout well)
- rm700

Total = rm3280

Left only rm20 for savings...(sad)

So can i have any advise on how to manage my expenses.

Thanks..

How about converting to a cheaper car as your petrol expenses is RM250 pm?



This post has been edited by franwong: Nov 20 2012, 03:51 PM

Remove/reduce unproductive loans (car loan, personal loan, cc, outside loan). For example car loan needs to be reduced significantly and perhaps add asset such as house loan (300 car loan, 600 house loan). House loan can be refinanced later to reduce/remove other loans such as cc, personal loan and outside loan.

Hi guys, i need to get some advice from you all whether should i go for invest some money on unit trust or gold account.

Income after deduct tax and epf = 3450
Car Loan = 550
Petrol = 250
Rental + Utilities = 450
Education Loan = 350
Parent = 500

Thank you.

Go for Private Retirement Scheme, RM3000 per year, tax deduction RM3000 somemore~

Do you mind to tell me about what is Private Retirement Scheme?

Ya.. Tax relief for rm3k. Would be more beneficial if your tax bracket already on high side..

EPF=Public Retirement Scheme
PRS=Private Retirement Scheme, which is your money manage by bank, not by EPF. So everything is transparent.

The concept is the the combination of EPF and Unit Trust. You can put in money every month (volunteering), the money will separate into Account A and B just like EPF. You can check the return by looking at the NAV of the fund on PRS provider website. Well, to me tax relief is a plus point, but can't attract me too much because what we looking at is the return of the money we put in, if can appreciate like 200% or 300%, it is really a handsome money when u retired. It is possible generate such a month of money, since this PRS is for long term, 30 years if you save from now, why not 300%? : ) All in, you have to choose wisely which bank to park your money, which fund manager that you think is good~

If you're in Penang or Kedah area, very welcome you to visit me in my office to know more bout PRS and other investment tools
I'm Equity Trader in Hwang DBS Investment Bank(Msia Market)

Your expenditure is very high. Your car loan is very high. That is 28% of your take home pay. You should sell off your car and buy a second hand car that costs you less than RM500 per month.

Your other debts are also very high. Is the RM400 paid to your credit card the minimum payment? If it is that probably means that you owe close to RM8000 on your credit card. How much is your personal loan debt?

You have to start paying down your debt quickly. List out all your debts and the interest rate for each debt. Keep your monthly expenses to below RM1500 and put the rest into paying your debt down.

My suggestion on your expenses:-

Car loan - RM500
Mobile phone - RM30
Petrol - RM200
Food - RM250
Utilities - RM100 (Please cut all unnecessary utilities like Astro and use less aircond)
Miscellaneous - RM100

After all this you will have RM2K++ per month to pay off all your debts. Use the money to pay all your debts with the most money going to the debt with the highest interest rate. In one year you would be able to pay down RM24,000 of debt. Saving when you have so much debt is useless because any interest you may gain from your savings will never offset the interest charged on your debts.

dont sell your car, you already wash your hair wet, might as well continue to pay for it. cut down on your utilities, mobile and cc bills. use public transport and minimize the use of car, this will save you fuel, parking and car maintenance. renegotiate your loan payment to pay less but longer term, maybe you can pay more after you finish your car loan.

Hi guys. Need some advice about financial planning.

(Per month)
Salary: 3,400 after deduct EPF and tax.
Food: 800
Rent + bills = 500
Transport = 150
Misc + Entertainment = 200
Family = 500

Balance = RM 1,250

How can I utilize the balance for saving purposes? TQ

wah!! you eat luxurious food ar??

hello people..
please give some advice on my budgeting =)

i will be a fresh grad soon~
Net Salary : 2,225 (after 11% of EPF deduction)

Rental : 250
Transport : 300 (100 LRT + 100 Parking lot rental + 100 Fuel)
Education loan : 320 (15years/180months)
Food : 500
Phone : 50
Insurance/Medical card : 150
Saving : 280
Investment : 250

opps...ady RM2070
Balance : RM140.25

---

Added on November 25, 2012, 10:28 pmbump~
no one can give some feedback abt this?

This post has been edited by hycl90: Nov 25 2012, 10:28 PM

i would be happy to see a reply to this as i'm going to be a fresh grad with expected income between RM1800-RM2300(gross)...
now I'm 23yo.
the only commitment now is my PTPTN loan (RM110x10years).

I need to save a lot for my marriage (2years after employed) since I'm planning to buy a house with joint-loan.
but, i have to buy a car for working purpose.

thanks!

so fast want to marriage?

I also want to marry. 23yrs old now

I guess no need to wait longer....
unless, there will be an unexpected problem arise(financial)....
I also think this will help both of us to get a better loan for a better house since both are not getting high pay like some of the members here..

need advice~~anyone kind to do so?

This post has been edited by hycl90: Dec 2 2012, 04:10 PM

Hello people, I am still a uni student doing business degree. So i have NO income but sometime getting around RM100 to RM200 a month by providing IT service support for office, which mean if im busy with assignment, i might not have any income for a month.

Others income: Birthday and CNY angpau: RM 2000 a year.

My fixed expenses in a month:
Phone Bill: RM 50
Petrol: RM 200+
Food: RM100+

My current cash: around 2000
Now i don't wish to earn more and a lot as I am still a student without job.
What i need is a proper expenses management. How do i record my transaction ? any software or templates for me ? and also what is the proper way of doing budgeting ?