You 16month emergency fund is definitely sufficient. I wouldnt keep that much, as if the fund is sitting idle, it may impede your other investment return.
Actually if your or your spouse parents can be depended on financially, you may need a lot less emergency fund to start with.

Start investment as early as possible, and invest in things you are most familiar with, and make sure your investment has return at least 2x FD rate, otherwise 'inflation' will just eat into all your returns.

That is one method of investing, but not the only one....there are higher risk investment, but you got to do some homework....

Hey guys, need some help on financial planning, currently I am suffering to save money significant enough to start investing, below's my monthly income statement.

Income
Salary: 2600 (after epf and socso)

Expense
Rental: 700
Car loan: 500
Petrol: 200
Insurance: 250
Toll: 50
Utilities: 100

Balance: 800 for food and groceries

Monthly savings: 100

Can anyone help me to streamline it so that I can have more saving left. Or any idea to generate more money or save more. Appreciate your help.

Rental 700, you staying in master bedroom? Where are you staying? Near town? In town?
Balance: 800 for food and groceries? You eat a lot? Alone eat until 800 per month?

The tip is to save more and earn more, saving is good but earn more is the key. Planning to change company?

damansara area. Food 800/m= 26/day= 8/meal quite hard to get in damansara d actually

http://www.ibilik.my/rooms/389770/small-ro...medan-damansara Rental only 300.

For breakfast, prepare yourself. oatmeal, milk, bread.
For lunch, no choice lo. for me, i eat mixed rice. MYR5.
For dinner, maybe cook yourself.

That's just for savings part. To earn more, it's all up to you

Good read & minimum barometer/target:
"Finally a Safe Savings Rate for Your Retirement Formula"
the whys and hows are in the article
http://www.mymoneydesign.com/personal-fina...rement-formula/

Rental very expensive: try to find wangsa maju rental to rm400-rm200.
food: breafast rm3( roti rm0.60x2, nasi lemak/bihun ta pau rm3). I been thru eating roti rm0.60 for 8year.
------>lunch rm6-8.
------>dinnerrm6-8.

I join Tzu Chi and Soka Gakai , or my CompanySocialResposibility i get free food for the voluntariy task i do. Save money and occupy my time for every weekend. no kidding . Example Merdeka 2007 performance, training every weekend for 2 month - i save money weekend meal.

I dont hv car until now- take train& bus to work. Stay at Gombak near to Putra Tmn Melati walking distance 5min.

Insurance: try to take life insurance onli much cheaper compare investment link insurance. Ask your agen can reduce coverage.

Utilities: rm100 very expesinve for single ppl. when i was single my Utlities(water & elect) is arnd rm 25 per month.No broadbrand, Prepaid line rm30 per month. Hp is Nokia3100 i bought 2004 until 2008 stolen. No laptop also.

The time my salary is only rm2300.
I able to send back home rm600 per month. And save rm 100-300 for my oversea trip like Cambodia, Vietnam, Indonesia, Si Padan, clim mt KK, all island. Spend my backpack trip less than rm1.2k.

My 1st bonus i invest in UT, never take out for spending.

Find extra job like UT during weekend- out with my frienz. Earn $$$ when yam cha.

Cut botak hair, can save the cost cutting hair. Go to Q-Cut only rm16. Last time only rm10.

I dont drink Paparich, OldTown or etc juz bring own big water bottle where ever i go.

This post has been edited by felixmask: Mar 6 2013, 04:15 PM

Just curious, what kind of insurance is that RM200 per month??? RM2400 per year?

Again as mentioned for another forum-er before, I think car again take up a huge chunk - RM500+200+50 = RM750. Throw in insurance above and this is already RM1k gone.

RM800 on food & groceries maybe a little too much? RM200 per week? Just for yourself alone???

What is your typical spending on food daily with the RM26?


This post has been edited by poolcarpet: Mar 6 2013, 04:54 PM

Salute this statement.

Bro... er..
U really looking to achieve your goals or?

Quite a few folks pointed out yr groceries & makan is high + your rental, yet you're creating excuses/defending.
Note - my personal makan PLUS family groceries is about $600-$800/mth MAX AND i'm a family man + dog!
U leh?

No right / wrong - your right to eat $800 or more per month. But don't kid yourself on your priorities lor - want to increase savings
Just a thought yar

This post has been edited by wongmunkeong: Mar 6 2013, 06:46 PM

If U keep going like that AND keep climbing career / making more $, U'd be a millionaire easily in your 30s.

Married lol, different story.

This post has been edited by felixmask: Mar 6 2013, 07:19 PM

Married EVEN MORE TURBO to hit multi-millionaire
Trust me - a responsible person will be even more responsible and step up when living their lives for others (wife, child & other greater causes)
Just make sure it's the RIGHT partner else... nothing can help U

This post has been edited by wongmunkeong: Mar 6 2013, 07:26 PM

Hi, I have 16k saving (currently parked in funds) and it's my 3rd year working after graduation.

I'm still thinking of getting a car. Kindly advise.

I currently have
2.7k (salary) - 800 (personal) - 800 (family) = 1100 saving per month

*sub-urb.
*personality: conservative, auto-car.

This post has been edited by alexkos: Mar 6 2013, 11:41 PM

Walao.. no need until like dat kua.. at least spend more normal abit wouldnt hurt. Or i guess your money all save but spend for your wife and kids?



Im using a viva and its very rekomen. Very fuel efficient saving and cheapest car in town. That is like 3 yrs liao im not sure if now got better fuel saving car.

that before married. After married different story.

Wow, save until cut botak hair. I have to commend you on that one.
Personally, i cut my own hair. But not everyone can do it. I've trained up since young, when staying at boarding school. haha.
Botak doesnt suit everyone, so some young guys (who dont have partner yet) might not take that step. =)

me too Salute You

You cut own hair. Indeed this skill i dont hv.

Erm, viva what model? I'm thinking of 1.0 auto, ok ma?