Aiyo - bro, U ar... distract me with right hand but actually left hand holding same thing 

Hi guys, need some advice here. I started working last january and married. Both of us are gov teachers. This is our financial details:

My Salary: RM2222 
My Wife:    RM2222
My Allwnce: RM 700
My Wife:     RM700
Total: RM5844

This is my monthly spending:

EPF (both) : RM 642.84 (suppose to end by 2015, after confirm)
House Rent: RM500
Car: RM450 (ends July 2018)
HP Bill: RM100
TNB: RM45
Astro: RM80
TM: RM77
Loan1: RM457 (ends december 2014)
Loan2: RM1000 (ends september 2014)
Gas: RM200
Food: RM400
Other: RM400
Fmly: RM500
Insurance: RM200

Total: RM5051.84

Balance: RM792.16

Can anyone advice me on my financial planning? what should i do with the balance? Usually i just dump it in either asb or tabung haji. What should i change in my financial planning?

Like what bro Sky said, it's "prioritization" in other words.
Which is important (increase or keep) VS which is unimportant (cut down) coz most of us have limited resources VS unlimited wants.

WB is playing on a whole different plane of investing / speed-of-money-flow game compared to little ol me, like comparing a human (WB) to an ant (me), however that won't deter me from working towards what i can do at my level 

yeah....it'll all be settled in 2-3 years, and by then my salary will increase for another 400+-. so 1.5k + 400 more to save...for the time being....quite a tight budget..... 
- Loan 1 is RM15k loan take up by my wife from a teacher koperasi. 1.8%pa for 3 years. she use the money to settle down when first get posted. still have left RM10k...only used RM5k, didnt know why she took so much last time, but the balance 10k now i dump into tabung haji also....
- Loan 2 is a RM25k loan i took from my father. No interest at all, hehehe     i took the loan to get married, and settle down. used around rm2ok, the balance i dump into tabung haji too......

i'll try to follow your plan, right now no children yet, and we didnt decide whether to have a child now or later after finishing the all the debts.....

right now i do get some additional income by doing some IT sales and services to teachers around my district, which generate around RM1k a month, but not stable, there's a month i only get rm150 due to time constraint. I tried to do tuition but no one interested (im in jeli, kelantan now, quite "ulu" btw  )
i am very2 blank with investment. i didnt know where to start and on what to invest to, and how much do i have to have to get started. what i do now is just saving in tabung haji and asb.

about objective....i didnt know...i prefer a stable life but not luxury and really enjoy myself in my carrier now. perhaps my objective for the time being is to buy my own house. is goverment house loan good to take?

My apologies - perhaps mortgage fund is my personal English
Yup, it's flexi mortgage - i put my extra $ and buffer $ there, thus i don't have to pay (BLR -2.2%)pa daily rest interest rate, in effect "making" 4.4%pa currently and much more flexible than tenured FDs.

As for where to learn:
1. Basics - google cukup, plenty of write-ups around the web.
Read, process and absorb what U think makes sense to U

2. Details - books (also filter with your mind lar, k. What works then/situation may not work 100% now - just in case some fellow forumers start slinging again, being more than obvious here )
Books like:
+The Art of Asset Allocation: Principles and Investment Strategies for Any Market
+The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk
+The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (the big momma of them all, very chewable like leather )
+The Four Pillars of Investing: Lessons for Building a Winning Portfolio
+Value Investing: From Graham to Buffett and Beyond
+Value Averaging: The Safe and Easy Strategy for Higher Investment Returns

Bwahhaahah - bro Sky high(five!).
U "look me too high" lar, don't lar put me on the "god's table" 
I'm too simple minded to write a book 

I'm just a digger and user of info & stats.
Those books i  mentioned above are just the tip of the iceberg. I've got "a few" more to recommend IF needed, from Trend Analysis to $/Risk/Sizing management and even "age & goal based" asset allocations, +other more "rojak" hehhe.

If U or any bro/sis interested in a list, i can screenshot my ebooks and photo "real" books and post it here for sharing what's interesting to read.
The other books i found so-so or repeating the good ones, all chucked / donated away already hehe

The insurance I kind of deliberated for a long time before plunging in.

The nature of my job requires me to be in tip top health, and half of my salary comes from how much I work. Meaning to say if I do not work that month I'll lose half of my pay.

The insurance I have pays for the days I'm not working. Let's say for health reason I may not be able to work for a month, they will be paying me a amount which is equivalent to what I earn that month working. The sole reason I took is because of that, I may not be able to cover my high fixed expenses if let's say touch wood I break my hand and am not able to work for that month.

I look forward to inputs regarding life insurance and how to not overvalue etc if you guys are willing to contribute.

Hm... let me recall my younger (and dumber days )... yeah i think it's about 10% +/- of my net income and bonus only that i did for myself 3Ds (death, disease, disability) + medical.
Mind U - i had a wife who decided not to work + parents and a dog to support
Thus, fair enough gua.

IF want to be statistically / numbers changgih, i'd suggest calculating (for life / income replacement) thus:
1. Pick an amount U want per annum, to cover expenses
2. Assume X%pa returns
3. Calculate lump sum amount needed to generate (1.) based on (2.)
eg.
Say i want $80Kpa if i kaput for my loved ones to keep on with their lifestyle
and i assume they know how to buy bond funds and REITs, thus assume 6%pa returns in terms of dividends on average
Thus, i'd need $80,000 / 6% = $1.33M coverage needed excluding inflation, for lump sum to buy bond funds and REITs.
I'd tweak it a bit by:
$1.33M LESS all my investment assets i'm currently holding = $Y, thus, i only need $Y lump sum to buy the extras
Like that, can be "more sure" lor

------
These days.. erm.. my insurances cost me about 5% to 6%, of my net income, including coverage for my little girl's 3Ds + hospitalization & my mum's hospitalization.
BTW, i'm planning to be self-insured by or before 55 / retirement age.

Please note that what may work for me may not work for U ar (peace of mind and stuff) 

Whoops - you're right bro 
Adjusted English should be "self insured for 3Ds (death, disease & disability)".

Can't escape from "the legal requirements" like motor insurance and stuff, mar.

Yup yup 3rd party or comprehensive lar, still need car insurance due to "the law".

Eh - car can work even if i don't work mar.
Drive to buy groceries or mengurat that 60 year old hottie leh

For personal fianancial - honest to gal is very helpful - for gal understand your background.  Courting/Chasing with gal high expectation - meanz need alot capital and time. the result can be you wife then must think about future for maintaining such wife.

Remember marry a women ; also need to marry their family too. " Wedding Dairy " actor ah niu.

Like  WongMunKeong said - marry a right person can be helpful.
Even i go holiday; my wife & 1 share 50:50.

your wife from where ? and your race ? Sry not to be racist but ... chinese KL girls ... really hard to find can juz mamak and handmade cards and stuff ... btw im chinese too ok .. no racist .. just the world as it is today ... any racist remark i will delete this straight away

And thus more demanding...

rich spouce require HIGH CAPEX, no YIELD.

everyday go dating the CASH Flow negative, require borrow Short Term Liability.

Asset are worthless , give to recycle als no Value.

Which brings to the question, "why bow to peer pressure/society norms?"

At the end of the day, a deal can only be done when the seller agrees terms with the buyer, and vice versa. If a stock trading at $10 got no buyers, the seller will be forced to drop his asking price. But when one of the buyer bucks under pressure and decided to meet the seller's price, it'll become a seller's market.

When enough men stay away from such demanding women, they will start to reassess their values and perception of "eligible men".

For the sake of God and humanity, THEY (I'm referring to prices of properties AND expectation of people esp on $$$) have to fall.

you guys always talk like its the girl's fault for being attracted to the guy's money therefore she is with him....
But how come you are attracted to her in the 1st place? Is it becoz she is hot and sexy and beautiful thats Y? Y dont you skip to the next one then(uglier in your eyes)?
And also....if dont feel good spending the gal....please dont flaunt your money to her then. Y keep spending then blame her for using your precious $$?
Just tell her.....AA from the start so that she can "choose" to stay or to run.
Like one of my ex...i didnt even know he was a freaking rich barger until few years after we broke up......barger! but hey.....some men just dont buy the ladies with $$$

anyway if a girl really loves u.....she wont be using your $$ like no tmr anyway right from the start. She will strives to work hard and save with you for a future together. (i know coz i have been both the bad and the good gal hehe the feeling is just different)

However usually when these kind of couples successfully build a future together, and sometimes they get really rich....the hubby goes and get few more wives or concubines it happens to few frens and relatives..... @@
Guys also not too Great yourselves ya......rich only show true colors
At least the gals are showing right from the start 
And yes, i agree a partner can play a very important role in your finances.
You need to have the same goal....else you are just going to kiss each other goodbye.....or live with it 4ever.

Me choose to work and hubs stay home with our kid as he is more family oriented while me loves to move around....
& we blif in 1 parent shd be home taking care of the children as whats life without being with your loveones Grandparents are to help out....not takeover your responsibilities! some treat their parents like slaves :/
I dont earn much but with budgeting ......it helps us to live life to its fullest ...of coz no uglee branded bags for me lar
For those who are just working until no see "sun"........seriously dont live your life like this 4eva My mom did this but what she gets in the end? nothing but death.
Look at cyprus? What happen to the savers?
You really need to put some life into your life....save some live more! dont live to be a slave to $..and not asking u to throw it all on material stuffs....

Aiya my working day lunch nasi ayam add rice + cina teh ais = RM6 got balance

No enough money to buy must ask parents to sponsor property one meh? 

Go rent ler while working and save up down payment like everyone else ler. I also lived in rented 'room' in low cost flat for first 5 years when i am first employed...

Children nowadays have easy life....