Hmm, you can try to talk to your banker to refinance/remortgage your car and/or house to have a longer term loan, or if your house appreciated, you can increase the loan amount. This will either lower your monthly payment or you can draw extra cash from your property.

For example if you bought the house at 200k with 90% financing, now the house appreciated to 250k, then you can withdraw additional money by increasing your house financing amount but still within the 90%. Or if you negotiate to have 20 year loan convert to 30 year, similarly your monthly payment will be less.

Use the extra money to settle your credit card debt, then your personal loan, and hopefully when you are debt free only then you consider saving for your needs by 2012. Don't try to save when you have a lot of high interest debts, you will end up losing more money.

This post has been edited by gark: Jan 8 2011, 04:20 PM

Hi I am foreign studet

Income Fixed

RM600
RM 200-300 part time job
Expenses 450-650

So i have around 100-200 in my savings, what would You advise to me. I want to get fixed extra income, so I am not interested in Mutual Funds and Shares. If not FD, then wht would ur advice be, but with low risk.
I also dont think that I am able to cut my expenses, due to some reasons.
thank you

This post has been edited by ismokenov: Jan 11 2011, 06:46 AM

Simple: Just keep your money in the bank - look for highest FD rate. Reason: Keep you money safe - to me, that's main priority for a student.

When you are earning and saving more in the future, you can start to invest. But please EDUCATE yourself on investments before you start to invest your hard-earned money.

PLEASE, please - do not "invest" into products that promise higher returns than FD but yet low risk. To me, only the special M'sian Govt Bonds which offers 5% p.a. or ASB have such profile in M'sia.

Oh, ok I see. Which bank has highest FD rate, sorry for this question I am noob here. And another thing is that foreigner can buy Bonds???

Yea, I know, i am studying some subjects about economics and investments now, but still got long way to go.
Thanks

This is solid advice. I couldn't have done better.

1) I am not too sure which bank currently offers the highest rate. Maybe there is a thread in LYN on it? You can find the banks' promotions in their respective websites. Generally, FD less than 1 year offering around 2.7% p.a. and 1 year is around 3% p.a. Occasionally, there are special rates for a promotion period (pls note a number of them are tied to unit trusts or other sales gimmick - pls read the FINE PRINT or asterisks...). If the placement amount is not very big, just go for any bank (generally, Msia banks' rates are quite similar) that is most convenient - not worth the hassle or effort to travel far away for banking.

2) Foreigners can buy bonds BUT the minimum amount of a corporate bond in M'sia is prohibitive (too large) for most retail investors. An alternative exposure to bonds is via bonds funds - you have to incur entry + management fees. Too much hassle for a student. Just keep it simple, put the money in savings or FD (for the funds that you do not need for near future). But do learn how to invest young, when you are READY with money in the future (be prepared to pay some "school fees" )

This post has been edited by chabalang: Jan 13 2011, 08:09 PM

thnx @chabalng

hi guys, i am new here and and i hope im not too late to be posting this to seek advices.
Below is my personal income and expenses breakdown for one month. (Currently im staying with my parents)

Age: 23
Net income: RM 2,400

Expenses

Parents - RM 250
Foods - RM 400
Entertainment - RM 200
Petrol - RM 100
Bills - RM 150

FD: RM 2,000 only
Current debt: RM 24,500 (PTPTN)

3 years planning: a) RM 20,000 for maried
b) RM 10,000 for deposit to buy new car

Q1) Hows my expense guys?
Q2) Any idea how to settle the PTPTN? pay RM 100 per month can?
Q3) Is my 3 years planning ok? hopefully in 3 years i can achieve it
Q4) For investment, im thinking to go on ASB, is it fine?
Q5) Invest, saving or settle debt first?

Kindly advice me please

greetings,

first of all,im new in money management(yes,100% new).as im STPM leaver,and waiting for result.
before this,i dont really care about money since what i know is my work as student,study and study for an ace.
all the money,expenses is being taken care of my parents. they always said,my job is to grind myself for studying.
i agree with that part as the higher my qualifications,the higher the pay in future.

but this year,suddenly pop in my head.am i study for their satisfaction?

what if i blindly continue to depends on them,as i continue my study?

everytime i talk about career,'doctors' pop from their mouths.so,study,become doctor.gain money,end.

i dont think gaining money is simple as this.and i dont think i need to wait to become a doctor to gain money.

today,with my spm result,i start a job--my parents feel some kind of shock about this(at Watson,with only starting pay 700 p/month--i know its small)--im going to work there till sept 2011(since degree intake is in this month)


---well,thats the story.

can you please suggest?i need help on how to maximise the 700 i earned.

as how my expenses per month,i dont really have one since im under my parents' expenses.

--right now,i not yet open any bank account and neither i have any asb.what i know,my parents keep a bank book,
which i plan not to ask for(better let it be like that so if emergency happens,i can use it).
im happy if you can guide me.

thanks.

This post has been edited by kuihbahulu: Jan 15 2011, 01:16 AM

Q1) You still have 50% from your nett income to be saved which is good.
Q2) To be honest, a lot of people like to delay this but it's better to settle this as soon as possible. PTPTN interests and admin costs are high. With this settled, you will have less to worry about and more disposable income to save.
Q3) RM20k get married? Depends if you're doing Chinese dinner, kenduri, buffet etc. I'd rather raise cash to settle PTPTN loan first. But it all depends on how much you plan to spend. A simple wedding can be cheap. Don't ever ever take loan to get married.
Q4) Yes, ASB is the safest, high interest and recurring income vehicle for Bumi. You should always start with this.
Q5) Reduce debt to save more on interest to invest further.

If you start taking a car loan, you will then have 2 loans to settle. Bank and PTPTN. By then your expenses will increase by at least RM500 to 1k for the car which will limit your payment to PTPTN. Which means you will be stuck until you get a pay rise. Your goal should be to be independent of debt and should start early to prevent yourself from getting trapped. Since you took loan to study, you should think about settling that loan first instead of ignoring it which will haunt you later. You can read up on all the other horror stories of ignoring PTPTN loans and the difficulties of settiling it once the lawyer letters comes to your post box.

Your FD savings should be transfered to an ASB account.

---

Added on January 15, 2011, 5:10 amRegarding your studies, only you and your parents can decide what you want to pursue as your career. Use your time in Watsons to think about what you want to do in life, not just how to earn money. Earning money is just to live the life you want to. You're not living to earn money but earning enough to live. If your parents think being a doctor is a good option, then think about it as a doctor what you can do with your life, not how much you can earn with it. Anyone can earn money, but what value can they bring into society by just earning money?

Save up your RM700 every month and keep in your ASB if you're a Bumi. Learn and read financial management books when you have free time in Watsons. Financial managements unfortunately is not taught in schools, so you will have to catch up on this. Once you're equiped with some knowledge on financial management, then you can start thinking about maximising returns on your accumulated savings.

This post has been edited by Skidd Chung: Jan 15 2011, 05:12 AM

Very well said skiddchung.

To kuihbahulu, knowledge and time are the greatest assets. You are young, you still have plenty of time. Equip yourself with more knowledge (skills, financial management etc), study hard, once you are well equipped with all these things, money will come to you.

Good luck.

find another new job with higher pays...even a entry clerk can earn more than that..You can't save any money if u have monthly Rm700 salary...

but decisions on ur hands

Since you just finished your STPM, maybe this is the time for you go to explore some Education Fair, consult the experts on details of each course, consult the
people who are studying in public universities/graduated from public universities (I just graduated ) as I assume you plan to further your studies in IPTA. At the mean time while you are waiting for the intake, find some jobs that you think you can learn something. I don't know what's your position in Watson, think what can you learn in your position. I believe sales job will be a good choice as it sharpens your communication skills etc. I am not asking you to go in direct
sales/MLM, go do sales promoter or something similiar, I believe it helps.

thank you for the advice,

it seems im a lil bit rushy in these,isn it?im sorry.i should keep my head cool.

yes,i think i should learn more on this.i guess a great reading will give me more idea on how to invest in future.

(*extra..am hard to open other thread,just a quick mumbles)
regarding my work at watson,im just a sales assistant.but,with my qualifications,im just eligible to this.
and im thinking of looking for something that can inspire me(maybe going to quit soon,who knows?..but the companions there are great,im going to miss them)

im trying to find a job where i can have more functions.more hands on.more freedom on talking to customer.(actually im going to persue bachelor in psychology/communication/photography--whichever come first,then other will follow )
--going to interview tomorrow,as 'Sales Assistant..again.which,it seems it is same as what im doing rite now',but it seems..'sales assistant' do meant different according to where it apply.

im going to a shop,one that sell lights.im attracted to the lights.simply as that.
--if i get work there..and im allowed to give my opinions to the customer,im happy already.im tired of repetitions.

---done mumbles.

im sorry for the mumbles.

right now,im going to open up a maybank account.from my reading,if im not mistaken,there is many kind of account which are;
-saving
-current
-invest
-trust
-..etc

it seems,there are more sub options on each kind.
i asked my friends,relatives,collegues. most of them said,they choose 'saving'
when i checked about savings,there are a lot of types.
got regular,islamic,basic,etc.

im happy if you can suggest an account that good for starter like me.be it beneficial for long run.

thank you.

If you are happy in doing that, then go ahead. I believe as a Sales Assistant, you are able to learn pretty much too. As you get to attend to customers everyday, you will learn how to deal with different types of people.

Regarding bank account, what's the purpose to open that account?
Savings account is for you to place your money there temporarily and for your convenience with ATM card and also Debit Card.
Current account works almost the same as savings account but they provide a cheque book for more convenience.
Both accounts giving out very very very low interest or none.

If you just want a place to store your money for short term then yes, go for savings account. If you want to save your money for long term and plan not to touch it, then you should opt for Amanah Saham Account which you can open at Maybank or CIMB provided the quota still available on that day. Or maybe if you can take some risk, you can go for unit trust provided you have done some studies on it. Do not jump into any investment vehicles without any knowledge in it.

Please advise me.

I got bad news that the company that I am working is not providing any increment and bonus. My colleague and I felt devastated.

More awful is that I am bonded with the company for another year which means I could not switch jobs or I need to pay a compensation for leaving.

There are no OT and as a result, I have fixed income every month.

I am no entrepreneur and selling stuff would only generate negative income to me.

I have a professional job but salary wise, it is still below RM3,000.00 despite being in KL/Selangor area. Professional job is shift basis. 4days on 4 days off.

It is okay if I apply work part time at a cafe or restaurant? I have past experience.

Will I be looked down upon?

I'm not a professional so it depends if you want to hear what I've got to say.
1st) I believe it is ok for you to find a part time job, any job, as long there are no conflict of interests with your current job.
2nd) No one will look down on you. We all work for money. So it's normal if one needs more money, one needs to work extra.

1. Look at your employment contract, if it does not bar you from a second job, please go ahead. Some contract states that no side/second job is allowed. If you end up breaching the employment contract then it will be worse.
2. If you are allowed to have a second job, go ahead, no one will look down on you. In fact a lot will look up to you. Fresh grad nowadays does not understand the need for hard work.

Hello you guys. My head is really mess up now thinking bout our future (me and my sweetheart).
I just wrote a post few pages behind and now I will post another info about my financial planning and I do need the expert's advices here.

This will be an update. Here we go

My salary: 4375 (after EPF deduction and etc)


My expenses>>>

1. Car loan: 823
2. Rental: 530 (I just found 2 housemates last 2 weeks and only need to pay for my rental RM230 but to cut the story short, 1 of my housemate moved out today so the rent will be covered by me for the time being until I can find another renter. Hope so )
3. Family: 300
4. Phone: 70
5. Streamyx: 55 (sharing)
6. Astro: 60 (sharing)
7. Utility: 25 (estimated only)
8. Petrol: 200
9. Food: 200 (trying to cook at home. Already buy the kitchen and all the stuff for cooking)
10. Others (flight ticket, futsal, movies): 200 (again estimated only as I don't buy flight ticket every month)
11. Insurans: 150

Total expenses: 2613
Saving: 4375-2613=1762

Already have RM 9k in my saving account. Planning to open ASB and put 4k from my saving account into ASB so I only have RM5k for emergency purposes. And will put my monthly saving=1762 into ASB.

So my problems are:

1. Planning to get married by the end of this year. Total budget would be around 25k. But now only have 9k cash in hand and need about 16k more. If calculate roughly, if I can save 1.7k monthly, in about 10 months it would be 17k so add up to the 9k I have it would be sufficient. But I would have no money at all after the wedding. The reason I want to get married faster is because me and my gf working at Sabah but her working place so far and the road condition to her place is not so good (road lubang2, many hills, many big lorries and "jalan kampung"). If we get married the chances of her transfers to area KK is high. You have no idea how I feel everyday I let my gf drive 2 hours (both ways) on those road conditions..
So my question is it ok to go with this plan?

2. If we want to buy house at Peninsular, how many we gonna need roughly?60k?


Thank you. This thread have give me many valuable advices and infos. Any comment from forumers are very much appreciated.

Your other expenses are not unreasonable.

Which leaves this one item - do you really, really need to spend 25k?

It's a matter of balancing what you can afford, or cannot afford, and adjusting accordingly.